ARE YOU USING THE RIGHT FUNNEL ANALYTICAL TOOL?
The ecommerce business is now obsessed with conversion data and figures to drive sales. The right funnel tool could be critical in comprehending key components of metrics involved with cart abandonment, transactions, and even monitoring various performances.
In this quick 8 minute read, the takeaway focuses on the magic of conversion funnel, fixing problems with better tools and clearing the path for driving sales growth-all which are so important to ecommerce analytics.
Understanding funnel analysis
In the end what works is the increase in sales and revenue generation. The peak sales season has gone by, and it is time to take a stock of what worked and what failed during the online promotions, sales and how many loyal customers remained. Maybe certain trends and drop rates will bring you back to the drawing board to understand what can be fixed to edge out rivals in the next season. There is no iota of doubt that the conversion funnel is a key component that will need to be rechecked and better mapped out for positive results in the planning stage. The business portal you have thrives on the magic of visitors turning into regular customers. But not all of them have a cartful of goodies at the end of the journey and this is a constant pain point to deal with season after season while shopping online. Since this happens quite often, it is important to know at what point they abandon the portal and why. Software-based algorithms may show up some patterns of unique behavior but there is more to to fix problems. Investing in the right tool is the perquisite to understand funnel analysis and for visualization that matter in key metric study for improvisation. It also enables managers to spot, identify, and clearly mark the problem areas which need to be fixed.
Funnel visualization-check entry and exit points
Source: free google image
A typical funnel chart or a map will look like one above for any portal that depends on product sales through its website. As you map the customer journey, you will see at what points a customer enters or exits.
To drive the growth at the planning stage focuses on:
- Setting goals to measure performances in select areas that have failed last shopping season.
- All KPIs have specific metrics for tracking.
- On a trial basis, after identification, they need to be monitored. They may even require adjustments.
- While visualizing the funnel the check out of each customer will reflect on how they have entered i.e. via product page, landing page, cart page, shipping and billing page, confirmation and thank you page.
- To make perfect sense of the chart or map, the entry points do not matter much but the journey should commence when a product is put in the cart.
Also Read about: Why E-Commerce companies need Analytics
These factors tap areas that build a unique and scalable funnel when the next shopping season peaks. It provides a head start to sales drives. Not all portals have the same funnel to map out. But there are some aspects common to most online websites. These refer to segmentation:
- Via conversion rates.
- Device type (many people are now buying via smartphones and tablets) rather than desktops. Mobile commerce has surged in the last two years.
- Conversions through loyal customers or new visitors.
Features of a goof funnel tool
The ideal tool tracks customers who abandon the cart. The right software tool handles technical errors and host of other issues that constitute the pain points. They are:
- Just before the final step of completing the buying technical glitches act as aberrations. If there are plenty of such drop outs check the backdoor entry. Legitimate customers can be identified who have a successful record of competing the buying cycle.
- If any pages are omitted in the funnel, they should be rectified. Check from google analytics or any other software by going through the process yourself to identify this problem and fix it. This data should now be visible.
- Keep a close look at the payment gateway. This is where many people drop out of the data radar.
If you have chosen the right tool, these errors can be fixed. Often 3rd party payment systems create such issues. Why not integrate them to your process and have better sales in the new season?
Tip: Provide all information regarding pricing, product, and shipment on the product page. The less unpleasant is the surprise, lesser is the dropout rate.
Ashwin Patil is a passionate content marketer who writes on technology, tech trends, tech reviews. In his free time, he loves to read and explore the world.