The new year is the perfect time to set yourself – and your ecommerce business – some goals for improvement. Whether it’s taking up a new hobby or getting healthier, we’re all guilty of trying – and failing – to better ourselves.
The problem? We’re not being specific enough.
Vague aims and objectives are usually unrealistic and unattainable. Instead, consider specific areas for improvement. The same goes for your ecommerce business. Set the right goals, and you’ll soon find yourself well on the way to achieving them.
This post looks at how you should go about setting your ecommerce targets in 2018.
Choose your metrics
Ecommerce goals are all about metrics. These are ways to measure the performance and success of your site and your business. So, rather than saying “I want my ecommerce business to double in size”, you can give yourself specific targets.
Here are some of the best areas to focus on:
1) Conversion Rates
Your conversion rate is the proportion of visitors which take a specific action, such as a purchase. In 2018, the smart choice could be to focus on your mobile conversion rate.
Mobile commerce is expected to become a serious competitor to desktop purchases in the coming years. Despite this, mobile conversion rates remain woefully below that of desktop sites. Some small gains in this area – by ensuring your site is mobile-friendly, for instance – could prove a big benefit in the long run.
2) Average Order Value
Your average order value is exactly what it says on the tin. To work it out, you divide your total sales over a specific period by the number of orders in that period.
While getting more visitors and customers can be tough, you may find it easier to make the most of the customers you already have. Try upselling by suggesting related products either on the product page or just before checkout. Discounts and free shipping can also work wonders for your average order value, with customers looking to meet a minimum spend.
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3) ROI on Ads
ROI – or Return On Investment – is the metric that looks at value for money when it comes to advertising. If you’re putting money into pay-per-click advertising, you should look to get the most out of this in 2018.
A/B testing is a way to optimise your pay-per-click ads in order to boost your ROI. Try using different keywords, targeting new demographics or changing the ad text – you can track which methods work best and squeeze even more out of your investment.
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