What product metrics should you look into based on your webshop data?
Your webshop data can tell you a lot about how your business is doing and what you should be focusing on. In this blog post, we’ll go over some product metrics that you should keep an eye on based on your webshop data. By tracking these, you’ll be able to make better decisions about which items to focus on and improve your overall sales performance. So, let’s get started!
1. What are the top products that are selling the most in your store, and why do you think they are doing so well?
With the ever-growing popularity of online shopping, it’s more important than ever for retailers to keep track of which products are selling the most. By understanding which items are in high demand, stores can make sure that they are always stocked with the items that their customers want. Additionally, this information can help to inform future purchasing decisions. For example, if a particular style of shoe is selling particularly well, the store may choose to order more of that style in the future.
There are a few different ways to determine which products are selling the most. One method is to simply look at overall sales figures. However, this doesn’t give a complete picture, as it doesn’t take into account how many units of each product were sold.
A more detailed approach is to look at the average number of items sold per day. This provides a more accurate picture of which products are in high demand. Additionally, this information can be helpful in forecasting future sales.
By looking at historical sales data, retailers can get an idea of how demand for certain products fluctuates throughout the year. This knowledge can be used to plan ahead and make sure that there is always enough inventory on hand.
You can also use this data to forecast your sales. Read about how to forecast sales here, or how to forecast sales with Stripe data.
2. Which products are being viewed or added to carts but not purchased - what could be causing this hesitation on the part of customers, and how can you address it?
When you’re looking at your webshop data, it’s important to pay attention to which products are being viewed or added to carts but not purchased.
This hesitation on the part of customers can be caused by a number of factors, and it’s important to identify the cause in order to address it effectively.
It could be that the product is overpriced, that there’s a competitor offering a similar product at a lower price, that the customer is unsure about the quality of the product, or that they simply changed their mind.
By paying attention to this metric, you can start to identify patterns and figure out what’s causing customers to hesitate.
Once you know the cause, you can make changes to address it - for example, if customers are hesitating because of price, you could offer discounts or run promotions.
If the problem is quality, you could improve your product descriptions or highlight customer reviews. Addressing this issue can help you boost sales and improve your bottom line.
3. Compare customer engagement data for different product categories - which ones are performing better than others, and why do you think that is the case?
Customer engagement data is a valuable metric to consider when evaluating the performance of different product categories on your webshop.
By comparing the engagement data for various products, you can get a better sense of which ones are driving more sales and why.
For example, you may find that products in the “sale” category have higher engagement rates than those in the “new arrivals” category.
This could be due to a number of factors, such as the pricing of the products or the way they are presented on the site.
By understanding the reasons behind differences in customer engagement, you can make more informed decisions about how to market and sell your products.
4. Identify any patterns in customer behavior - does one type of customer behave differently from another when it comes to purchasing your products?
Identifying patterns in customer behavior is important if you want to generate insights into your product metrics. Stormly’s aha-moment Insight can help you automatically identify these patterns without having to experiment for hours.
This insight can be used to improve your understanding of your customers and how they purchase your products.
By identifying the patterns in customer behavior, you can make better decisions about your product development and marketing plans. In addition, this insight can help you to improve your customer service and support processes.
By using Stormly’s aha-moment Insight, you can save time and resources while also improving your understanding of your customers.
Based on that data, you can deploy a recommender model that will take into account the items your customers have purchased in the past and make recommendations for items they are most likely to buy in the future.
This way, you can keep your customers happy by offering them exactly what they want, when they want it. Implementing a recommender model is a great way to take your business to the next level.
5. Look at product return data - what items are being brought back more often than others, and what could be causing this dissatisfaction among customers?
While it’s important to monitor a variety of metrics to get a holistic view of your webshop’s performance, product return data can be particularly illuminating.
After all, if customers are returning items more frequently than average, it’s a sign that something isn’t quite right.
There could be a problem with the quality of the product, the way it’s described on the website, or even with the sizing.
In this case, the webshop owner may need to make changes to the product itself or the way it is being marketed. By looking at return data, webshop owners can get a better understanding of what customers want and need, and make changes accordingly.
By understanding which product metrics to look into based on your webshop data, you can make more informed decisions about what and how to improve to drive more sales. Sign up for Stormly today so you can start getting the webshop insights you need to take your business to the next level!