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DIGITAL: EXCLUSIVE SERIALISATION
Ultimate Guide to Scalable eCommerce
PART 3 By Ian & Mark Hammersley
THE KEY PERFORMANCE INDICATORS (KPIS) Wait... what is a key performance indicator?
A key performance indicator is pretty much just what you’d think it would be. It is a measurable value used to indicate how effective a business is at achieving its objectives. In our case, the final objective is a completed sale, but there are KPIs along the way that we can use to track and evaluate performance, so we can really dial in and discover where the problem areas might be and ultimately increase revenue.
These KPIs are important to how your site operates. Remember, when you’re small you can’t simply copy what a larger site is doing and hope it works. A massive brand is going to be more successful than an unknown online store. Copying their website isn’t going to help your site perform better. For this, you need your KPIs in place.
WHERE TO START On average:
• 11 per cent of visitors will add a product to their basket.
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• Of that 11 per cent, 55 per cent will proceed to checkout.
• Of that 55 per cent, 84 per cent will place an order.
To determine how your website is doing, first benchmark yourself against these three statistics. If you’re falling behind in one of these, then this will dictate where you need to spend your time and money. For instance, if you only have five percent of your visitors placing items in their cart, then this is where your energy and time needs to be. You’ll need to answer the question, “Why aren’t visitors adding items to their cart?”
Or you might find that your add-to-basket percentage is high but very few people are proceeding to checkout: the dreaded abandoned cart syndrome!
Most e-commerce platforms offer a variety of strong merchandising techniques to help with these situations. In the following chapters, we’ll discuss the three key performance indicators, or KPIs, and a few of the techniques to help you increase the
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