E-commerce KPIs - How to Set Goals For Your Shopify Store

E-commerce KPIs - How to Set Goals For Your Shopify Store

Do you want to create E-Commerce goals and objectives for your Shopify store?

If so, then this post is for you.

ECOMMERCE KPIS HOW TO SET GOALS FOR SHOPIFY STORE

 

In this article will talk about

  • what E-commerce goals are,
  • define the S.W.O.T. analysis,
  • how to set E-commerce website objectives using the SWOT strategy, and
  • how e-commerce goals can help increase your conversion rate for your online store.

E-Commerce Website Goals – What Are They?

Ecommerce-goal-setting

An E-commerce goal is a company’s aim, ambition, or focus.

E-commerce goals are important when it comes to gaining market share and connecting with your target audience, increasing profit, and improving customer satisfaction.

You must also make sure that your E-commerce business scales in an efficient way.

E-Commerce Store Goals – How Do You Implement?

As mentioned before, E-commerce goals for your online store come in many forms but the most common E-Commerce goals are as follows:

  • Increase market share – A fancy way of saying take up more space in your industry. This can be done through marketing and expanding your product line.
  • Gain more customers – Acquiring new customers is always a challenge but it’s important to remember that not all of them will come from referrals or online searches. You need to put in place an acquisition strategy that encompasses all channels.
  • Increase E-commerce conversion rate – This is a fancy way of saying sell more products and make more money! E-commerce store conversion rates are the number of people who complete key business tasks on your website such as adding an item to their cart or making a purchase.

A higher E-commerce conversion rate means that you’ll be spending less on online marketing for your online business and more time acquiring new customers.

E-commerce business objectives – How do I set them?

Now that we know what E-commerce goals are, let’s move on to how you can set your business objectives using the S.W.OT strategy for your online store. 

What is a SWOT Analysis graphic explanation.

    What is a S.W.O.T. Analysis?

    All of these questions will be answered in this blog post!

    Spoiler alert: a SWOT can serve as the foundation for your entire content strategy!

    SWOT is an acronym for Strengths, Weaknesses, Opportunities, and Threats.

    E-commerce goals and objectives could be set using the SWOT strategy as it helps E-Commerce businesses by providing a framework to identify key opportunities, the driving forces behind successes and failures.

    Strengths: Identity what you do well in your E-commerce business such as having an awesome product or selling at an affordable price point – write these down.
    This will be key to maximizing your online marketing.
    E-Commerce businesses are built on a variety of foundations.
    Perhaps your E-Commerce site has an awesome product that can't be found anywhere else.
    Maybe you have the most competitive prices in the market.
    Whatever your E-commerce selling point is, make sure you play to your strengths.
    Know what you do well and focus on that when promoting your E-commerce business.
    E-Commerce is a competitive landscape, so by focusing on your unique selling proposition, you can give yourself a leg up on the competition.
    All E-commerce businesses have goals, so use your strengths to help you achieve those goals.
    With a clear understanding of what makes your E-commerce business special, you can set yourself up for E-commerce success.

    Weaknesses: Every E-commerce store usually has weaknesses and it’s important to identify them as they will help you set better E-Commerce goals.

    E-commerce stores are like any other businesses in that they have their ownIdentify your weaknesses and convert them to opportunities for your business. set of strengths and weaknesses.
    One of the most important things you can do as an E-commerce store owner is to identify your weaknesses and set E-commerce goals accordingly.
    By doing this, you can make sure that your E-commerce store is as successful as possible.
    There are a few different ways to identify the weaknesses of your E-commerce store.
    First, take a look at your sales numbers and compare them to your competitors.
    If you're not selling as much as they are, then that's likely one of your weaknesses
    Another way to identify weaknesses is to ask your customers for feedback.
    This can be done through surveys or by simply asking them what they think could be improved about your store.
    Finally, take a look at your return policy and shipping times.
    If you have a long or complicated return policy, or if your shipping times are slow, these could also be potential weaknesses.
    Once you've identified your E-commerce store's weaknesses, you can set E-commerce goals to correct them.
    For example, if you're not selling as much as your competitors, your goal could be to increase sales by 10% within the next month. 

    Opportunities: These are business possibilities that can be exploited by E-commerce companies such as a new app or untapped market – write these down!

    E-commerce businesses should constantly be on the lookout for new opportunities.

    By identifying and seize emerging opportunities, E-commerce companies can stay ahead of the competition, expand their customer base, and achieve their goals.

    There are a number of ways to identify opportunities, including monitoring industry trends, conducting customer research, and tracking competitor activity.

    When an opportunity is identified, E-commerce companies need to quickly assess whether it is a good fit for their business.

    If it is, they need to develop a plan to exploit the opportunity before their competitors do.

    Opportunities provide E-commerce businesses with a chance to grow and succeed.

    By taking advantage of them, E-commerce companies can achieve their goals and build long-term success.

    These ideas can improve business relations with customers and build customer loyalty loyalty.

