Having eCommerce funnel is great, but without proper optimisation and the right growth framework you wont be able to go far.
How would you know that your funnel is outperforming the conventional page? Do you have the correct pixel tracking page views and engagement?
All these metrics are important and foundation of tracking is crucial.
In this guideline, I will walk you through of the proper way to grow your sales funnel.
1.Track and Measure.
The very first step is to establish proper tracking and measurement. Make sure your metrics is showing the right data. This would allow you to understand better baselines such as the standard engagement rate, the standard page views rate, click through and average time spent on page.
Analyze and Optimize.
Then, once you have proper tracking you will be able to know what are the baselines. Baselines are important and must be first established before optimising your sales funnel.
For example, your average time spent on page is 15 seconds as your baselines but the industry standard is around 50 seconds. You will know this should be your priority to make them stay longer and browse more of your product in your store.
Establish Your KPIs
Key performance indicator (KPI) , is where you set your optimisation goal. It should be set annually / quarterly or monthly goal to hit in your effort to grow the funnel.
For example, in 2018 your average conversion rate for your eCommerce is around 1.3%. When you scale and grow your eCommerce, you should create your KPI as a goal to reach within a year by increasing conversion rate by 30%
Not just understanding which traffic source that give you the most web sessions, but know which source that yield the best sales. Some metrics can be measured on traffic source will be average order value, and life time value.
You will be surprise the differences is actually drastic. Knowing your numbers right will allow you to invest better budget for performing source.
This is critical especially if you have extremely bad bounce rate. The industry standard for bounce rate is always less than 65% , and if your bounce rate is way too high you have to fix this.
Few of the fix such as quality source of traffic or relevant traffic.
You have to understand how high bounce rate takes place is because in relevant and poor traffic source. By fixing bounce rate, you will open up to a whole new sales performance such as add to cart and conversion rate.