Are you diligently striving to reach the ecommerce benchmarks? If so, then it’s time to perform an assessment of your business’ current performance and formulate goals for 2018.
In order to achieve success on a global scale, businesses must demonstrate proficiency in their local market. To assess where you stand against industry standards, take a look at these benchmarks – if one does not exist for your brand or product category, then progress cannot be made!
Investing in e-commerce isn’t just about expanding your store. It’s also about ensuring that you meet industry benchmarks and expectations. This can be accomplished through a variety of strategies, such as optimizing product selection or streamlining website functionality – but it is essential to maintain optimum levels of customer satisfaction!
To gauge the level of success attained by online retail enterprises, benchmarking is commonplace. Stores are assessed on a range of metrics, from financial performance and conversion rates; to UX design, accessibility and usability; all with an eye towards judiciously selecting those most representative for their enterprise.
The ultimate goal for any ecommerce venture is to exceed industry standards. If you haven’t yet ascertained what benchmarks apply to your business, don’t hesitate to consult our comprehensive guide
1. Review customer churn and retention rates
The churn rate is an indicator of how many customers are leaving your ecommerce business. While you may choose not to keep track of this figure, it can be one of the most important metrics to scrutinize when evaluating success. The higher your turnover rate and consequently higher in comparison to competitors’ sales numbers; conversely lower figures can easily translate into heightened profitability potentials.
To determine customer retention rates, record sales data while also recording customer email addresses. Then, periodically check back and survey customers who have recently purchased from your e-store – all inquiries should be responded to promptly!
Be sure to explore different strategies that can help you maximize revenue and reduce customer attrition so that you can hit your benchmarks without fail!
2. Audit your online security protocols
Ensuring that your online store is secure and protected from intrusion is a crucial aspect of running an online business. Besides ensuring that all individuals logging in are bona fide, it is also essential to address potential avenues for compromise.
Ensure that you implement security measures such as HTTPS and SSL encryption on your website. Security protocols such as CAPTCHA ensure that only real people can access your site; this helps prevent automated bots from infiltrating the system!
To ensure your ecommerce venture remains on track, it’s crucial to comprehend how customers engage with your content and products. By examining online sales data along with browsing trends among competitors’ content, you can optimize customer experience and gain competitive advantage.
