Key Performance Indicators (KPIs) are essential metrics used to measure the success and performance of a business. For an online e-commerce website that sells liquor and wines, here are some monthly and quarterly KPIs you can consider:
- Total Sales: The overall revenue generated from liquor and wine sales on the website in a month.
- Conversion Rate: The percentage of website visitors who make a purchase. It’s calculated as the number of orders divided by the total number of website visitors, multiplied by 100.
- Average Order Value (AOV): The average value of each order placed on the website. It’s calculated as the total revenue divided by the number of orders.
- Website Traffic: The total number of visitors to the website in a month.
- Customer Acquisition Cost (CAC): The cost associated with acquiring a new customer. It includes marketing expenses and sales efforts.
- Customer Retention Rate: The percentage of customers who make a repeat purchase within a month.
- Inventory Turnover Rate: How quickly the inventory is sold and replenished. It’s calculated as the cost of goods sold divided by the average inventory value.
- Customer Satisfaction (CSAT) Score: Feedback from customers on their overall satisfaction with the website and its services.
- Abandoned Cart Rate: The percentage of customers who add items to their cart but leave the website without completing the purchase.
- Gross Profit Margin: The percentage of revenue that exceeds the cost of goods sold. It indicates the profitability of the products sold.
- Return on Investment (ROI): The return on investment from marketing and advertising efforts.
- Customer Lifetime Value (CLV): The predicted revenue a single customer will generate throughout their entire relationship with the business.
- Churn Rate: The percentage of customers who stop making purchases on the website.
- New Customer Growth Rate: The rate at which new customers are acquired.
- Customer Segmentation Analysis: Analysing customer data to identify high-value customer segments for targeted marketing and retention strategies.
- Website Traffic Sources: Understanding the sources of website traffic (organic, paid, social media, etc.) and their performance.
- Mobile vs. Desktop Conversion Rate: Comparing the conversion rates of mobile and desktop users.
- Promotional Campaign Performance: Evaluating the effectiveness of marketing and promotional campaigns.
Remember that the specific KPIs and their targets may vary depending on the business’s goals and market conditions. Regularly monitoring these KPIs and making data-driven decisions can help optimise the e-commerce website’s performance and drive growth.
Don’t wait for growth to happen – make it happen! Start tracking these KPIs now and witness the transformative impact they can have on your e-commerce business. Call Verve Innovation at 1300 683 783 and get started today.