Product Performance Dashboard: Important Metrics You Should Be Tracking
Product Performance Dashboard: Important Metrics You Should Be Tracking
Selling quality products is the key to winning customers and bagging more sales in an eCommerce business. But how to determine if your product performance is satisfactory enough over the store? Well, your answer would be to track the sales rate, keep a tab on reviews and look out for the frequency of it being added to the cart.
It is true that all of it can contribute towards helping you understand the product performance and let you decide on whether to continue selling it, optimising the quality or eradicating it from the stocks. Whatever your end decision might be, it is crucial that you track the performance of the product in the first place.
And for that, you shall need a centralised performance dashboard! Weavr brings you the best-unified dashboard with all important product reports on performance metrics being displayed holistically on a single screen. Even with the best tool in place, you must be aware of what metrics you must track for your products to be able to use the dashboard efficiently and make some impactful decisions through the collected information.
So, let’s take this article forward to understand what metrics you must track for analysing product performance and how a unified dashboard is helpful for the purpose.
What is an eCommerce Product Performance Dashboard?
Every successful eCommerce business understands the necessity of optimising every stage of its customer journey over its platform. Starting from their first access to the site to the checkout completion, it is your responsibility to provide them with the best experience throughout. With a centralised product performance dashboard, your eCommerce business can keep a tab on the most crucial metrics.
For instance, you can see how many customers are actually buying the product and how many of them are abandoning the carts. When you have a dashboard that unifies all the information under one roof, you will be able to assess the reason behind the drop in sales and also determine the demanding products when you witness a boom in sales.
In short, your product’s performance efficiency can be tracked feasibly with a centralised dashboard that’s tailored to track and display specific metrics on demand.
What are the Important Metrics that You Must Track for Determining Your eCommerce Product Performance?
Remember, there is no rule towards monitoring all the possible metrics that exist, as not all of them can implement a meaningful impact on your store’s growth. Therefore, when you care to assess if your products are performing well across your store, here are some of the priority metrics that you must monitor:
1. Conversion Rates
At the end of the day, your primary goal is to convert the customers and bag more revenue. Therefore, tracking the conversion rate will help you get an insight into the rate at which you are driving the users to the right products and pages, and are enticing them to make the purchase.
Depending on what type of products you sell, the conversion rate might vary! For instance, if your store sells luxury watches at high prices, the conversion rate won’t be the same as that of the low-priced clothing store. Therefore, whether you are tracking the conversion rate as a whole or for individual products over the store, do consider your eCommerce benchmarks.
2. Average Order Value
AOV, or Average Order Value, is the metric that gives you data on how much the customers intend to spend on a single or specific order in your store. Your aim should be to make this metric score higher over time if you want to grow your eCommerce business.
When you started at first, you might not have accumulated a great lot of traffic, but you will mostly be focused on upselling, bundling or cross-selling to make sure that the customers get everything they want from you. This way, you build a rapport with your customers and make them hook onto your brand.
But, if you aren’t tracking your AOV, you won’t be able to realise if the strategy is working well or not. Higher AOV determines that your product performance is top-notch!
3. Customer Retention Rate
It is one of the most crucial metrics that would help you decide if your eCommerce products are meeting the needs of customers or not. Remember, if you are losing out on customers faster than the rate at which you acquire them, you can conclude that there’s something immensely wrong with the products you are offering.
Repeat customers are considered the life of an eCommerce brand. It is because retaining satisfied customers is way more affordable than acquiring new ones. Therefore, keeping a tab on the customer retention rate metrics would give you an idea of how your products are performing over the store.
4. Negative Review Analysis
With the negative product review analysis feature in your analytics tool, you will be able to filter the dissatisfactory feedback from customers using keyword-level analysis. This would help you pick out the problems that the customers are facing with your products, giving you the scope to rectify them and improve the users’ experience.
If there are more negative reviews for a product than positive ones, you can conclude that its performance is deteriorating. Similarly, if there is no serious negative feedback on a product, it indicates that its performance in the market is good and rewarding.
5. Cart Abandonment Rate
If your potential buyers are adding your select products to the cart, but aren’t completing the purchase, it is quite hurtful. There are a lot of reasons why your potential customers might drop the idea of buying the product from you. Product performance isn’t directly related to just the quality of it, but the surrounding processes also contribute to determining a verdict.
Cart abandonment is mostly a problem due to unexpected shipping charges, payment security hassles, poor UX, longer checkout process and other such issues. Even if your product is of the best quality, you will still not see it acquire the expected conversions because of the poor processes implemented within your store.
So, if you notice your cart abandonment rate is high, optimise the site and improve the associated processes for enhancing the product performance quotient in terms of high sales.
6. Bounce Rate
Just like the cart abandonment rate, the bounce rate also indicates a drop in the user experience quotient, either for product reviews or the poor interface. A ‘bounce’ case arises when a user lands on your site but leaves it without taking any specific action. Whether your products have a lot of negative reviews or your site navigation seems complex, any of the issues would lead your potential customers to bounce away from your store.
So, keep a tab on your bounce rate, and look out for the possible causes that might be triggering this discrepancy. If there’s anything wrong with the product, do fix it and make sure its quality is being marketed on priority. And, if there’s something not right with the store design, its UI or UX, get your developers on duty right away!
7. Refund & Return Rate
The next big metric that indicates your product performance with better clarity is the refund & return rate of specific products. You must know that high refund & return rates can be a sign that your products aren’t doing as well as you expected them to. Do a breakdown of the overall percentage of refunds & returns to see which products have been performing poorly in your store.
Using the product performance dashboard, you can now dive deeper into what’s wrong with the product and why it is being returned at a high rate. There might be a manufacturing defect or some functional issue, which you must fix immediately to revive the product’s sales rate and drop the return & refund rate.
When you are using a product performance dashboard for your eCommerce business, you are arming yourself with highly interactive data. Using this, you can optimise your user experience and begin to improve those positive figures, and eradicate the negatives, for not just scaling your product performance but the store growth as a whole.
If you intend to be more alert about the eCommerce performance updates, you should get yourself a product performance tracking tool, which would offer you a centralised dashboard for a unified assessment of all these crucial metrics.
Such tools would help you put your knowledge into action and seek product improvement for the required ones. At times, your product is not the major culprit, but the site design, its presentation and the functional features contribute to the deterioration of the sales rate.
Irrespective of what the issue might be, a performance monitoring dashboard can bring in all such data under one roof. And Weavr is just the right pick for you to be serious about the growth of your eCommerce business. Using Weavr’s product performance dashboard, you will be able to determine whether your brand offerings are contributing towards scaling your success or are putting a halt on it.
With the right knowledge about the flaws in products or the store beforehand, it is possible to control the losses and stabilise the business flow. So, do get a free demo of the Weavr dashboard today!