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The Benefits of Using an E-Commerce Dashboard

The most important things to know about dashboards for e-commerce are:

An e-commerce dashboard provides an interactive, real-time interface that tracks the most vital metrics and KPIs of an online business.

E-commerce dashboards can contain general information that can be used for a wide range of purposes or be tailored to the specific needs of an person, team, or department.

The advantages of an online-commerce dashboard include increased efficiency, speed of service as well as higher profit.

The conversion rate, the bounce rate abandonment rate for carts, the average order value, and lifetime value are a few of the most important metrics to monitor on an e-commerce dashboard.

E-commerce dashboards are based heavily on the analytics and business intelligence (BI) and analytics and tools for data integration to give the data that are crucial to decision-makers.

Selecting an e-commerce platform such as Shopify isn’t the only step in establishing the foundation of an online enterprise. To make better business decisions and increase your sales online and marketing efforts you’ll require data on the way your online store is doing.

This is precisely what an e-commerce dashboard was designed to achieve. Through bringing all the relevant information and metrics under one roof, dashboards for e-commerce offer quick, essential insight into the performance of your business from sales information to email marketing campaigns.

What is an e-commerce-specific dashboard as well as what exactly are advantages of an e-commerce platform for your company? We’ll be able to answer these and other questions below.

What is the definition of an E-Commerce Dashboard?

An e-commerce dashboard provides an instant visual representation of an online store’s most important indicators and metrics (key indicator of performance). The goal of dashboards for e-commerce is to give a concise overview of the business’s financials in an instant. Together with reports, dashboards are among of the most effective methods of business intelligence and analytics to assist managers and executives making decisions.

The contents of an online-commerce dashboard can include charts, graphs tables, maps, gauges, as well as other data visualization methods that aid users quickly understand the information behind it. E-commerce dashboards can be developed for use by the entire company or specifically for a application. For instance, teams could design customized dashboards to track their sales or marketing performance.

The benefits of using an E-Commerce Dashboard

As you might envision, there are numerous E-commerce dashboard advantages for businesses of any size. The benefits of an e-commerce dashboard are:

Higher efficiency It is a better alternative to other methods for business intelligence, like spreadsheets and reports they can be easily understood within a matter of seconds. Dashboards simplify the underlying data and convert them into an image format. It is possible to include only the KPIs or metrics that are most important to your business by placing them in the most prominent spot in the dashboard to ensure they remain in the forefront of the mind.

Reduced time: eCommerce business dashboards streamline the process of getting online-based analytics. Instead of relying on various sources of data (Shopify, Google Analytics, etc.).) to gain the information that you require, online-commerce dashboards provide all relevant results in a single pane. As time passes, this can help users save time and help them concentrate on the important aspects in interpreting the data and making the right decisions.

Avoiding negative outcomes: A variety of aspects are involved in running an efficient e-commerce enterprise making sure that the site is operational, efficiently solving customers’ issues and questions as well as keeping the products in stock, and delivering orders within the timeframe, etc. Dashboards for e-commerce help you monitor the most relevant metrics for every one of these elements (e.g. the average time for support responses or the level of stock for products that are popular) to ensure you are able to avoid negative outcomes that can affect customers’ satisfaction.

Increased profitability by paying particular attention to the appropriate KPIs and metrics (more on this below) Your online business will be able to better comprehend the best ways to increase profits, both for the business itself as well as for the products you want to target.

What metrics should you use to build your E-Commerce Dashboard?

There are numerous KPIs and metrics that business managers can monitor on their dashboards for e-commerce, and there is no “one size is all” answer to what businesses should include in their dashboards. Below are a few ideas for important indicators that online retailers might want to track in their e-commerce dashboards:

Rate of conversion: the proportion of customers who visit your online store that result in an order that is completed. The ability to optimize the conversion rates of your customers is among the main aspects of an online store dashboard.

Bounce rate: The proportion of users who leave your site immediately without visiting other pages. Bounce rate is an important KPI in the field of e-commerce since it is a way to determine how effective your website’s content is or how well your site’s visitors are in line with your desired customer base.

Cart abandonment rate Amount of customers to your online store who include an item into their cart, but quit the site before purchasing it. Monitoring this metric will aid in determining any issues in your checkout process which prevents buyers from purchasing.

AOV: Average Order Value (AOV) AOV is the average value (in dollars or in another currencies) of orders that are placed by customers of your online business. The increase in your AOV is a great way to reduce the cost of getting new customers.

Value of a customer’s lifetime: the amount of revenue a customer earns throughout the relationship with your business which includes subscriptions, purchases as well as other transactions. This measurement helps you understand the advantages of focusing on maintaining your customer base and reducing churn rather than seeking to recruit new customers.

E-commerce dashboards can be a useful tool for gaining information about your company in an instant. To have these data-driven insights available to you but you’ll require quick, effective data integration workflows to deliver all the data where it’s required to go.

Are you ready to understand the benefits of dashboards for your business’s e-commerce? Contact our data experts now to discuss your business objectives and needs