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10 Top Metrics for a Successful Analysis of Ecommerce Apps

If you’re an online retailer, it’s likely that your eCommerce business already has a mobile application. 

An app works equally well for e-shops selling furniture, online casinos with games like Fruit Spiele, or any other enterprise that provides products and services via the web. 

Mobile application promotes your brand to customers 24/7 and makes it easy for clients to make quick purchases. The best part is that a mobile app enables consumer actions to be visible and trackable. You can tell how many people clicked on the specific offer, how long they engaged with your content, how many pages they viewed, and much more. 

However, with a pretty much endless number of metrics you can track, it can become hard to decide which ones are worth your time. 

Here are our ten metrics to observe for eCommerce growth to help you make an informed decision.

Source: cedcommerce.com

1. Cost per Acquisition (CPA) 

No eCommerce analyst can ignore the importance of how much it costs to acquire every new client. These expenses include discount offers, creating in-app marketing materials, and everything else it takes to turn a prospect into a buyer. 

So why is it one of the most important eCommerce metrics? 

Knowing the cost of efforts you need to make for a customer to buy for your products enables you to revise your marketing strategies and eventually lowers your CPA

For example, after reviewing the data, many businesses find that they pay too much for their customer acquisition. A simple tweak in the adverts or a further segmentation of the audience can help reduce the costs. 

2. Ecommerce Cart Abandonment Rate

The cart abandonment rate on your eCommerce website and the app shows how many people add your products to the shopping cart and then won’t buy. 

If the number is too high, it indicates that something is wrong with your checkout process. Perhaps the pages load too slowly, or maybe there aren’t enough payment options. You can fix these problems by cleaning up your app’s code to make pages load faster. 

Plus, consider redesigning the checkout pages and the interface (UI), making them more user-friendly and featuring all the popular payment gateways.

Source: yukaichu.com

3. Knowing the Average Order Value (AOV) 

The average order value (AOV) is how much an average customer buys from you. 

You can first track the whole number of the AOV and then divide the buyers into groups by demographic, age, sex, etc. That allows you to see your highest AOV customers and target your ad campaigns specifically for them. 

If you have an online shop, you can increase your AOV via different methods. 

You can raise the prices of your products or services but you must be very careful as higher prices may discourage customers. Make sure to carefully plan and evaluate your strategy before its implementation. 

You can also implement upsell or cross-sell methods while discounts and free shipping are still a common popular strategy today if you wish to increase your AOV. 

Source: mageplaza.com

4. Customer Engagement Drives Sales

You can measure your customer’s engagement levels via many factors such as the number of subscriptions, shares, and reactions you get etc.. 

If people like your content, they are very likely to interact with it and it may lead directly to sales. 

Here are some of the most vital customer engagement metrics to follow that have a direct impact on eCommerce conversion rate: 

  • The number of people subscribing (and confirming it) to your newsletter via the app
  • The most clicked links 
  • How long consumers stay on various pages in the app

5. Know Your Conversion Rate 

If you’re doing any online business, you probably know well what an eCommerce conversion rate is. To recap, it’s the number of customers who purchase after taking a look at a product.

A conversion rate can be widely explained as a user completing desired actions predefined by your company – in summary, the total of all individual goals completed. 

In eCommerce, it is defined as a percentage of website visitors who actually complete an online transaction from your store. 

You can compare Conversion Rate values with other metrics like traffic sources, average order values (AOV), page views and more, to get insights into customers’ online habits. 

The findings will help you not only to increase your conversion rates, but also to improve your price structure, copywriting and SEO, contributing to your entire brand appearance.

Source: growcode.com

6. Customer Lifetime Value 

Customer Lifetime Value (CLV) tracks the average value a certain client brings to your company throughout their lifetime. It’s a metric measured by a client’s repeat transactions and average order value (AOV) to distinguish between one-time customers and those who stick around for years.

The thing is that many businesses spend too much of their valuable resources on acquiring new customers. 

A more cost-effective approach is focusing on the clients who are already loyal to your brand and eager to buy more from you.

