5 Unorthodox Metrics to Track this Black Friday, Cyber Monday

After months of preparation, the fatal week known as Black Friday – Cyber Monday (BFCM) has arrived. While most are enjoying their Thanksgiving leftovers, ecommerce analysists are glued to their analytics platform measuring performance by the hour. When considering what metrics to measure, revenue is the most crucial key performance indicator (KPI) to consider during the holiday season. Online retailers will report that holiday sales can account for 20-30 percent of their fiscal year sales. Given this statistic, revenue performance will determine if your business will make it or break it over the holiday. So yes, revenue is important to track.  But what about other critical KPIs?

Conversion rate and average order value are other metrics that come to mind that determine success, but Something Digital is assuming these have already been accounted for in your reporting. So what are these other metrics? We have put together a guide to the five most unorthodox, yet equally important, metrics to track this holiday.

Cart Abandonment Rate

What is it?

Cart Abandonment Rate is the percentage of users who have added a product to the cart, but have exited the site before completing the purchase.

Why should I track it?

Cart Abandonment Rate (CAR) is an essential metric to understand when analyzing shopping behavior. Consumers will add 40-50 percent more products to their cart throughout BFCM, so online retailers can see nearly a 7 percent increase in CAR. So when analyzing CAR, ask yourself, are users comparing prices? Am I offering free shipping? Are my users looking to buy online, but pick up in store? By knowing your CAR, you will be able to better understand where users are dropping off in the consumer journey funnel.

How do I calculate it?

If configured properly in Google Analytics, you can find CAR in the Enhanced Ecommerce section.

If not, you can use this formula to measure:

Search Terms

What is it?

Keywords entered into a sites internal search box used to generate a search results page that showcases specific products based on keyword or combination of keywords entered.

Why should I track it?

Even when in the comforts of their own home, consumers are still overwhelmed with the rush of BFCM. Rather than racing through the aisles of stores, online buyers are now scrolling as fast as they can to find the perfect holiday gift. To get what they want faster, users are likely to rely on your internal site search feature. Analyzing what shoppers are looking for can further help finalize user behavior. Knowing this metric can also act as a catalyst for marketing personalization through the rest of the holiday season.

How do I calculate it?

There is no written formula for capturing site searches. You can obtain search term performance by using the site search reports in Google Analytics. To do this, you will have to set a proper query parameter. Another option is to use your ecommerce platform’s internal analytics tool.

Cross Device Performance

What is it?

Cross device performance references the tracking of the consumer journey across multiple devices, such as smartphones, desktops, and tablets.

Why should I track it?

Understanding cross device performance is another metric that gives insight into the consumer journey during BFCM. For example, 19 percent of Thanksgiving Day cross device transactions begin on desktop, but are completed on smartphones. On Black Friday, 27 percent of orders begin on smartphones, but are completed on desktops.

How do I calculate it?

There are several ways and tools that your company can use to set up cross device tracking. If you are not working with a third party that is tracking this already, Something Digital would recommend using cookies to capture client ID. The process of setting up cross device tracking can be a blog in itself, so for the sake of time, check out this blog or contact Something Digital.

Repeat Purchase Probability

What is it?

Repeat purchase probability is the likelihood of a consumer completing another transaction.

Why should I track it?

Knowing repeat purchase probability is an essential metric to track when analyzing customer retention. The ecommerce ecosystem is hyper competitive, especially during the holiday season. Every day, there is a new promotion being offered by your competition. You can use repeat purchase probability metrics as a competitive advantage when determining customer retention strategies through the remainder of the holidays.

How do I calculate it?

Use this formula:

Bounce Rate

What is it?

Bounce rate is the percentage of users who visit a website, but leave the site after viewing one page.

Why should I track it?

Tracking bounce rate percentages gives insight into the number of users who are not engaging well with site contact. Something Digital recommends tracking bounce rate by landing pages. Knowing where users are leaving your site can provide awareness around your sites user experience & interface performance.

How do I calculate it?

Use this formula:

Conclusion

Revenue, conversion rate, and average order value are all metrics of great importance.  However, there are other key performance indicators to take into consideration during BFCM. Let these five unorthodox metrics guide a deeper level of strategic insight to determine true success throughout the entire holiday season.

Written by: Tori Oates, Digital Strategist