3 Ways An eCommerce Dashboard Can Grow Your Online Store
Looking to get insights into your eCommerce store but aren’t sure where to start? With the amount of time you will waste with compiling spreadsheets and creating PowerPoints, you could easily save time with the use of an eCommerce metrics dashboard.
Any report that you create more than once should go into your eCommerce dashboard. And once in your dashboard, the report can be updated in real-time. A dashboard with product, operations, and marketing performance can make a significant difference in monitoring the overall health and specific needs of your online store, new or existing.
What is an eCommerce dashboard?
An eCommerce dashboard is a tool that helps manage your operations data, tracks and displays product KPIs, and measures marketing performance in an easy to read format. They are typically designed to help decision-makers establish targets, set goals and understand why something happened. Once they know what happened, they can implement changes on the fly.
Data visualization surfaces the necessary data to understand, monitor and improve your business through visual representations. This greatly reduces the amount of time analyzing and configuring the data yourself that can be quite a challenge for most companies.
Using visualizations like tables, line charts, bar charts and gauges highlight important data points. This allows users to quickly scan a dashboard and get the information they need without sifting through spreadsheets, emails, or signing in to a web service.
3 Key Benefits of An eCommerce Dashboard
Let’s go more in-depth on all the benefits that can come with a dashboard for both you and your company.
1. Better Business Insights
All of the different KPIs spanning over several platforms can also be quite the eyesore and hard to track for most business owners. However, a dashboard can solve all of these problems and more!
Whether your business data is stored in Google Analytics, a spreadsheet or another API, a dashboard pulls this information and allows you to monitor all your data in one central location. Additionally, dashboards are capable of the correlation between sources in a single visualization if the user so chooses.
More often than not, consistency, accuracy, and convenience are not all standards that can be met without the help of a business dashboard. With your dashboard, you will know exactly what’s going on in your business at all times. You know what’s working and what’s not working.
For instance, your eCommerce KPI dashboard could show you exactly how your last email blast to your customers went. How many sales did it bring in? How did it perform compared to other channels? Such answers should automatically appear on your dashboard. Compare this to most business owners who have to log in to their email system, download a CSV or ask someone else to do it.
At its very core, one of the greatest benefits of a dashboard to provide visibility of your entire organization and drill down as needed. This means the information you need is available on-demand without having to wait for weekly or monthly reports with the necessary insights to be able to respond to changing market conditions.
2. Better Customer Insights
What businesses really want are ways to acquire potential customers and how to best engage them. An eCommerce report will allow you to gain a full view of customers across channels, see lifetime value, discover new segments, and sharpen marketing strategies.
In today’s digitally native eCommerce environment, marketing leaders must have a disciplined analytics tracking program in place to measure the impact of their marketing choices as well as their spend allocation. Without proper analytics in place, you are essentially flying blind and will undoubtedly get left behind by those who use the data to continually optimize and better connect with their customers.
The goal of a good dashboard for your online store is to allow you to get a better overall understanding of what you are tracking. When a customer comes to your online store and is having trouble making a purchase, the customer will become frustrated and leave your website. Whereas if your online store is optimized, visually appealing, and accurate, it’ll be easier to know where you can improve conversions.
3. Better Product Insights
In simple terms, product analytics shows online store owners what their visitors are buying, where they are coming from, and how to retain them. Product analytics drives better customer insights and data-based decisions making by collecting and interpreting all product-related data.
According to a McKinsey report, companies that deploy customer (or product) analytics earn twice as much profit as any competitor company that does not use these technologies.
These product analytics can help you learn what happened, gauge what is happening now, predict what could possibly happen, and optimize your efforts. Diagnosing issues as well as adjusting strategies and tactics to improve results based on data ensures that you won’t be missing out on a lot of sales.
If you’re spending hours analyzing, organizing, and inputting data by yourself, you may be happy to know that there is some help. With more time available to the company, the marketing performance of the entire organization can be monitored in a timely manner.
By not having to wait for weeks and months to generate performance reports, employers can identify issues much more quickly. Your Team will improve because they are receiving data on their performance more frequently, whether it be daily or weekly.
Bonus: Know If You're Hitting Your ROI Goals
As statistics show, up to 60% of marketers face pressure to prove ROI, and the most popular answer as to why is that they simply do not have the tools to do so. An eCommerce dashboard can help prove ROI so long as marketers have the proper tracking of buyer activities.
As discussed, your dashboard shows you exactly which areas of your business are performing poorly. When you know this, you know exactly where to focus your time to increase sales and profits. Conversely, your competitors probably don’t have the same insights, and thus spend their time in the wrong areas.
With an ROI goal, marketers can review the data during and at the end of the campaign to see whether they are on track or if they met their goals. Having this type of visibility leads to the agility your business will need to make quick decisions.
Ready to get started?
By having an eCommerce dashboard in Google Data Studio for your online store, you are guaranteed to save time, frustration, and increase revenue. It is said that the best time to start using a dynamic report is when you started your business, but the next best time is today!
All you need to do is invest a bit to set up your dashboard, which is peanuts compared to what typical, manual reporting will take. Dashboards can automatically generate reports with the connected data, at any time, anywhere. No longer do users need to gather, analyze and format a powerpoint. You can create a PDF and email it, or share a live link of the report.
If you’d like an eCommerce dashboard created for you, book a time to chat or message me today!