Well, you have created an app for your business, and like other e-commerce retailers, you wish to increase user engagement and revenue from sales.
But you are struggling to find the right solution, then keep reading this blog to get better M-commerce insights.
You may be analyzing your customer downloads and actions already, but it’s not enough to fully optimize your mobile apps for increasing revenue.
Still, there are various other factors to consider while planning a mobile commerce strategy for climbing up your Key performance indicators (KPI).
Ensure to monitor the right KPI metrics, you have to concentrate on certain elements for reaching one step ahead in your business.
These metrics can surely help e-commerce retailers to drive more sales.
By optimizing KPI metrics, you are more likely to increase conversion rates and that’s the reason why many e-commerce businesses opt for m-commerce apps in recent times.
The important factor that e-commerce businesses consider m-commerce apps is to engage with their customers more than ever before.
Mcommerce app has full of values for retail businesses and also you must have a close look at KPI scores.
If you’re looking for the best mobile applications development solutions, make sure that your service provider knows all the verticals in KPI and delivers a quality app for your customers without any hassle.
Identity your m-commerce KPIs and implement them beyond your opportunities to uplift your business.
You can achieve this by monitoring your audience and their actions in your app to refine your strategies.
One of the powerful ways to monitor KPI metrics is using Visual App Analytics, to understand user behavior better and clearly learn how KPI works in your m-commerce apps.
Useful KPIs to optimize your MCommerce App
You will learn the important KPIs that retailers should consider while optimizing their mobile apps for maximizing the overall mobile user experience.
The acquisition of new users and the number of customers is an important metric to consider.
If you understand the importance and monitor KPIs in that specific area, you will learn the strategy to optimize your user acquisition.
Every business owner wants to get more users to their m-commerce apps, but it’s also important to gain users who are actively engaged with your app.
This helps to make your m-commerce apps successful, let’s look at some of the important metrics to monitor under this KPI,
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Percentage of users, who converted into active users
- It’s challenging for businesses to find the user’s value and know the number of users who will remain lifetime customers.
- These users will boost your sales and drive more profit to your retail businesses.
- However, it’s the major challenge of mobile application developers and a key factor for increasing income.
- By monitoring the channels like referral, social, and ad campaigns, you will understand where you get the most active users.
- Through this, you will learn to focus on optimizing the channels that will gain more active users for your m-commerce apps in the budget.
- You can re-target your users using social media platforms ads like Facebook with exclusive discounts and offers to gain users.
- Also, you must exclude promoting in the channels where you’re not witnessing any growth accordingly.
- For example, don’t load your user with so much information at their first visit.
- You have to provide the relevant information that the user needs to take up for the next action in your m-commerce apps.
Cost per customer acquisition (CAC)
- By monitoring this KPI, e-commerce retailers can find the time they are investing to acquire each user and invest their budgets in that particular channel for marketing.
- You can build a successful m-commerce app by maintaining a high level of user activity and decreasing the average cost to acquire customers.
- For example, it means LTV (LifeTime Value) must be more than 3 times when compared with CAC to drive more profits.
- You must have a note of the cost that you spend to acquire each and every customer for converting them in high numbers.
Engagement tells information about the user’s percentage, who stuck to using your app after downloading.
These metrics also cover user flow, how much time they spend on each screen, and what actions they take, among others. Here is a list of a few KPIs you need to focus on,
- If you Monitor retention rates, you can easily determine the user groups that are being retained, and then you can optimize your app accordingly.
- You can do this step by personalizing their user experience (UX) to increase engagement.
- For example, you will see that active users in a group are being retained if they get more international sporting event-related news.
- By using these findings, you can personalize their experience by delivering content that is global and sports-related, as a result, it will increase your app’s retention rate.
- By retaining users, you will drive more purchases in your m-commerce apps.
- Monitor session lengths to determine the engagement levels and the user’s interest.
- If you see a high number of active users are converting in a specific checkout process, after spending time on certain screens of your app.
- Then you can optimize your app according to the same types of screens on the way to checkout.
These are the areas where your users are more likely to convert to your app.
Actually, you will earn money here only including elements that make an economic impact on your business such as ad revenue, in-app purchases, sign-ups, or subscriptions.
Two KPIs that are worth including under the outcome of these metrics are,
- For instance, If you see a certain group of users from India abandoning their carts.
- You must realize that you deliver a checkout process that needs more interaction, or you must realize there is a technical problem while adding certain items to the cart.
- You can optimize your app, which takes only a few steps to offer different payment methods.
- You also need to rectify technical issues, if there is any that negatively affects your conversion rates.
The average sale for users
- As you know, different users have different purchase patterns, some will shop for many low-ticket items, some will purchase expensive items only a few times a year.
- Ensure to monitor the average sales per user, so that you could personalize different offerings to different users perfectly.
- For example, you can offer complimentary for high ticket purchasers, and discounts for smaller ticket items purchasers.
- Fortunately, by doing this you will ultimately increase the average sale of the user.
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By climbing up into KPIs beyond the key metrics, you will understand more about your audience and your user retention.
For instance, you will know which user will buy what type of products in the month of Christmas or new year.
By choosing the right KPI for your business and optimizing them as required, you’ll find your app successful within a short period of lifetime value.