It’s easy, especially at this time of the year when pressure to finalize all of your holiday and end of the year sales is mounting, to lose sight of the broader KPIs that shape your company’s digital health. We’ve put together a list of questions you should be asking yourself.
5 Ecommerce KPIs Every Digital Leader Should Watch
Speed is everything in today’s digital world. Take a look at the time it takes your team to get product content to market and what repeatable processes you can streamline in order to refresh and optimize content regularly. Ask questions like:
- What’s your average time to market on a new sales channel?
- What’s the time it takes for your team to refresh product content or relaunch a product on an existing product page?
- How frequently are you updating product pages across your digital ecosystem?
One of the best ways to grow your sales is to reach new audiences and markets. Whether it’s easy is it for you to launch into new channels and reach those audiences is often dependent on the speed and flexibility of your go-to-market teams, process and syndication technology. Ask questions like:
- What channels are your competitors selling on today that you are not?
- What is your total SKU count on each channel you sell on? Are you listing a full catalog of products everywhere you can be?
- How’s performance of your direct sales? Which organic sources of traffic and keywords are most popular for your brand’s website?
How well your product page listing is doing on search engines and within your retailer or distributor sites says a lot about the ease consumers can discover your products. Ensure that products are ranking at the top of the first page on search and site navigation. Ask questions like:
- What are the most popular keywords in your category?
- What are the seasonal phrases that your consumers use when looking for your products?
- How is your product catalog performing in search rank on each of your sales channels?
Getting to market fast, having a broad reach and being top on your search rank doesn’t matter if no one is clicking buy or add to cart. Having a sense on what each product’s average conversion rate is and understanding how conversion rates vary based on channel can help you get a relative sense of performance. We suggest you take things one step further and look at the content that’s driving better conversion, so you can improve sales across your product catalog.
- Which products do you have rich media and video for?
- Which sales channels allow you to add enhanced content or rich media to their pages? Are you taking advantage of these opportunities?
- What are your best performing pages on each of your sales channels? What tactics can you adopt for other pages in that category?
It’s important to know how you are doing compared to the competition in your category online. Digital native vertical brands and digital-first companies are launching frequently. Many retailers have white label products that encroach on market share as well. Ask questions like:
- What’s our digital market share?
- What’s our share of category on each major sales channel?
- Which competitor has the largest market share in your category? How has this changed over time? What best practices can you leverage from leaders in your space?