8 Best Ecommerce Analytics Tools for Marketers

Businesses have moved online, and today you can sell everything online, from groceries to food, online coaching, software, and more. As e-commerce grows, so does competition, as companies move away from traditional brick-and-mortar stores. .

There are 26 million e-commerce websites worldwide. According to Statista, retail e-commerce sales are expected to reach $7.5 trillion by 2025 .

These statistics highlight the competition in the e-commerce space, and businesses need advanced data and e-commerce analysis tools to survive in this competitive environment.

Most e-commerce stores miss out on analyzing data about customer behavior on their website, most popular products, engagement and conversion rate metrics, etc., and lack a proper strategy to stay ahead of the competition. I can’t.

Business owners need to analyze online store data and trends to make informed decisions to stay ahead of the cutthroat competition.

In this article, we discussed the important KPIs you should measure in your online store and the best tools to track your ecommerce KPIs.

Let’s start by understanding e-commerce analytics.

What is e-commerce analysis?

E-commerce stores generate vast amounts of data every day, including transaction data, customer activity, customer searches, user behavior on your website, log files, and a variety of other visitor-related data.

Web managers must use all of this generated data to make decisions about their store and generate sales. E-commerce analytics is used to further these objectives.

E-commerce analytics is the process of analyzing generated data to find insights, explore invisible patterns and trends from data sets, predict business growth, and improve the current situation based on the analyzed data. Here’s how to do it.

E-commerce data can be scrutinized using advanced e-commerce analysis tools.

Before we discuss e-commerce analysis tools, let’s take a look at some criteria that regulate the performance of e-commerce markets.

Key performance indicators (KPIs) for e-commerce analytics

Average order value (AOV)

Average order value shows how much your customers spend in your store per order. This can be calculated by dividing your revenue by the total number of orders.

This is one of the best ways to track profits and revenue. AOV must exceed customer acquisition costs.

Every e-commerce store should track AOV and strive to increase it. Ways to increase average order value include upselling and selling combinations of products to increase order value.

A higher AOV gives e-commerce store owners the flexibility to offer discounts and free shipping, and absorb higher customer acquisition costs.

Conversion rate (CR)

E-commerce stores receive a lot of traffic, but it’s important to know how many of your visitors make a purchase or become a customer.

Conversion rate is the rate at which visitors convert into customers of your online store.

Conversion rates provide interesting insights about your website, including website engagement, conversions and product site optimization.

Conversion rate optimization is essential to increasing sales, revenue, and AOV. E-commerce conversion rates are measured by using a simple website design, fixing technical issues, using e-commerce analytics tools to understand customer drop-off points on your website, and improving the overall user experience. It can be optimized by improving.

Tracking your conversion rate at an atomic level is essential. Conversions can be set by channel, product category, and campaign. This setting allows you to see which products or channels are generating better sales.

CR can be calculated by dividing the total number. Multiply the number of orders by total traffic and multiply by 100.

Shopping Cart Abandonment Rate (SCAR)

Shopping cart abandonment rate is the percentage of visitors who add items to their cart but don’t complete the checkout process.

If your online store has a high shopping cart abandonment rate (SCAR), you need to determine why. There can be various reasons behind it, such as a complicated checkout process, lack of payment options, or higher shipping costs.

Optimizing your checkout abandonment rate is an easier task, as you only need to improve the overall checkout experience and optimize your shopping cart.

SCAR is calculated by dividing total sales by shopping carts created and multiplying by 100.

Customer retention rate (CAR)

Customer retention rate represents customer loyalty. This e-commerce KPI indicates the percentage of customers who return to your store after their first purchase.

This defines customer satisfaction with products and services. High customer retention means that your product or service meets your customers’ needs.

Customer retention can be calculated by subtracting the number of new customers acquired during a specified time period from the total number of customers at the end of the specified period and dividing by the total number of customers at the beginning of that period. Multiply that by 100.

sales revenue

Overall sales revenue is the most important KPI that every e-commerce store should monitor and track on a weekly, monthly, quarterly, and yearly basis.

Store owners should be focused on tracking total revenue, which is not the case. The number of products sold during a specific time period.

