Measure your B2B Store for Success
When it comes to measuring the success of your B2B ecommerce business, key performance indicators (KPIs) are essential. In this blog, we’ll cover the critical B2B ecommerce KPIs, from beginner to expert level.
- Conversion Rate: Your conversion rate measures the percentage of website visitors who make a purchase. A high conversion rate indicates that your website is effective at turning visitors into customers.
- Average Order Value: Your average order value measures the average amount customers spend per order. A high average order value indicates that your customers are purchasing more items per order, which can lead to higher profits.
- Customer Lifetime Value: Your customer lifetime value measures the total amount of money a customer is expected to spend with your company over their lifetime. A high customer lifetime value indicates that your customers are loyal and provide repeat business.
- Gross Profit Margin: Your gross profit margin measures the amount of profit you make on each sale after deducting the cost of goods sold. A high gross profit margin indicates that your pricing strategy is effective.
- Customer Acquisition Cost: Your customer acquisition cost measures the amount of money you spend to acquire each new customer. A low customer acquisition cost indicates that your marketing efforts are effective and efficient.
- Cart Abandonment Rate: Your cart abandonment rate measures the percentage of website visitors who add items to their cart but do not complete the purchase. A high cart abandonment rate indicates that there may be issues with your checkout process or pricing.
- Traffic Sources: Understanding where your website traffic is coming from can help you optimize your marketing efforts and drive more targeted traffic to your website.
- Return on Investment (ROI): Your ROI measures the amount of profit you make compared to the amount of money you invest in marketing and advertising. A high ROI indicates that your marketing efforts are effective and profitable.
- Website Speed: Your website speed measures how quickly your website pages load. A slow website can lead to a high bounce rate and decreased conversions.
- Customer Satisfaction: Measuring customer satisfaction can help you identify areas for improvement and build a loyal customer base.
In conclusion, tracking these critical B2B ecommerce KPIs can help you understand the effectiveness of your marketing and website efforts, identify areas for improvement, and ultimately drive long-term success for your business. Whether you’re a beginner or an expert, focusing on these KPIs can help you optimise your ecommerce strategy and achieve your business goals.
