Before you are able to evaluate your project, you need to define some key performance indicators. No worries - you don’t need to come up with definite numbers from scratch since they will change anyways as you grow and learn. But when working with embedded commerce, we recommend that you specify some milestones in regards to:
- engagement like CTR and CR
- bounce rates
- number of sales
- earned commission
The foundation for setting your targets is the platform and audience analysis that you do before launching your project. This will enable you to set benchmarks and think about your actual expectations. The analysis spreadsheet will help you to define KPIs for different channels and formats. Please keep in mind that e-commerce KPIs can’t be generalised and always differ from content format to content format and from platform to platform. For example, a successful shopping newsletter featuring only one product usually has a higher conversion rate than a store page with many products that people access more randomly on their search for inspiration. If you have gathered e-commerce data in the past, you could use these numbers as a foundation to define your KPIs and have something for comparison.
When you consider the conversion funnel, it makes sense to approach it top to down. If you don’t have enough traffic checking out your products, we recommend not wasting too much time optimising the check-out. Rather start by increasing your traffic as a first initial step and then optimise the steps further down in the funnel. Our growth chapter will reveal some ideas on how to approach the optimisation of your project.
But there are also many other KPIs that can be measured:
- customer loyalty
- number of subscribers
- customer satisfaction
- content quality
- number of published shopping articles
Tip: Tipser offers a Joint Controllership Agreement that gives you access to personalised data on your customers in order to build on your CRM database.