8 min read
Published On: 2022-12-31
With over 2.1 million active daily users, Shopify is one of the most powerful and feature-rich Ecommerce platforms that offer great potential for brands looking to establish and grow their online presence.
However, with such potential comes intense competition and as a business owner, you must continuously work to stand out and attract customers. In order to stay ahead of the competition, you need to keep analyzing and optimizing your Shopify store to ensure it’s performing well and meeting your customers' needs.
In this article, we will discuss how you can effectively track key metrics and improve your store performance and position your business for long-term success in this competitive world of online shopping.
Why measuring your Shopify store's performance is crucial for the growth of your DTC brand?
Metrics play a crucial role in improving the performance of a Shopify store. By tracking and analyzing various metrics and data points related to your Shopify store performance, you can gain valuable insights into how the store is functioning and identify areas for improvement.
In a data-driven decision-making environment, tracking store performance can help you understand what area of the business needs improvement and where to focus your resources.
Tracking key metrics such as website traffic, conversion rate, and customer satisfaction can provide valuable insights into your customers' behavior. This in turn can help you tailor your decisions to meet the customer and business needs better.
Monitoring the store's performance can help you identify potential risks, such as declining sales or customer dissatisfaction, which can indicate underlying issues that need to be addressed.
You can avoid potential problems down the road by troubleshooting and addressing these issues early.
You can gain valuable insights into your customers' behavior and preferences and identify trends and patterns that may indicate future consumer demand changes or market shifts.
You can then use this data to improve forecasting and make more informed decisions about future growth.
Now that we know the importance of analyzing your Shopify store performance let us dive deep into various strategies that will enable you to achieve that.
Google Analytics is a free web analytics service created by Google that can help you keep track of traffic and conversions on your website. It's a must-have tool for anyone who wants to run a successful online store.
Shopify stores can leverage Google Analytics to improve their business and gain insights into their customers and website performance.
To get started, sign into your Google Analytics account and select the website you want to analyze. You can see a general overview by clicking on Behavior and then Overview.
Some of the key metrics that you can use to analyze your Shopify store's performance using Google Analytics include:
Using these metrics, you can gain various insights into your customers and store performance. They include:
Shopify offers a built-in analytics dashboard that allows you to track and analyze key metrics and trends related to your Shopify store. It provides a range of data and insights that can help you understand your business performance, identify growth opportunities, and make informed decisions about your store.
Some of the key metrics that Shopify Analytics provides include:
Overall, Shopify Analytics is a valuable resource for Ecommerce and DTC brands looking to gain a deeper understanding of their customers, sales, and website performance.
With 9 out of 10 customers consulting online reviews before making a purchase, customer reviews have become one of the most powerful tools that Shopify stores can leverage to grow their business.
Additionally, customer reviews also provide valuable feedback that can help brands identify areas for improvement and take action to address any problems or issues that customers have raised.
Here are some ways to effectively analyze Shopify customer reviews to identify areas for improvement:
By taking a proactive approach to customer reviews, brands can improve the customer experience and increase customer satisfaction, leading to increased sales and long-term growth.
Collecting and analyzing customer feedback is another powerful tool that Shopify stores can leverage to understand how customers feel about their products and services. This information is extremely valuable, as it helps identify areas where your brand is succeeding and where it may need improvement.
Here are some ways DTC and Ecommerce brands can collect and analyze customer feedback:
Here is an example of Pipcorn, an online snacks shop that uses its contact page to collect concerns, compliments, and feedback from its visitors.
ShopifyQL Notebooks is a tool that allows business owners to analyze data from their Shopify store and make more informed business decisions. You can use ShopifyQL Notebooks to run queries against store data and visualize the results in various ways, such as through charts and graphs. This in turn helps identify trends and patterns in data that you may not have been able to see otherwise.
Additionally, you can use ShopifyQL Notebooks to track the performance of your brand’s marketing campaigns and see which ones are the most effective at driving sales, which can help allocate the marketing budget more effectively.
By now, you know that improving the performance of a Shopify store can help to attract and retain customers, as well as increase sales and revenue. Various factors can impact a Shopify store's performance, including the store's design and layout, the quality and size of images and other media, the store performance analysis and the overall traffic and demand.
If you have still not figured out how to improve the store performance, keep reading.
Here are a few strategies that can help you optimize these factors, enabling you to improve your store performance and provide a better shopping experience for your customers.
Making sure your Shopify store has a great user experience is extremely important because it can distinguish between a visitor staying on your site and leaving.
A positive UX can increase customer engagement and loyalty, resulting in more repeat business and higher sales. It also makes it easier for potential customers to discover and purchase your products, leading to increased traffic and revenue.
Here are a few strategies that you can consider to improve a Shopify store's user experience:
Sivana, an online fashion brand has a clear and intuitive navigation structure that clearly displays its products' main categories and subcategories.
Bonus tip:When designing your store’s navigation, use familiar words while labeling. Don’t make the visitor think.
Detailed and accurate product descriptions provide customers with the information they need to make informed purchasing decisions, while clear and compelling product images can help to showcase your products in their best light.
Additionally, optimizing your Ecommerce and DTC product descriptions and images can also help to build trust and credibility with your customers.
Here are some tips for optimizing your product descriptions and images in your Shopify store:
Hardgraft is a leather apparel brand that uses visually captivating product images and careful product presentation design to give out important information about the product.
Bonus tip:Sure, you want to show different angles of your product to customers. Naturally, your customer would want to see the product from different angles. However, instead of using too many photos, take images from the best angles so that you will need fewer images and would not have to upload too many images to your Shopify store.
A smooth and intuitive checkout process can make it easy for customers to complete their purchases, leading to increased sales and revenue.
On the other hand, a confusing or difficult checkout process can be frustrating for customers and may cause them to abandon their carts, resulting in lost sales. In fact, reports show that the average cart abandonment rate for Ecommerce brands is awhopping 69.82%
Here are some tips for optimizing the checkout process for your Shopify store:
Bonus tip:A/B test Shopify cart and checkout layouts such as a slide-in cart, pop-up cart, cart with upsells, one-page checkout, and multi-step checkout.
It is well-known that the cost of retaining a customer is far less than the cost of acquiring a new one, which is why brands focus on improving their customer retention.
Improving retention can also help you increase your store's lifetime value; the average amount of money a customer spends with you throughout their relationship with your business.
Some of the most effective ways that brands can boost customer retention and customer loyalty include:
Bonus tip:Send engaging post-purchase emails after the customer’s first purchase. You could make it more impactful by recommending products that complement their initial purchase.
Even though platforms like Shopify offer your Ecommerce brand the perfect tools to stand out from their competition, you need to track and analyze their key metrics regularly. By taking a close look at these numbers, you can gain valuable insights into the store's performance and identify areas for improvement.
In this guide, we have explored some of the most effective ways to analyze your Shopify store and improve its overall performance.