If you wish to increase your CLV, there are a few tactics you can use e.g. you can make it easy for customers to return items if purchased from you, set expectations regarding delivery dates, create a reward program to encourage repeat purchases or offer freebies for buying from you but the most important method is to STAY IN TOUCH. Long-term customers want to know you did not forget them so make it easy for them to reach out to you. 

Source: alexanderthamm.com

7. App Speed

Nothing makes a customer quit an app quicker than slow-loading pages and you can’t blame them. 

It’s not easy to engage with an app’s content if it takes minutes to show up on screens. 

Luckily, you can track the speed of your interface and its functions. When anything takes over two or three seconds to load, you should consider fixing it.

8. Gross Margin of Your App Sales

The money you made by selling your items, minus the inventory costs, is your gross margin

In other words, it’s your profit. The average online shops on eCommerce platforms have a gross margin of 30 to 40%, and every business should aim at 40% or higher. 

However, keep in mind that it’s vital to track these numbers over a long period. Don’t hassle too much about weekly losses or occasionally lost customers. The overall profit of a whole year is what matters. 

Source: insidesmallbusiness.com.au

9. Average Time Spent on Resolving Tickets

Knowing how much time it takes for your customer support to solve support tickets is the first step in speeding up the service. 

You might consider installing a 24/7 accessible chatbot for your customer support. Chatbots are software programs created to engage with users automatically. It can respond to messages containing specific words or phrases by offering a predefined response. Chatbots can also use AI or Natural Language Processing (NLP) to analyze and understand incoming messages and provide an appropriate answer in real time. 

It’ll be worth the effort because customers who have to wait for days to get their issues resolved are unlikely to return and buy from you again.

Source: kommunicate.com

10. How Much Revenue Your Ads Bring

Dividing your overall revenue with the amount of money you pay for your marketing efforts gives you the value of how much money every dollar spent on ads makes. Your website can earn revenue when visitors engage with your ads, commonly by generating impressions, engagement and clicks. 

The main aim is to keep the expenses as low as possible while reaching your target market effectively. Many things depend on the pricing model you choose so it is crucial to get to know some of these models – there are many pricing models like CPC, PPC, CPM, CPI and more. Among these, the most widely used is CPM (cost-per-thousand) and CPC (cost-per-click)

Keep experimenting with new types of ads to get the revenue/ads cost number as high as possible. Finally, the content itself should be valuable to your visitors to attract them into spending more time viewing your ads and making purchases. 

Conclusion

Ecommerce, by definition, means doing business over the Internet or online. 

A great thing about online transactions is that everything is measurable so keep an eye on the metrics outlined in this article. They’re all key performance indicators (KPIs), and tracking these eCommerce KPIs with specific targets in mind will enable you to make the most out of your in-app sales. 

Which Analytics to Track To Lead Your Remote Team Effectively

2021 is all about working remotely in a form of a hybrid team across diverse industries. Companies have adopted remote work culture to continue their business utilizing technology to make the work process seamless.

Managing a hybrid team is a totally different experience for HR officers who had always been managing teams face-to-face. It requires a different mindset to manage individual employees working from multiple locations and to create a successful team to work together. Although your responsibilities as a manager for the remote team are the same, your goal is to know how effectively they are working when at home. When tracking your remote team, less communication and lack of understanding between hybrid teams can quickly become major issues. 

That is the reason why learning about effective remote leadership methods can help you deal with these rising issues. 

Business owners continuously put pressure on improving employees’ productivity which is a big challenge for all the businesses around the world. During the pandemic many business owners were not sure on how to maintain their remote office. 

Source: sodapdf.com

WORKFORCE ANALYTICS FOR REMOTE TEAM

One of the biggest challenges of remote work is that managers don’t have the visibility to track the productivity of their remote employees. It is very important to know whether your team is committing to the deadlines, or if they need guidance to set their priorities. 

In all these cases for the remote employees across different locations, you won’t have the ability to check the work progress unless you call them to know the updates. To overcome these challenges of managing a hybrid team, what you need is tracking analytic tools to lead your remote team effectively.

