What the metrics tell you

In the ever-evolving landscape of ecommerce, the ability to continuously monitor and analyse metrics is crucial to maintain a competitive edge over competition and a key factor in profitability and sustainable growth. By looking at your business’ data metrics daily, a story will emerge. One that tells of your customers’ preferences and purchasing behaviour allowing you the opportunity to tailor your approach to maximise sales.  

Each platform provides sellers with basic feedback. You will be able to see things like products that are often returned, fluctuations in sales. By analysing this data you can better predict your stock holding and gain insights into the success fees you are paying on different products to help you strategize product ranges.  

Furthermore, there are several very good third-party analytical tools available to ecommerce sellers to assist you with pricing and revenue optimization. These programs can measure a vast number of factors. For instance, the number of competitors for a product and at what price competitors are listing their products. Tools like these are particularly handy when you have numerous product lines and manual monitoring becomes impossible. 

Don’t get left in the dark, make sure that you use the tools provided to you by your platform effectively and investigate what else is available in the market to give your business the edge. A small investment in the right tools may deliver exponential returns by allowing you better management of your online business, reducing returns, refining pricing and making sure you earn the maximum profit possible.