This can help shape marketing strategies and inform decisions to boost business growth.
This article highlights the need for ecommerce businesses to understand ecommerce analytics. Doing so can lead to building a sustainable and profitable ecommerce businesses. This will allow brands to make informed decisions, optimise current initiatives and shape their future strategies.
Customer Lifetime Value (LTV) can help companies determine the profit to be earned during the average customer lifespan. Marketers can use LTV data to forecast, budget and develop market strategy. Businesses can also use Customer Acquisition Cost (CAC) to calculate spends needed for customer acquisition or for converting new customers.
A high bounce rate, indicative of a slow loading website, can adversely affect user experience. The author recommends improving page speeds, even if by milliseconds, to drive a “tangible and significant” impact on conversions. Google Analytics can be used to measure and track page speeds.
[6 minute read]