The tracking analytics software gives you the full access to monitor the workflow, check working hours and possible bottlenecks that your employees face while working remotely. 

Apart from all the benefits, there are more reasons why you should consider tracking software to manage your hybrid team.  

In this article, we’ll explore some best practices to help you lead your remote team effectively. 

Source: sovtech.co.za

Productivity Tracking

Remote work has changed employees’ attitude towards work. 

People do not have to take the hassle of daily commute and they don’t require to get ready to start working. With a remote working option, an employee normally works from home or any other place they feel most comfortable at. 

In such a scenario, managers make the best use of remote productivity tracking software to be able to track employees in real time work data. It gives managers an excellent opportunity to identify the performance gaps and you can find ways to overcome the gaps and improve the productivity of your business.

Source: softactivity.com

Improved Performance 

The best thing about remote employee monitoring software is that it can help you understand employees better. 

You can monitor their work process, check their web usage and anticipate certain future bottlenecks. If you can understand if any of your employees are going to make a mistake, you can take preventive measures to avoid such situations. You can identify workers who are less efficient, help them and guide them to become more productive and improve the overall impression on their performance. 

Such an approach will help them to correct their mistakes and be more productive.  

Source: alixneedham.com

Remote Employee Engagement 


Remote working has become a common occurrence and there is a large number of people who want to continue working remotely, even after the pandemic. The biggest advantage of remote work is that it gives workers enormous opportunities to balance their work-life more efficiently.
Additionally, working from home helps them to keep the focus on their work thus being more productive. 

Any good monitoring solution will give you the real-time visibility of your remote employees. Besides monitoring software tools, as a manager or team lead, you can conduct daily video meetings to help your team to meet each other, get updates and overall discussion about work. If you find your employees are disengaged, you can arrange for one-on-one meetings to discuss and solve the issues.

Source: managersdigest.co.uk


Balance Workload to Prevent Burnouts

Too much work pressure can also reduce productivity and efficiency amongst employees. 

Usually, members of the remote teams don’t share their problems with managers and sometimes take too much workload on themselves, creating hindrance in the business workflow. 

In such a case, you can make use of the software tools to check various metrics to see the work distribution across your team. 

When you manage to allot the burden evenly, nobody will face extra pressure in their work schedule thus will be more productive enabling a streamlined workflow in the company.

Source: psychologies.co.uk

CONCLUSION:

As HR managers, you should embrace the technology solutions to manage your remote teams, because nowadays remote has become a ‘new normal’ globally. 

Today, it is not impossible to manage a remote team with the advancement of technology as we now have various tools that make our work easier. There are also other challenges in managing remote teams, but with proper policy, good communication and leadership skills you can keep the team’s productivity intact and save the company bottom line.

How OCR Technology Helps Businesses to Digitize Data Entry Process

Businesses are embracing new ways to automate their systems to reduce chances of online fraud. They are trying to reduce operational costs to generate more revenue by adopting artificial intelligence-based solutions. Businesses can save $2 trillion by adopting AI-powered solutions to automate their current activities by 45% according to a report by McKinsey. Most businesses lag to adopt automated solutions to perform their tasks that need time, resources, and money. Every business has to deal with a large amount of data to maintain the records of their employees, financial statements, or perform other tasks.

The majority of businesses use manual methods to save data in their databases which is time and resource consuming. Moreover, the manual data entry process is not secure as paper-based documents can be stolen or lost. 

Shifting to the digital data entry process is quite difficult for businesses dealing with Big Data such as financial or healthcare institutions etc. Businesses need an instant solution firstly to digitize their previous records and then to start the digital data entry process. Online optical character recognition (OCR) solutions facilitate digitizing data entry processes for businesses. 

Source: documentsystems.com

How does OCR technology Reduce Operational Costs?

Data is considered as a fuel for business operations. 

AI-enabled OCR Technology facilitates businesses to onboard their customers by extracting data from any type of document to save time. Document scanner can fetch any data in any language as it supports multilingual documents. It can extract data easily from paper-based invoices, handwritten documents, etc, and can be modified later to store data in any format. OCR scanner app also helps businesses to confirm the identity of their clients for a seamless customer onboarding experience. 

