In today’s digital marketplace, B2B businesses are constantly looking for ways to stand out and drive sales.
To succeed in this challenging environment, you need to incorporate data and analytics into your operations from the get-go.
You also need to optimize how you measure performance and choose KPIs (key performance indicators) that are most relevant for your business.
To help you do that, we’ve compiled the best B2B eCommerce metrics and tips on how to track them effectively.
Read on to learn more about B2B eCommerce metrics, what they mean for your business, and how you can use them to optimize your marketing strategy.
What is B2B eCommerce?
When most people think of eCommerce, they think of B2C — business-to-consumer — transactions. However, B2B eCommerce is also growing in importance.
B2B transactions are growing at a faster rate than B2C. They represent a massive opportunity for eCommerce.
B2B eCommerce takes place when businesses buy products from other businesses. This can include not just sales and purchases, but also subscriptions and other recurring purchases.
Which B2B eCommerce metric matter most?
There are many eCommerce metrics that matter most to B2B businesses.
However, we’ve highlighted the top eCommerce metrics that matter most to B2B businesses. These metrics can be used to track your business’s performance and help you improve your marketing strategy.
- Sales and Revenue – Sales and revenue, of course, matter most. But how do you measure that, especially if you use some type of subscription model? One way is through goal tracking.
You need to set up a goal in your analytics software to measure the sales of a particular product or subscription. You then need to set a value for that goal.
Let’s say you sell a monthly subscription to your SaaS product for $149.99. You can set the goal to track the number of people who sign up for those subscriptions and set a value of $149.99 for that goal.
- Visitors – You also need to measure the number of visitors coming to your site. Usually, you can find this information in your analytics software or data dashboard.
You can also use Google Analytics to track the number of visitors coming to your site. But you can’t track the sales with that metric.
Measuring visitors allows you to see how many people are visiting your site, how long they stay, and what they look at once they’re there. Visitor metrics allow you to see how effective your marketing efforts are.
- Conversion Rate: The conversion rate is the percentage of visitors who become customers. You can measure this in a few ways.
- One way is to use Shopify, which allows you to track the visit-to-buy conversion rate right on your eCommerce website.
- You can also use Google Analytics to track conversion rates.
- Another way to measure conversion rate is to calculate the percentage of visitors who purchase something. Then, divide that number by the number of visitors who came to your site.
These will help you determine which customers are buying from you and how many of them are converting.
- Revenue per visitor (RPV) and Return on investment (ROI):
You also need to measure revenue per visitor (RPV) and return on investment (ROI).
Revenue per visitor (RPV): RPV is the average revenue generated from each visitor to your site.
Return on investment (ROI): ROI is the amount of money your business earned (or will earn) compared to the amount of money it took to generate that profit.
These two metrics give you an idea of how much you can spend on marketing. They also help you decide where to spend your money.
If you have a low RPV and ROI, you know you need to adjust your strategy.
- Product Satisfaction
Product satisfaction is how satisfied your customers are with the product they purchase from you. This metric is often measured on a percentage scale. You can measure product satisfaction through surveys solonvet.
You can also integrate online rating systems, such as Trustpilot, into your site to measure product satisfaction.
When measuring the B2B eCommerce metrics that matter, remember that you need to track more than just sales and revenue.
You also have to measure the number of visitors coming to your site, the conversion rate, and how satisfied customers are with your products dseklms.
To do this, you need to set up goals, conversion funnels, and surveys in your analytics software. You also need to integrate online rating systems into your site.
With these metrics, you can track your performance, improve your strategy, and increase sales.
Some of the best eCommerce platforms like Shopify, Magento, BigCommerce, and WooCommerce offer extended features to track these metrics moviesverse.