Overseas shopping mall marketing goal (KPI) setting guide
by 300cbt Team·
Without goals, there is no change, and without change, there is no development.
The biggest differentiator of online marketing compared to offline marketing is that it can be tracked and the performance of the source and medium can be analyzed. Click-based online marketing allows you to set various goals according to the needs of the operator and analyze the results. In this post, we will take a closer look at the key performance indicators (KPI) that can be set in online shopping malls.
▲ Online Conversion Metric
What is Key Performance Indicator KPI?
KPI (Key Performance Indicator) is a key performance indicator that is used to measure performance in proportion to a certain goal. Once you set a marketing goal, these are the elements necessary to achieve that goal. For example, if your goal is to increase site traffic by 50% in the next year, your KPIs could be Unique Visitors (UVs), paid keyword advertising, display advertising, SEO, etc. Most business goals can have a variety of KPIs, but based on “your performance,” you should select the 2-3 most influential indicators as key performance indicators.
Without KPI, it is difficult to measure the results of a marketing campaign, and the inability to measure is evidence that operations are being operated depending on the intuition of marketers or shopping mall operators. In these cases, it is difficult to make strategic decisions. If you are an online shop operator, KPI is something that must be managed.
We have summarized KPIs related to sales in online shopping malls.
- Sales: Hourly, weekly, monthly, quarterly, annual sales analysis
- Average order size: Average amount ordered by customers per order
- Average margin: average margin, average profit margin indicator
- Number of transactions: Calculate the total number of orders and number of visitors
- Conversion rate: The average purchase conversion rate is around 1% domestically and 2-3% overseas.
- Shopping cart abandonment rate: The rate of payment failure (abandonment). The lower the number, the more positive it is.
- New customer orders vs. returning customer orders: Compare the ratio of new and existing customer orders
- Product affinity: A product preference indicator for products purchased together by customers.
- Competitive pricing: A comparison indicator of competitors’ prices.
- Customer acquisition cost: Cost spent on acquiring new customers
- Churn rate: Brand churn rate, such as subscription cancellation
- Customer lifetime value (CLV): Customer lifetime value
Key performance indicators for marketing tell you how well your marketing and advertising goals are performing. This also affects sales KPI. Marketers can use KPIs to understand what products they sell, who their buyers are, how they buy, and why they buy, to inform future strategic responses and new product development.
- Site traffic: Total number of site visitors
- New visitors vs. returning visitors: ratio of returning visitors to new and existing visitors
- Time on site: Time spent on site per visitor. If your landing page or blog content is diverse, the number will be higher.
- Bounce rate: Rate of people leaving the site after only viewing the landing page or first page.
- Pageviews per visit: Number of page views per visit.
- Traffic source: Site funnel
- Newsletter subscribers: The number of newsletter subscribers, which is the basis for email marketing.
- Subscriber growth rate: Subscriber growth rate
- Email open rate: Email open rate
- Email click-through rate (CTR): The click-through rate for content within an email.
- Unsubscribes: unsubscription rate over a period of time
- Average position: Position within the search results page
- Blog traffic: Blog traffic. Comparison with charter site visitors
- Number and quality of product reviews: Number and quality of product reviews
Customer care related KPIs
Customer service KPIs tell you how effective your customer service is and meets expectations.
- Customer satisfaction (CSAT) score: Customer satisfaction score. Usually feedback emails or survey programs are used.
- Net promoter score (NPS): Score for recommending a brand. Used as an indicator of brand loyalty
- Customer service email count: Number of emails received by the customer support team
- Customer service chat count: Number of live chats over a certain period of time
- First response time: Response time to customer inquiries. The lower the number, the more positive it is.
- Average resolution time: Average time spent resolving customer inquiries
- Active issues: Number of customer inquiries currently in progress
- Service escalation rate: The rate at which customer inquiries are not resolved at once and are transferred to a case.
Choosing KPIs means clearly stating your goals and identifying the areas of your business that impact those goals. Of course, KPIs for e-commerce can and should vary from goal to goal, whether you want to increase sales, streamline marketing, or improve customer service. Please refer to the examples below for common goals used in shopping malls.
Goal 1: Increase sales by 10% next quarter
KPI examples: daily sales check, purchase conversion rate, site traffic
Goal 2: The goal is to increase the purchase conversion rate on the site by 2%
KPI examples: conversion rate, checkout bounce rate, competitive pricing
Goal 3: Increase traffic by 20% next year
Example KPIs: site traffic, clicks through promotions, social shares, bounce rate
If you run an online shopping mall, most KPIs can be managed through Google Analytics. Google Analytics is a web analysis program that must be used if you run a shopping mall. It is optimized for KPI settings, so measuring KPIs periodically through Google Analytics and making up for any shortcomings will be a great help in improving shopping mall sales. no see. Customer-related KPIs can be set using CRM tools such as Zendesk and Fresh Desk, and most third-party CRM programs also provide this function.