Every online retail business should track their key Christmas ecommerce metrics. The Christmas holiday season is a challenging, but profitable time for online retail. It is quite common for a company to achieve 40% of their yearly revenues during the last quarter. The number of orders and average order size typically increase compared with the rest of the year.
Key Christmas ecommerce metrics: what do your customers want?
For customers, Christmas means more than just holidays. It stirs memories of bustling stores and long queues. More shoppers are starting to buy online. Almost half of buyers have a higher propensity to shop online during the festive period. This means that businesses have to be prepared for a very digital holiday season and to understand well their key Christmas ecommerce metrics.
Based on recent data and predictions, a strategy for every ecommerce business during the holiday season should include the following points:
♦ Focus all online promotions on a specific holiday. Time-limited actions create the effect of urgency and unique limited offers. This encourages customers to buy more.
♦ Update the homepage of the website. Call-To-Action buttons will work well during the holiday season. A good understanding of which advertising channels the company wants to focus on, not wasting resources on channels that will not bring the best profit, is fundamental for success;
♦ Strong customer service is a crucial point for online retail during the Christmas holidays. During this stressful time (for clients), when everyone is looking for gifts, no slip-ups from customer service are allowed. The business has to plan their return policy very well and additional payment options.
Key Christmas ecommerce metrics: how to measure success?
Track everything. To successfully engage with more customers over the next month it is necessary to have the statistical data of all transactions during the holiday season.
These key christmas ecommerce metrics can help online retail to measure their success during the busy, high-volume Christmas shopping season:
♦ Site traffic. Site traffic is a measure of marketing success. All types of traffic are important: direct traffic, referral traffic, advertising traffic, social media traffic etc.
♦ Conversion rate. High conversion rate shows that the online strategy works well;
♦ Average order value (Average Order Value = Total Revenue / Number of Orders Taken). Taking measures such as: a threshold for free shipping, cross-selling, a product bundle and a loyalty program, will help to increase the average order value.
But even with the best online strategy and well maintained key Christmas ecommerce metrics, customers still want to feel a real store experience during holidays. It gives people a sense of Christmas. Omnichannel solutions like: live streaming videos, interactive selling platforms, virtual showrooms, online chat and co-browsing are must haves for the holiday season.
Whisbi is the only company that integrates all of these into one universal solution, bringing the real store experience online.
Find out more about how one of our clients is using Whisbi’s live streaming solution to sell more and better.