Metrics that Matter

METRICS THAT MATTE R In today's competitive environment, with numerous social applications and ways to engage clients, retailers must utilize metrics to stay in the race. While each retailer may have a unique strategy to analyze their success with metrics, the new Metrics Therapy-Details, Dashboards and Diligence whitepaper by the e-tailing group reveals just how successfully companies are integrating these findings into their marketing strategies. ATTRACTING THE CONSUMERS Are retailers relying on metrics as much as they should be in today's market? Fortunately, more are. Analytics evaluation topped the list, with of retailers rating the strategy as most/somewhat important 93%: when it comes to customer retention. MERCHANTS RATE THEIR TOP MERCHANDISING AND NAVIGATIONAL TACTICS FOR CUSTOMER RETENTION: bo Analytics evaluation. 93% Pricing or promotional strategies such as free shipping. 81% Site redesign or enhancements that improve the customer experience. 79% Optimizing onsite search relevance, sort options, and/or landing page. 78% The correct in-stock assortment. 76% Email utilizing an array of tactics sent on pre-established frequency. 76% A/B, multi-variate, or other usability testing. 71% Rich media or related tools (zoom, 64% alternative views, audio, video, etc.). Adding editorial content, expert reviews, and user-generated content. 62% Personalization strategies, including placement of up-sells. 62% Elevated brand differentiation. 54% Social media elevation. 44% 60% 80% 20% 40% 100% CALCULATING CONVERSION CONVERSION PROFILE The Merchant Survey reveals the conversion rates retailers are seeing on their websites. WHAT KINDS OF CONVERSION RATES ARE YOU SEEING ON YOUR SITE? 0-1 1-2.9 3.0-4.9 5.0-7.9 8.0-20.00 Greater than Don't percent percent percent регсent percent 20 percent know 7% 4% 52% 15% 15% 6% 1% 59% OF RESPONDENTS REPORTED A CONVERSION RATE BETWEEN O AND 2.9 PERCENT MOBILE PROFILE Merchants reveal their mobile rates, and how they compare to their website conversion numbers. WHAT CONVERSION RATES ARE YOU SEEING FROM MOBILE? Significantly more than website About the same as website Somewhat/significantly less than website N/A MOBILE VWEB 10% 11% 57% 22% STAND-ALONE NATIVE APPS 3% 6% 18% 73% TABLETS 22% 21% 23% 34% 0% 20% 40% 60% 80% 100% SOCIAL IMPACT According to the Merchant Survey, retailers are much more in tune with incorporating social media into their analytics than in the previous year. BY WHICH OF THE FOLLOWING MEANS ARE YOU MEASURING SOCIAL MEDIA'S SUCCESS? 2011 2012 100% Surveyed retailers are measuring engagement and fans more than they did in 2011, specifically in terms of 90% Facebook likes (90 percent vs. 78 percent) and Twitter 80% 78% followers (66 percent vs. 61 percent). 66% 61% 58% 53% 60% 50% 46% 47% 41% 39% 37% 40% 40% 35% 30% T 34% 20% Number of Facebook fans Number of Twitter followers Click-through rates to retail sites from social media Sales from social networks Growth rate Number of YouTube Improved SEO PR and media year-over-year for pre- determined KPIS exposure views Today's retailers are growing increasingly aware of utilizing metrics to better grasp the needs of their consumers. As merchants build their analytical skills and become more savvy in understanding these metrics, they are bound to find success in retaining their consumers. SOURCE: METRICS THERAPY-DETAILS, DASHBOARDS AND DILIGENCE Baynote BY LAUREN FREEDMAN, E-TAILING GROUP