How can eCommerce retailers track their performance metrics effectively?

Data-driven merchandising is at the core of optimizing conversions in an eCommerce store. Insights-driven businesses, as Forrester calls them, are growing at an average of over 30% annually. Moreover, most retailers say that using data and analytics is helping them gain a competitive edge.But deriving eCommerce data like click-through and conversion rates is a reactive process—retailers can only generate reports once the campaign is concluded.So how can online retailers track metrics proactively, enhance their campaign performance, and grow their business? This blog discusses this solution precisely.But first, let’s see what some of the common data-related challenges retailers face.

Top Data Challenges eCommerce Retailers Face

While every business deals with unique challenges, here are the top 3 most common data challenges every eCommerce retailer faces.

1. Prioritizing the right metric to track

While retailers can track everything from social media likes to products sold, not every metric is equally important. Finding the most important metrics is, therefore, essential to positively impact the bottom line.

2. Making the right data-driven decisions

If the derived data is inaccurate or stale, it’s of no use to the retailers. Thus, making decisions based on the extracted information is yet another challenge.

3. Gaining insights when needed

The most common way of generating data is through reporting. However, with reporting, insights can be pulled only once the event has occurred. This leaves little to no room to boost the current campaign's performance.

Therefore with Performance Alerts, retailers can effectively take a data-driven approach and gain insights into their ongoing campaigns and merchandising setup of any page of the website.

What Exactly is Performance Alerts?

Performance Alerts is a feature of Tagalys that allows online retailers to get notified every time their performance increases or decreases. Retailers can set their own preferences and get alerts about the increase or decrease in performance. This way, retailers can gain complete control over their campaigns, get notified about their performance, and take corrective actions while the campaign is live. Moreover, Performance Alerts enables online retailers and retailers to:

• Take a proactive approach

While reporting is a common way of extracting data, it works on a reactive approach. Performance Alerts, on the other hand, takes a proactive approach and notifies retailers as soon as there’s a change in the metric.

This lets retailers know if their current campaign is achieving the goals or needs some tweaks to boost the current campaign’s performance.

• Track performance metrics of ongoing merchandising campaigns

Instead of looking back at the campaign reports, retailers can track how their campaign is performing at the present moment. Performance Alerts ensure that retailers are not relying on stale data but acting on data from live campaigns to take corrective actions.

• Stay informed about key metrics

Retailers can set which metrics they need to track and not get notified about every single change in metrics across channels.

For example, a retailer running a campaign to drive traffic can set an alert and be notified if, after 7 days, the traffic goes down by 1.5%. Now the retailer doesn’t have to wait till reports are generated. Instead, get notified on time and act on it.

• Tweak key metrics on a live campaign and take corrective actions

When retailers are notified about the changes in metrics, they can make adjustments to their campaigns on the go. It allows greater flexibility to boost an underperforming campaign.

What Metrics Can Retailers Track With Performance Alerts?

Performance Alerts currently offers 3 key metrics to track. These are the most integral metrics as it directly impacts the bottom line.

1. CTR

Click-through rate is one of the most essential merchandising metrics to track. This tells if the current merchandising efforts are working out well.

2. Traffic

This is yet another important metric as it tells retailers how many people are visiting their listing pages over the course of time.

3. Product count

Running out of inventory has to be every retailer’s worst nightmare. With product count alerts, retailers can get notified as soon as the products go down a particular number.

Additionally, metrics like product views, add-to-carts, orders, conversion, and revenue are also available to track in Tagalys.

Conclusion

Performance Alerts is a sought-after feature of Tagalys that allows its users to be notified of their campaigns’ Performance. This feature alerts retailers about the current performance of the campaign and takes corrective measures in an ongoing campaign.To learn how Performance Alerts can help grow an eCommerce store, schedule a call with our experts for a demo!