Most e-commerce analytics tools have the ability to track sales in a dashboard. This KPI provides insight into growth, product adoption, and brand reputation. This metric is just as good as a branded progress card.

Customer Lifetime Value (CLV)

Tracking CLV is important to champion brand loyalty. Customer lifetime value KPIs provide data about the average amount of money a customer spends over the course of their engagement with your business.

CLTV measures the return on customer acquisition costs and indicates a business’ ability to retain customers. The higher the CLV relative to the AOV, the more frequently you shop.

Customer acquisition cost (CAC)

Customer acquisition cost (CAC) is the amount of money a business or e-commerce store spends to acquire a customer.

This is an important e-commerce KPI because it tells business owners and marketers how much they are spending to acquire customers. If your CAC is less than your average order value, it indicates that your marketing campaign is performing well, but if your CAC is greater than your AOV, you should reoptimize your campaign to lower your CAC.

This can be calculated by dividing the spend spent on the campaign by the customers acquired.

Calculating CAC also helps with budget allocation for your campaigns. For example, if you want to acquire 100 new customers and your customer acquisition cost is $10, your budget is $1000 (CAC*Number of Customers).

Return on advertising spend (ROAS)

Return on ad spend measures the revenue your marketing campaign generates. Estimate the total sales or revenue generated by all marketing campaigns.

ROAS can be calculated by dividing the revenue generated by a campaign by the total cost of the campaign.

This KPI is important for marketers to understand the effectiveness of their campaigns. ROAS may sound similar to CAC, but there are differences between the two. CAC is the budget needed to acquire customers, and ROAS measures the revenue generated by advertising.

Calculating ROAS gives marketers advice on the performance of their ads. A high ROAS indicates that you can spend more on advertising to increase the number of customers. However, if your ROAS is low, you are warned to reduce your ad spend and focus on conversion rates.

Next, let’s take a look at the leading e-commerce analytics tools.

super metrics

Supermetrics is a great tool that aggregates data from omnichannels like Facebook, Instagram, and social ads. The wide range of datasets supported by Supermetrics makes it intuitive and easy to evaluate combined data across different platforms. Supermetrics allows you to customize your views using parameters and tagging.

Supemetrics is fully automated and helps you create a set of reports that you can share with your business. Collect data from all marketing platforms and add it to data analysis platforms such as spreadsheets, BI tools, and reporting tools.

It works in three steps: connect, analyze, and automate. Supermetrics can connect to any reporting tool to collect data from your marketing platform. It then helps e-commerce store owners make sense of their data and ultimately automates tasks like data addition, eliminating tedious tasks from daily operations.

Savvy Cube

SavvyCube helps you get a clear picture of your business performance by analyzing Adobe Commerce, PayPal, Google Analytics, and Shopify.

Savvy’s analytics tools help you get a bird’s-eye view of your sales and make better decisions. By learning more about your customers’ buying habits, you can improve their shopping experience and increase order volume and frequency.

This tool provides detailed sales information by geographic location, product, and marketing channel. You can track visitors who abandon their shopping carts with reports that track KPIs like conversion rate and average order value.

SavvyCube offers a 30-day free trial with the benefit of no monthly billing and no contract. We offer paid plans starting at $49 per month.

Woopra

It’s a customer journey analytics tool that changes the way businesses think about, analyze, interact with, and retain their customers. The platform is built to help businesses improve and grow throughout the customer lifecycle.

Woopra has a unique way to track how people use your website, products, and mobile apps. 51+ one-click integrations with partners like Salesforce, Marketo, Intercom, and more to help your teams and tools work better together.

You can also easily map multiple databases without writing SQL. With the help of marketing automation and CRM solutions, Woopra can build a complete view of customer journeys, trends, and segmentation.

Woopra has a free plan that offers support for up to 500,000 actions per month with 90 days of data retention and over 30 integration options. Paid plans start at $349 per month.

mix panel

Mixpanel allows you to improve your mobile and web applications by tracking user engagement and interactions with them.

It helps business and online store owners analyze conversions and abandonment, measure user engagement, and find ways to improve customer retention.