    What are the biggest threats to your business?

    Threats: Threats are anything that can impede your E-commerce store such as increased competition or a decrease in consumer spending – write these down!

    E-commerce store owners have to take many things into account to ensure their business is successful.

    They have to set goals, create a great product, find the right target audience, drive traffic to their site, and convert that traffic into sales.
    But E-commerce store owners also need to be aware of threats that can impede their success.
    These threats can come from external sources like competitors or changes in the market, or they can come from internal sources like problems with products or the site itself.
    E-commerce store owners need to be able to identify these threats and take steps to mitigate them.
    By doing so, they can increase their chances of achieving their E-commerce goals.
     

    Target Audience

    WHO IS THE TARGET AUDIENCE OF YOUR ecommerce store?

    If this is the first year that you will start selling online, you will need an E-commerce brand that will convert all of the relevant traffic you’ll be bringing in!

    This may seem like a daunting task, but it's actually not that difficult.

    First, you need to determine your target audience.

    Who are you selling to?

    Once you know this, you can start to develop a brand identity that resonates with your target customers.

    This may include creating a logo, website, and social media presence that reflects your brand values.

    Keep in mind that your E-commerce brand is more than just a name and logo - it's the entire experience that you create for your customers.

    So take some time to develop a strong brand identity that will set you apart from the competition.

    How to apply the S.W.O.T. analysis to your online business

    A company that sets E-commerce goals using a SWOT strategy can expect improved market share, increased E-commerce conversion rates through better customer service and marketing practices etc.

    Setting E-Commerce store objectives using the SWOT Strategy provides a framework to identify key opportunities, driving forces behind successes and failures.

    Once you have a good understanding of your SWOT, you can start to develop a plan of action.

    For example, if you identify that one of your weaknesses is a lack of customer loyalty, you could devise a plan to improve customer satisfaction.

    Alternatively, if you identify an opportunity such as the launch of a new product line, you could create a marketing campaign to capitalise on this.

    By taking the time to perform a SWOT analysis, you can ensure that your online business is in the best possible position to succeed.

    It’s also a key way to develop a content strategy that makes sense for your business.

    Implementing your E-commerce Business Objectives

    Once you have completed the SWOT analysis, it’s important to implement your E-commerce objectives.

    E-commerce objectives should be achievable and measurable.

    They should also align with your company’s strengths and opportunities while avoiding weaknesses and threats.

    E-commerce store objectives should also guide employees and help them make daily decisions to continuously improve the E-commerce business.

    The best E-commerce website owners have one thing in common: they are currently assessing how to improve the customer experience.

    computer screen with ecommerce store: why i love Shopify

    How to choose the best E-commerce platform for your online business

    Choosing the best E-commerce platform will have a huge impact on your ability to create a strong brand presence.

    If for you, using technology falls under the category of weakness, choosing an E-commerce website like Shopify that makes it easy to meet your marketing goals is key to your business growth.

    E-commerce objectives should also guide employees and help them make daily decisions to continuously improve the E-commerce business.

    Building an e commerce website that converts customers is not easy.

    That’s why I love Shopify and recommend it to anyone considering opening an E-commerce store.

    Read this article to learn about optimizing your Shopify store.

    A company that sets E-commerce goals using a SWOT strategy can expect improved market share, increased E-commerce conversion rates through better customer service and marketing practices etc.

    By analyzing these four elements, we can also identify what positive activities we need to increase.

    Then we can identify the negative activities we should decrease as well as understand what opportunities exist.

    Finally, we need to identify the threats we need to avoid AND neutralize.

    One of the major benefits of a SWOT analysis is to identify weaknesses and turn them into opportunities.

    These opportunities will help our business grow.

    In conclusion, think of it as the business equivalent of making lemonade out of lemons!

    If you like this short exercise and want to dive deeper into it please check out this blog on the four steps of the S.W.O.T. activity.

    Are you reading this but you don’t have a Shopify store yet?

    What are you waiting for? Sign up for your free 14-day trial today and start monetizing your strengths.

     I am #teamshopify

    Frequently Asked Questions About E-Commerce KPIs:

    What are the most important KPIs in E-commerce?
    There are a variety of KPIs that can be important to track in E-commerce, depending on the specific business and its goals.
    However, some of the most commonly tracked KPIs include website traffic, conversion rate, average order value, and customer lifetime value.

    Tracking these key metrics can help businesses understand how well their E-commerce site is performing, and identify areas where they could make improvements to increase sales or boost customer loyalty.

     

    Thank you for reading!

    Crystal Waddell
    Founder, Collage and Wood
    Hi! I'm Crystal. I have a passion for helping people and businesses find their voice on social media platforms like Pinterest and Instagram.
    I am the President of Collage and Wood where we make personalized photo gifts, as well as CrystalWaddell.com, where we teach businesses how to use Pinterest and implement SEO. In my spare time, I enjoy spending time with my son Asher and husband Jon while golfing or coaching Asher in soccer, basketball, or baseball.

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