If you aren’t taking advantage of reporting and eCommerce analytics to improve your online business, you’re doing yourself a huge disservice. In today’s online selling world, being able to adapt on the fly to analytics information is critical in keeping your business afloat. You may as well be going in blind if you aren’t.
Simple tactics like keeping data on seasonal fluctuations and tracking conversion rates can save you from serious headaches in the long run. With this info, you’ll know what to expect at different periods during your sales cycles. Keeping tabs on eCommerce analytics data can help you determine what you’re doing right, wrong and what you can do to improve.
The Basics of Reporting & eCommerce Analytics
Let’s start with the basics of analytics. If you’re on eBay, I highly suggest you get started with eBay listing analytics if you haven’t already. This tool is free for all sellers and can give you basic reporting information that can make a noticeable difference. eBay offers tons of free tools that can really up your selling game, check some great ones out here:
Listing analytics can offer you insights into your listings by showing your best and worst performing products. Use this to gauge what you should be selling more of and what you may want to possibly discontinue. If a certain product is causing you headaches and you notice it ain’t performing too well? Scrap it.
One of the most important metrics for a seller to follow is your conversion rate, or under eBay analytics listed as Sell through. This simple metric is calculated by taking the number of items sold and dividing it by the number of clicks on the listing. eBay gets paid whenever an item sells so it’s in their best interest to put the highest converting items at the top. Figure out the bottleneck in your conversion rate, improve it and watch your listings soar to the top.
If you have your own web store Google Analytics is another sweet tool to have in your arsenal. Google Analytics can show you the number of visitors on your website, which
pages are most popular, and where traffic is coming from. The latter can provide vital information as it can also tell you where converting leads are coming from. If you can take advantage of that by marketing at the source you can potentially see a huge increase in those conversions.
Take Your eCommerce Analytics to the Next Level
The Terapeak analytics and Terapeak SEO apps offered on eBay are both great tools to take advantage of. These tools can track your sales data to provide you with sales trends over time and data that can improve your selling rates. It will even give you data on identifying new products and opportunities where you can sell.
Now that you’ve identified the best products in your niche to sell, the Terapeak SEO app can help you market them effectively. Providing you with data on the most searched keywords for your products and identifying keyword order and branding to sell better.
Terapeak offers paid versions of their products on their site that utilizes data from both eBay and Amazon. The paid versions provide you with a powerful suite that gives you access to 365 days worth of sales data, selling opportunities, complete analysis tools and future trends. If you want to take your eCommerce game to the next level, Terapeak is something you should definitely consider. Check out our Terapeak article that goes a little more into detail here.
Seasonal Data: Don’t Get Surprised
Keeping yearly reports on your eCommerce analytics can ensure you know what to expect regarding your sales cycles. Keeping track of this data can show you natural fluctuations in your sales throughout the year which is critical in keeping a sane mind. Sales in November this year have been low? Check out the reports from prior years. If it’s been low every year then don’t worry too much about it.
Prepare yourself better next time by acknowledging that it might by a slow month and doing some effective marketing to see if you can turn that around. Seasonal data can be handy in determining which products to keep on hand and their quantity at certain times during the year.
Perhaps employing some discounts on seasonal products using analytics data you’ve already gathered can help turn a slow month into a successful one that sets a new trend.
By using reporting and analytics you can use seasonal trend data to anticipate the future. Perhaps during a certain period of the year a specific product has a noticeable increase in sales. What do you do? Market, market, market! Promoting these high selling products even more can bring your listings to the top and set you as the product leader in that category.
Using Analytics to Track Your Competition
With the tools listed like eBay listing analytics and Terapeak analytics you can monitor your competition and see how they are selling. Chances are, somebody else is selling what you’re selling and you have some competition. By keeping an eye on your competitors, you can find out what they are selling better or even what they’re lacking that you can do better. Find out what need in your industry they aren’t fulfilling and fill that demand.
Data is only Data
In the end, data is really only data. Relying on data completely to make all your decisions can be a costly mistake. Using your reports as a helping hand to guide you in making your decisions is the ultimate way to go. A business without a plan based on results is a ship without a captain. Using reporting and analytics can effectively provide you with a yearly selling strategy so that your business is never without a plan.
To learn what to expect when transitioning from selling on Amazon to eBay, check out the previous post in our series: http://kyozou.com/amazon-to-ebay