Let’s review the use cases of OCR technology:

Banking Industry

Financial institutions widely use OCR applications for their regular administrative tasks due to the excessive paperwork. 

OCR facilitates daily operational tasks for banks to a great extent easing the banking procedures. The ATMs are one of the applications that serve billions of people daily by extracting the data on the ATM card. It also helps bank officers to scan handwritten cheques and manage the data digitally.

Source: indiamart.com

Healthcare Industry

Hospitals and other healthcare providers have to deal with heaps of paperwork like  patient test reports, insurance forms and many more. It is not easy for them to maintain bulk records. 

OCR technology helps the healthcare sector to digitize large volumes of data including patient profiles, treatment history, health insurance details, etc. to reduce manual work and keep the patients’ data safe from fraudsters. Digitizing patient’s data with the help of an OCR scanner helps physicians to diagnose patients by reviewing their previous medical records for better treatment. 

OCR technology also provides cloud storage to keep the data of the patients safe to prevent medical identity thefts.

Cloud Security 

Cloud storage prevents any company documents from being stolen, lost or accessed from any unauthorized entity. 

Cloud storage makes it easier for companies to secure data efficiently while providing control over the access and protecting it from any breaches. OCR technology helps to extract data and store it on the cloud. 

Cloud-storage facilitates accessing data from any place and from any type of smart device. This way, all users can access, read and edit the data easily. 

Automation

Online businesses scan the hard copies of invoices upon importing them into their system. Such extracted data can be validated automatically for its credibility and accuracy where the entire system is automated after analyzing the content and migrating it into the relevant set. 

Source: indianmart.com

Benefits of OCR technology 

The following are some benefits that OCR technology brings to businesses:

Reduced Manual Identification

OCR screening proves to be a helping hand for businesses to know their customer compliance. 

Whenever a customer needs to confirm his identity, he has to send a valid ID document comprising his details. The character reader fetches the required information that is sufficient to match the customer’s details and sends it to the automated system. The automated system verifies the details of the customer and forwards the results to the back office with proof of verification. 

Automated data entry operations

Business operations including the collection of customer information can employ OCR technology to feed the identity document to the system and extract all the customer information from the very same document in seconds. 

Source: pinterest.com

Reduced Error-rate

Businesses can reduce errors which appear due to manual data entry. AI-powered OCR systems can extract the user information while rectifying such errors. 

Reduced Time and Cost

AI-powered OCR solutions accurately extract data from structured documents that follow a standard template such as government-issued documents like passports, licenses, etc. It can also extract data from unstructured documents that do not follow any standard format such as images, PDF formats, handwritten documents, etc. to facilitate the administrative tasks for companies. 

The ability of OCR scanners to fetch data from various documents helps businesses to save time and cost by reducing manual labor.

Improved Workflow and Productivity

Automated data collection and processing enables companies to accelerate their process and finally, boost the business revenue. Not only that, such a robust data collection process also improves business productivity as the resources which were earlier used to perform operations manually, can now be utilized in some other useful tasks and operations. 

Source: scopicsoftware.com

Wrapping It Up

The rising ID thefts put pressure on businesses to employ efficient solutions to ensure the data of their clients. OCR technology facilitates businesses in identity verification services to fetch the necessary data from the ID documents. It proves to be a helping hand for various industries such as banking, healthcare, insurance, etc to maintain their record management systems efficiently.

5 Effective Ways to Drive Traffic to Your Online Store

With the recent pandemic and along with growing accessibility of technology, more and more people are engaging in online shopping. Statista predicted that this year, more than 2 billion people will buy products and services online. However, most of these customers will engage with the companies that have already established their reputation as accessible, trustworthy, and engaging.

If you also want to make your business acknowledged and acquire more customers, you should drive traffic towards your online store. 

Here are five tried-and-tested ways to do so:

Source: techme.club

Create Enticing Sales Campaigns


What is a better way to entice customers to shop online than by giving them good deals? 

