eCommerce Analysis and Reporting
In my analysis, my KPIs/metrics are new customers, old customers, cost per acquisition (CPA), orders, re-orders, revenue, and customer lifetime value.
By tracking new and old customers I want to be able to know how valuable my existing customers find my store based on how much of them come back in a month and I also want to know how much new customers I'm acquiring with some of my current advertisements on social media and sponsorships.
CPA lets me know how much money I'm spending to acquire every new customer from my advertising spending.
example, 1 Facebook campaign has a budget of $100 and so far for January, I've acquired 5 new customers which makes my CPA $20 at the moment.
Orders and re-orders, I use to help me know how much products I'm selling and the number of re-orders gives me an idea of what an ideal "good" customer would most likely do when they come to my store.
Re-orders gives me an idea of which products in my store I should promote through advertisements.
Revenue is obviously important to me just like any other business owner. We all need to know how much money is flowing through our business on a given time, whether monthly or weekly.
Customer lifetime value I use to estimate how much the average customer in a particular period is worth to me.
Right now, my customer lifetime value is $320 for the month of January. By knowing this I know I should not spend more than $320 on improving the performance of my store, whether it be advertisements, promotions or A/B testing.
What do you think?
Am I tracking the right metrics/KPIs?
Would you do the same?
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onlinecommerce -
Thanks
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bizoppmaster -
Thanks
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