We’re reaching the end of the holiday shopping season… for most print on demand sellers, the most consequential stretch of the year. Naturally, our print on demand partners want to assess how well they did during Q4, whether they hit their sales goals, and how they might make improvements next year.
All of this comes down to data and analytics. Every print on demand seller should have tools in place to track their sales numbers. Indeed, tracking your core metrics is an essential part of any ecommerce strategy.
Which Metrics Matter Most for Your Ecommerce Strategy?
With so much raw data available, how do print on demand sellers know the metrics that matter most?
There are a few data points that are especially useful, including:
- Sales conversion rate. Out of all the people who visit your ecommerce store, how many of them actually make a purchase? That’s what your sales conversion rate is all about.
- Average cart value (or average order value). This metric tells you, on average, how much money your customers are spending with each purchase.
- Customer lifetime value. This number tells you the total amount of money you’ll make from a single customer over their lifetime, encompassing not just their initial purchase but any follow-up or repeat purchases.
- Shopping cart abandonment rate. Often, shoppers will add items to their cart, but never actually check out. This metric reflects the number of incomplete transactions you have.
- Returning customer rate. Out of all the customers who buy products from your print on demand shop, how many will return to the shop to make one or more additional purchases?
- Store sessions by traffic source. We also recommend keeping tabs on which traffic sources generate the most traffic to your print on demand store. Do you get more customers via Google search? Etsy or Shopify search? Social media? Email marketing?
While different print on demand sellers will prioritize different metrics, these are some of the analytics that have the broadest utility and importance.
How Can Print on Demand Sellers Track Their Metrics?
Once you’ve identified the most important metrics, the next step is to gather the tools you need to measure, monitor, and analyze.
Depending on the platform you’re using to host your ecommerce store, you will have access to different analytic dashboards. For example, if you host a Shopify Print on Demand store, then you can use Shopify Analytics, complete with regular Shopify reports. While Shopify doesn’t offer a comprehensive list of metrics and analytics, it does offer access to some of the most vital and important numbers. It’s a good, condensed option that won’t overwhelm brand new print on demand sellers.
In much the same way, Etsy print on demand sellers have access to their own dashboard, providing analytics that can be used to fine-tune strategy for upcoming seasons.
It’s also worth noting that Gooten’s Solution Consultants do Monthly Business Reviews with our Pro and Elite partners, reviewing fulfillment statistics (average production time, average transit time, error rate, etc.) and strategic initiatives to elevate and scale our partners’ businesses.
Why Do Metrics Matter for Your Ecommerce Strategy?
With all of that said, what makes metrics so important for print on demand sellers? There are a number of ways in which analytics can help you build out your ecommerce business.
- Metrics provide you with greater understanding of how your print on demand business has performed over time, helping you to determine whether you need to make an adjustment to your sales or marketing strategy.
- Metrics can also be used for forecasting. For example, evaluating your Q4 sales trends for this year can provide you with a benchmark for next year’s holiday shopping season, letting you set reasonable, attainable goals.
- Finally, metrics and analytics can play an important role in helping you evaluate website engagement, providing clarity about whether you need to rethink your website navigation, flow, call to action placement, etc.
These are just some of the ways in which data can help fuel your print on demand growth. To get additional print on demand tips, check out our blog!