Running a successful WooCommerce store is a lot about tracking important metrics. These metrics, also known as key performance indicators (KPI’s), determine the overall health of your e-commerce store.
Measuring and tracking the KPI’s will help you improve your website and in turn maximize profits.
Today you’ll learn about the important KPI’s and how you can track them using a tool called HumCommerce.
HumCommerce is a free conversion rate optimization tool which integrates with all the top e-commerce stores such as WooCommerce, Magento, Shopify, etc.
It provides not just traditional analytics (Traffic data, traffic source, etc.) but also behavioral analytics (visitor session recordings, Heatmaps, etc.) which helps in improving the conversion rate.
Moving ahead, let’s take a explore the important KPI’s.
Which KPI’s should be tracking?
Well, all performance indicators are vital but there are a few which on improving will take you an extra mile.
Let’s take a look at a few important KPI’s and see how you can track them.
Funnel conversion rate
Funnel conversion rate is probably the most important KPI. It tells you how much percentage of visitors are converting.
By monitoring the funnel conversion rate, you’ll be able to get an understanding of how effective and efficient your marketing efforts are.
How to track funnel conversion rate?
It is very easy to track funnel conversion rate using HumCommerce.
Steps to track funnel conversion rate:
Step 1: On the HumCommerce dashboard, go to Goals>>Manage goals.
Step 2: Click on ‘Add a new goal’ to create a goal.
Step 3: Once you’ve created a goal and funnel steps, go to Funnel>>Overview.
Here, you can see the funnel conversion rates of different funnels that you’ve set up.
Below, you can see an example of the funnel conversion rate metric.
You can also look at the sales funnel clicking on the name of the goal, ‘Paid Sign-up’ in the above case.
The sales funnel will look something like this,
Page views per session
The second important KPI is page views per session.
Page views per session tell you how much time your visitors spend on different pages of your website. This makes it easier for you to outline strategies that will help you provide better results.
How to track page views per session?
To track the page views per session, on the HumCommerce dashboard, go to Visitors>>Visitor log. Choose the visitor whos page views you want to check and click on ‘view visitor profile.’
You can then see all the user data including the page views per session.
Shopping cart abandonment
Out of every 100 potential customers that visit your website, more than 60 of them are leaving without making a transaction.
As an e-commerce website owner, you should have the data of people who left without buying. You can make small changes by analyzing this data that can have a huge positive impact on your revenue.
Let’s see how you can track abandoned cart data of your WooCommerce website using HumCommerce.
Firstly, you’ll have to download the HumCommerce plugin. Install and activate the plugin and integrate HumCommerce with your WooCommerce store.
As soon as the integration is done, HumCommerce starts tracking data on your WooCommerce data.
To check the abandoned cart data, go to Ecommerce>>Overview. These you can see the abandoned cart data.
The following might be some of the reasons for abandoned carts:
- The visitor sees unexpected costs on the checkout page
- No trust seals or security badges.
- The registration form is too long.
Average Order Value
Encouraging your customers to spend more when they make a purchase is one of the best ways to increase the revenue of your store.
To make customers spend more on your store, you need to focus on tracking and improving your Average Order Value (AOV).
The higher the AOV, the more revenue your store generates on each order. Mathematically, AOV is the total sum of revenue generated divided by the total number of orders placed.
To check the average order value of your store using HumCommerce, go to Ecommerce>>Overview.
The number of sales is probably the most important KPI of any business. Tracking your sales by the hour, day, week, month, quarter, or year is what you care about.
To get a detailed report about sales, go to Ecommerce>>Sales
You further go deeper into the data by clicking on ‘open segmented visitor log.’
This is our list of 5 important KPI’s of a WooCommerce website. We’ve also shown you how to track these KPI’s using HumCommerce.
Now it’s up to you to measure these KPI’s and work on them to increase your conversion rate.
Do you wish to add more important KPI’s? You can mention them in the comment section below.