Ecommerce Growth objectives
Ecommerce growth objectives are designed to track and measure the eCommerce retailer’s growth metrics, both sales orders, and new customer acquisitions. The higher these KPIs, the greater the company’s chance of increasing its top and bottom lines.
- Increase average order value – The average order value KPI is designed to track and measures the average amount spent every time a customer places an order via the eCommerce site. It is calculated by dividing the total revenue generated by the total number of orders placed.
- Improve best performing acquisition channels – Acquisition channels are where retailers meet their customers for the first time. They include social media, organic search, email marketing, and word-of-mouth marketing. This KPI measures and tracks the company’s best performing channels to grow the new customer numbers coming through these channels.
- Improve cart abandonment rate – The cart abandonment rate is the percentage of online shoppers who abandon their shopping carts rather than completing the purchase. It demonstrates the ratio of potential clients who abandon their shopping carts versus the total number of shopping carts created.
- Improve conversion rates – The conversion rates KPI measures and tracks the number of new customer conversions versus the total number of visitors to the eCommerce site. Converted customers are visitors to the eCommerce site who purchase products or services for the first time: the higher this metric, the higher the potential for sales.
- Improve Cost of Goods Sold (COGS) – This KPI tracks and measures the Cost of Goods Sold. It is calculated as follows: COGS = opening stock levels + purchases – closing stock levels. The lower this metric, the higher the company’s income and profit numbers, and vice versa.
- improve cost per acquisition – The cost per acquisition KPI measures and tracks the cost of procuring a new customer via a marketing channel. The lower this metric, the more successful the marketing campaigns, and the greater the company’s potential to improve on existing sales figures.
- Improve Customer Lifetime Value (CTV) – The Customer Lifetime Value (CTV) is the total value of all the goods or services sold to an individual customer throughout their purchasing relationship with the company. The higher this value per customer, the greater the sales figures, and the higher the company’s profitability metrics.
- Improve the understanding ofcustomer purchasing patterns per day/week/month/year – This KPI tracks and measures total sales per day, week, month, year to understand customer purchasing patterns, including which hours of the day, days of the week, months of the year produce high or low sales. Observing this data and implementing marketing campaigns based on these patterns will improve sales.
- Improve new versus returning customer sales – The new versus returning customer sales KPI measures and tracks the ratio between new customers sales numbers versus returning customer sales figures over time. It is calculated by dividing the total number of new customer sales by the total returning customer sales.
- Increase revenue per visitor – The revenue per visitor KPI measures and tracks the total revenue generated for every visitor that lands on the eCommerce site. It is calculated by dividing the total income generated by the number of visitors to the site for a predetermined period.
- Improve the number of potential customers by understanding website traffic – Website traffic to and from the eCommerce site is a critical metric to measure and track. By understanding which landing pages generate the most and least traffic, and when visitors leave the site without answering the CTA, the visitor to customer conversion metric will improve.
Ecommerce Manager Job Responsibilities
- Budget Effectively.
- Design and Execute Roadmaps.
- Developing Schedules and Timescales.
- Developing SEO/PPC Strategy/Marketing Plans.
- Incorporate Best Practices.
- Monitor web analytics and internal data sources.
- Overseeing Design and Developments of Website.
- Prepare reports and analyse conversion numbers.
- Quality Control and Assurance.
- Supervise all activities and product development.
- Team Management and Progress Monitoring.
- Work closely with web development and technical teams.
Ecommerce Sales Manager Job Responsibilities
- Actively participate in scheduled internal weekly and annual sales meetings, prepare relevant and beneficial information in advance to be shared.
- Build a trust and foster a relationship to be recognized as a premium eCommerce supplier.
- Collaborate with your sales peers, design teams and management to ensure that you are offering the very best assortment to the customer.
- Conceptualize digital marketing initiatives, analyze data and measure results.
- Conduct extensive online research, at all times understanding marketing and sales strategies from all major eCommerce retailers.
- Create and manage product descriptions for online marketplace platforms.
- Develop eCommerce sales strategies to meet revenue and growth targets.
- Implement and utilize analytics to track sales trends and identify opportunities for growth.
eCommerce Key Performance Indicators (KPIs) tracked and managed real-time are a pivotal means to ensure business success. e-Tailing or eCommerce business process models are the customer acquisition and retention, brand marketing, and sales mechanism of the present and future.
The following core competencies specific to the eCommerce platform need to be measured: sales growth and customer conversion metrics, cost of goods sold, cart abandonment rate, bounce rate, customer lifetime value, revenue per visitor, and so on.
These metrics are measured and tracked by the eCommerce sales manager and eCommerce manager related to the success of the eCommerce business model.