Mixpanel allows organizations to better understand their consumers by analyzing consumer behavior using conversion funnels and retention cohorts.

As a result, you can improve the usability of your product by addressing your user segment findings. Everything is visually beautiful and easy to share. Lots of charts, filters, and perspectives.

Mixpanel’s free version allows you to track 100,000 users per month with unlimited historical data, reports, monitoring and alerts. Growth plans start at $25 per month and include all the features of the free plan, plus unlimited saved reports, cohorts, data modeling, analytics, and other data pipeline add-ons.

Mixpanel features customized enterprise solutions with advanced controls, SSO and automated provisioning, and dedicated customer support for large online stores.

google analytics

Google Analytics is an important tool that every website needs to track its overall performance. You can measure the performance of your online store by analyzing key metrics such as bounce rate, sessions, top-performing product pages, audience targeting, real-time data, and product conversions.

Google Analytics helps you track conversions, overall sales and revenue, website traffic, traffic sources and mediums, customer shopping behavior, shopping cart abandonment rates, and other important ecommerce metrics.

Overall, Google Analytics is a great tool for measuring marketing campaigns and helps you analyze performance through various channels such as SEO, Google Ads, and social media.

sem rush

Semrush is a great tool for analyzing your online marketing performance. It also helps you review and optimize your e-commerce store’s marketing campaigns.

Semrush is a top-rated tool for SEO as it can help you with keyword research, backlink suggestions, and website audits for various technical SEO issues on your website.

In addition to SEO, Semrush can also track your advertising campaigns, research your competitors, optimize your CPC and conversions, manage your social media and online reputation, and more.

Overall, this tool can help you improve certain e-commerce KPIs, such as increasing website traffic, optimizing it, and running effective campaigns.

amplitude

Amplitude is one of the best product and e-commerce analysis tools on the market.

Amplitude enables digital teams to better understand consumers, personalize experiences, and track the overall success of their e-commerce store. Analyze your conversions and make recommendations to improve them.

It offers a variety of features to analyze your e-commerce store data, including behavioral cohorts for user behavior, integration with other apps, and compliance levels for data security.

Amplitude offers a free starter package with core analytics, unlimited users, and unlimited data retention for 10 million actions per month. Other paid plans include Growth and Enterprise plans, which provide behavioral and product analytics platforms.

glue

Glew is a business intelligence tool built specifically for e-commerce platforms. This allows you to connect your online store to your business tools for smooth management and multi-platform reporting.

We provide tailored solutions for various e-commerce operations, including product analysis, inventory analysis, marketing analysis, customer and subscription analysis. Enterprise analytics solutions include custom reports, data warehouses, and data pipelines.

Glew offers the opportunity to integrate with all business and e-commerce management tools such as Woocommerce, Facebook, Amazon Ads, Shopify, Google Analytics, etc.

Glew comes in three different pricing packages: Glew Starter, Glew Pro, and Glew Plus. Glew starter is free forever, allows unlimited users and stores, and tracks 20 important metrics including LTV, net profit, and top products.

Glew pro starts at $79 per month and includes 250+ KPIs, 40 integrations, 30 pre-built customer segments, and syncing with Klaviyo and Mailchimp. Grew Plus has custom pricing, 150+ integrations, and other customized solutions for large e-commerce stores.

conclusion

Running an e-commerce store is no easy task. Business owners are constantly competing to increase sales and revenue online. Improving your e-commerce KPIs can be a daunting task, but the right data analysis tools can help you understand your data, measure your KPIs, and plan for growth.

Ecommerce analytics tools help you optimize various key performance indicators for your online store, including user behavior, conversions, and data security.

Deploying e-commerce analytics tools to analyze your data can help you in a number of ways. Some advantages are:-

• Provides insights into your marketing campaigns to help you optimize your campaigns and increase conversions.
• Capture customer data that helps you deliver seamless customer experiences across every touchpoint and device.
• Provides data-driven insights on popular products to help you manage and plan your inventory.
• Recommendations for optimizing user journeys at each stage of the funnel: discovery, acquisition, conversion, retention, and advocacy.

We have listed the best e-commerce analytics tools to help you leverage the data generated by your online store and use it to make informed decisions.