Metrics
Used to measure success, metrics are concrete and quantitative indicators that can tell you how you’re doing. Performance metrics can be used to indicate improvements and successes in many different areas of life. For example, average mile time is a common performance metric that runners and other athletes like to track over time. For ecommerce stores and other business websites, some relevant metrics to track might look like: total unique sessions, total unique web visitors, social media engagement rates, digital ad impressions, ad click-through rates (CTR), cost per acquisition (CPA), customer retention rates, customer churn rates, customer lifetime value (CLV), repeat customer rates and customer loyalty, net promoter score (NPS), sales conversion rates, average order value (AOV), refund and return rates, cart abandonment rates and checkout abandonment rates, and more. By tracking these metrics over time, you can objectively analyze your store’s performance, successes, improvements, and growth. From there, you can set concrete goals to improve on certain metrics and maintain your progress with others. Hopefully, you’ll see user and customer acquisitions go up and cart abandonments go down over time!