By creating the right sales campaign — no matter the season or the reason — you can hope for your shop to be flooded with visitors! You can offer rewards, like free shipping for a certain total amount or bundle deals. Also, you can make discount coupons that are only accessible on your website.

Make sure to define your sales campaigns – you can include a countdown clock on your website, announce a flash sale, or set a time period for rewards e.g. a weekend or a fortnight. 

But remember, sales campaigns will only be effective if they are well promoted! Make sure to advertise your sales through Instagram or other social media marketing to ensure success.

Source: coschedule.com

Optimize Your SEO Strategy


Majority of businesses have a lot of competition, and most of the customers will go for the Internet search to find the one that suits their needs the best. 

If your site is not visible online, you cannot target potential clients and make sales opportunities. That is why digital marketing specialists at Ayima highlight the importance of SEO in driving traffic to your website or webstore, as many people discover pages using search engines. SEO, or Search Engine Optimization, is a process of optimizing your website with specific keywords to rank it higher in search results.

To create the best SEO strategy, businesses need the right people, the right technologies, and a careful, data-focused approach from planning to execution. 

However,  although SEO strategies are executed properly, it will still take time before your site can see improvements, so be patient and consistent!

Source: wittysparks.com

Consider Search Engine Marketing


While SEO improves organic search results, Search Engine Marketing (SEM) uses paid advertisements to increase a site’s visibility and ranking in search results. 

Unlike organic SEO, SEM provides instant results as you will not be competing for organic search results space. This can lead to more sales conversions, website traffic, and increased audience engagement.

Although there is a distinction between these two, SEM can only be effective with the help of an SEO strategy. 

Through your SEO strategy, you will know which keywords to include in your paid ads, so you can cater to your target clients.

Source: dewaweb.com

Invest in Content Marketing


You should also invest in content marketing, which would involve crafting quality content related to your brand. 

Content marketing can be a means of educating your customers about the problems and needs they have, which can be solved by your products and services. In addition, you are stimulating their interest and establishing yourself as an authority in your field.

A common approach to content marketing is through blogs – e.g. Zesium sees the blogs as an important way of connecting with visitors. Blogs, newsletters, FAQ sections, selected personalized content etc. also aid in presenting your message and values to the world, and if executed correctly in combination with SEO, it can help greatly improve your business visibility. 

Make sure to produce fresh content and leave your readers with effective calls-to-action, leading them to either read more on the topic or try out your services.

Source: pinterest.com

Lean on Email Marketing


In the age of TikTok, Snapchat, and Instagram, email marketing may be frowned upon as it sounds outdated. 

However, email marketing actually boasts the highest return on investment (ROI) compared to any other marketing strategies. The reason is that most users check their emails at least once a day. A well-written email with a clear call-to-action can definitely move potential customers closer to conversion.

Begin by growing your email list. Aside from new customers, include those who have already purchased your products or services and even the ones who have abandoned their carts and never continued their purchasing journey on your site.

Once you have your list of recipients, plan out what your outreach email will include. Focus on a specific target for each email. Are you promoting a sale, a new product line, or a season-specific item? Then, make sure to create provoking subject lines, engaging calls-to-action, and eye-catching content.

Source: injectwholesale.com.au

It shouldn’t end here!

No matter which strategies you deploy in boosting your online store traffic, make sure to do it consistently. Results do not magically appear overnight, and success will only happen if you invest time, and dedication into your endeavor.

Your end goal should not only be limited only to increasing traffic to your online store. Think what happens next? Turning this increased traffic into more sales.

Make sure that your homepage clearly states what products and services you provide. Ensure that your online store has a user-friendly interface with clear (and working!) CTAs. Enable your customers to easily navigate your site – it should guide them to their desired items quickly through detailed product descriptions and high-quality visuals. Additionally, include a direct, personalized channel for communication that allows your team to immediately respond to your customers’ queries.

Remember, by satisfying your customers’ needs, you are building a loyal client base, which will sustain your business in the long run.