39 KPIs In E-Commerce (To Swear By)
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So in order to survive in such an intense and ambitious world as e-commerce, there’s one thing you must swear by: KPIs. KPIs is what allows you to measure your success in the form of milestones achieved on the road to your ultimate goal. But what should those KPIs look like in e-commerce? Have a look at this presentation that collects 39 most important KPIs in e-commerce! (Based on an article originally published here: http://bit.ly/1RMCbaf)
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39 KPIs In E-Commerce (To Swear By)
- 1. 39 KPIs TO USE All important KPIs explained and brought together in one piece. IN E-COMMERCE
- 2. "We're in the midst of a profound structural shift from physical to digital retail… and it’s happening faster than I could have ever imagined. — Jeff Jordan, General Partner at Andreessen Horowitz
- 3. E-COMMERCE IS A RAPIDLY GROWING MARKET 2012 — topped $1 trillion for the first time 2014 — increased sales 22.2% within a year 2020 — is expected to reach $3.5 trillions in sales Sources: http://www.emarketer.com/Article/Ecommerce-Sales-Topped-1-Trillion-First-Time-2012/1009649 https://www.internetretailer.com/2014/12/23/global-e-commerce-will-increase-22-year https://www.internetretailer.com/2015/07/29/global-e-commerce-set-grow-25-2015 BRIEF OVERVIEW:
- 4. WHAT DO PEOPLE BUY ONLINE?
- 5. GOODS Global average U.S. UK GERMANY JAPAN INDIA BRAZIL RUSSIA CHINA ELECTRONICS 77% 83% 84% 90% 53% 79% 86% 71% 96% SERVICES 76% 80% 76% 77% 63% 82% 70% 63% 87% FASHION & APPAREL 76% 87% 85% 88% 66% 84% 75% 64% 97% BOOKS 73% 82% 82% 80% 65% 70% 75% 52% 89% TICKETS 64% 74% 69% 63% 43% 79% 65% 51% 71% MUSIC & GAMES 62% 74% 75% 66% 46% 65% 62% 43% 69% HOME APPLIANCES 59% 46% 65% 58% 41% 67% 70% 62% 83% BEAUTY PRODUCTS 57% 50% 56% 58% 48% 68% 59% 53% 85% Source: A.T. Kearney Connected Customer Study
- 6. INTERESTING FACT: According to The Nielsen Company, fashion industry has the most engaged buyers (mostly women) that make up 46% of online shoppers from all over the world. …that’s why setting the right KPIs is a way to survive in the competitive market.
- 7. BUT HOW DO YOU SET THE RIGHT KPIs?
- 8. "Choosing KPIs begins with clearly stating goals and identifying what areas have a direct impact on them. — Ula Lachowicz, Marketing Leader at Styla
- 9. FOR EXAMPLE: GOAL #1: boost sales by 15% in the next 6 months RELEVANT KPIs: - number of leads - conversion rate - daily/weekly/monthly sales - shopping cart abandonment rate GOAL #2: increase email open rates by 3% in the next quarter RELEVANT KPIs: - soft/hard bounce rate - total opens’ rate - click rate - unsubscribed rate - deleted without reading rate
- 11. #1 Product quality index Is the quality of your product/service as high as the customers expect it to be?
- 12. #2 Average time between failures (also known as MTBF, mean time between failures)
- 13. #3 Average number of breakdowns How many times does your product crash within a certain time frame?
- 15. It’s been proven that 95% of customers are more likely to share bad service experiences than good ones. #4 Customer satisfaction rate
- 16. #5 Number of customer complaints Is it increasing or decreasing lately?
- 17. #6 Average resolution time How long does it take (on average) to deal with one complaint?
- 18. #7 NPS (Net Promoter Score) How likely will a customer recommend your service or product to somebody else?
- 19. #8 Customer retention rate (CRR) CRR = ((E-N)/S)*100 E = number of customer at the end of a period N = number of new customers acquired during that period S = number of customers at the beginning of that period
- 20. What do clients say about your service/product? #9 Customer feedback
- 21. KPIs FOR: SALES
- 22. #10 Sales by hour, day, week, month, quarter and year What is sales’ frequency?
- 23. #11 Average order size (average market basket) In the U.S., average order size is $77.9 across the country, as reported by Statista.
- 24. #12 Shopping cart abandonment rate How many people put items in a shopping cart never to return? According to Baymard Institute, current shopping cart abandonment rate is at 68.55%.
- 25. #13 Checkout abandonment rate How many people abandon stop the purchasing process during the checkout?
- 26. #14 Product clicks i.e. the number of people that clicked on a particular product.
- 27. #15 Average number of products purchased together Grouping products together in a similar order lets customers see more variety, claims Shopify.
- 28. #16 Average number of products viewed Your products should be displayed cohesively.
- 29. #17 Average delivery costs How much does it cost you to deliver your product to a client? According to Statista, UK has the most expensive domestic delivery option on Saturdays, with an average cost of £9.19.
- 30. #18 Average return costs An IHL report has estimated that returns cost the global retail economy $642.6 billion each year.
- 31. #19 Repeat buyers A typical online store gets 43% of its revenue from repeat buyers, according to Bigcommerce.
- 32. #20 Number of transactions in a given time frame What are the peak times?
- 33. #21 Leads to customers ratio Lead is a prospective consumer of a product/service that is created when an individual shows interest and provides his or her contact information. (Def: Investopedia)
- 34. #22 Customer profitability score After deducting all the costs of customer attraction, on-boarding, maintenance, advertising expenses, etc, how much profit does that customer bring to your business?
- 35. #23 Return on investment ROI = (Gains – Cost)/Cost
- 36. #24 Revenue growth rate and net profit i.e. income minus expenses
- 38. #25 Site traffic How many unique visitors land on your website?
- 39. #26 Site traffic to lead ratio known also as the conversion rate.
- 40. #27 Bounce rate Bounce rate in e-commerce is 35%, which is a bit less than the average 40.5% on the web in total.
- 41. #28 Average time spent on website 55% of visitors spend less than 15 seconds on your website, informs Hubspot.
- 42. #29 Page view per user How many pages does one user explore in one session?
- 43. #30 New VS. returning visitors i.e. measuring the visitor loyalty.
- 44. #31 Newsletter subscribers How many people are subscribed to your newsletter?
- 45. #32 Number of leads (from different channels) What channel in particular (direct, organic, referral, etc) brings you most leads?
- 46. #33 Cost per lead How much does it cost to acquire one lead?
- 47. #34 Brand keyword value How high is the bid on your brand keyword?
- 48. #35 Social media followership How many followers does your brand have across all channels?
- 49. #36 Social media reach & engagement rate Engagement = (Number of likes + comments + shares) / total reach of the posts * 100
- 50. #37 Email marketing performance rate According to Mailchimp, the average email campaign stats in e- commerce stand at 16.77% opens and 2.53% URL clicks.
- 51. #38 Cost per acquisition It is 7 times more expensive to attract a new customer than retain an old one.
- 52. #39 Customer lifetime value CLV is a calculation of how much profit a business could make from one customer over the whole period that they remain a customer.
- 53. 39 Essential KPIs To Swear (And Live) By In E-Commerce Read the full article on the Styla blog. SUBSCRIBE HERE
- 54. SELLS STORYTELLING Styla is the world’s leading content commerce solution that creates shoppable content in a form of a beautiful magazine integrated into your e- commerce store.