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What are key metrics for ecommerce brands?
There are several key metrics that ecommerce brands should track to measure the success of their online business. These metrics can vary depending on the specific goals and objectives of the brand, but some of the most common ones include the following:
- Conversion Rate: This is the percentage of visitors to your site who make a purchase. A high conversion rate indicates that your site is effectively converting visitors into customers.
- Average Order Value (AOV): This is the average amount spent by each customer per order. A high AOV can help increase revenue and profitability.
- Customer Lifetime Value (CLV): This is the total amount of revenue a customer is expected to generate for your business over their lifetime. A high CLV indicates that your customers are loyal and are likely to continue purchasing from your brand.
- Customer Acquisition Cost (CAC): This is the cost associated with acquiring a new customer. A low CAC is desirable as it means you are acquiring customers at a reasonable cost.
- Return on Ad Spend (ROAS): This is the revenue generated from advertising compared to the cost of advertising. A high ROAS indicates that your advertising campaigns are effective.
- Website Traffic: This is the total number of visitors to your site. Tracking website traffic can help you identify trends and areas for improvement.
- Cart Abandonment Rate: This is the percentage of shoppers who add items to their cart but do not complete the checkout process. Reducing cart abandonment can help increase conversions and revenue.
Overall, these metrics can help e-commerce brands understand the performance of their business and identify areas for improvement.
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