Type in Product Analytics into Google and you'll get results about data collection for software products. Technologically speaking, consumer goods sold online are left behind. E-commerce is growing into a trillion dollar industry worldwide, but the analytics available to shop owners is generally limited to site-performance and user-behavior. So, what about product performance metrics for goods?
Product Performance Metrics
So at a product-level there are some basic metrics that help define your funnel:
- Product listing impressions
- Product page impressions
- Total product impressions
- Add to cart
- Remove from cart
- Checkout page impressions
- Purchases/Conversion Rate
What do they reveal?
The end goal is conversion optimization and positive customer experience. Here are just some of the ways you can use product performance metrics in your store:
When viewed together, you will be able to see strengths and weakness of your product funnel. If customers consistently drop out at checkout for one product, but not another, you will be able to piece together the puzzle as to why.
Some products simply perform better than others, and the truth is that we cannot predict with certainty which ones those will be. Seeing product impressions and conversions side by side can tell you if your merchandising strategies are working. Move better performing products to the top of the product listing page, making your customers happy and increasing profit potential.
Get real feedback with product-level analytics in order to make better decisions during product development. Which features sell better? Which colors are more popular? Is there a significant difference in preferences demographically? Using data to support decision making allows you to eliminate a certain level of doubt that might keep you from trying something new or daring.
Results of testing
Digital platforms offer great opportunities for running experiments with your products. Perhaps you want to find out if a product will sell better when featured in a lifestyle photo or lookbook catalog. Or maybe you want to run a price test with clearance items. With product-specific metrics, you can get real answers to your questions.
Keep an eye on your inventory and anticipate stock outs. Use the product impression metrics to predict consumer tendencies, especially around holidays and sales seasons.
Third Party & Cross-Channel Tracking
This is where things get interesting.
All those things we mentioned before become magnified when you have the all your product data from all over the web. Imagine all your data in one place, and the possibilities for product development & conversion optimization.
Online retailers juggle tons of products from their brands, and many times the brands themselves have their own stores to run. There is a lot of data left unshared - and brands do not have the ability to see product performance from third parties without customized reports.
And brands that have multiple stores online have to set up separate accounts with multiple tracking codes with tools like Google Analytics in order to keep track of all of them, without ever seeing the data together.
Third party and cross-channel product tracking is a must for brands with multiple sales channels online. Otherwise you're only seeing a fraction of your data.
Plytix is the only platform for third-party product tracking.
Get started for free.