Conversion is good. Conversion on products with high revenue is better. Conversion on products with high profit is better yet.
With the Webtrekk Digital Intelligence Suite, you can go deeper when evaluating which products to promote.
A typical evaluation of purchases might include nothing more than the product category, the quantity of purchased products and the total product turnover. Such a superficial evaluation can be misleading because turnover is rarely the end goal; profit is. Moreover, while high turnover is great, it is essential to analyse turnover in terms of conversion.
Conversion can be like turnover: The gross number might look impressive, but you need context. One thousand purchases might seem impressive – but a little bit less impressive if the conversion rate is below 1%.
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Use Webtrekk Analytics to determine product categories with the highest turnover.
Add customised metrics in order to identify which product categories have higher margins despite low turnover.
A promotional campaign might drive huge turnover of products that have small margins, meaning you are simply selling tons of products but not generating tons of profit.
With the Digital Intelligence Suite, you can customise metrics that let you look deeper into your sales. Find hidden gems that have both high conversion rate and high margins.
You can keep core KPIs such as quantity of items purchase or total turnover. But supplement them with other, more meaningful metrics like product conversion rate and margin. This will give you a more complete picture, and allow you to drill down further into your data.
After you use the Digital Intelligence to figure out your margins and your conversion, you can optimise your marketing budget. If a product category has huge margins but low conversion, you can adapt your strategy. Incorporate Newsletter Remarketing for near-purchases. Use Exit Intent Technology if someone is about to leave. Remind them with Search Retargeting.
The Suite gives you information to steer your decision making, and the tools to act upon those decisions. And when it comes to unearthing data about revenue, profit and promotion, you can make sure that you and your customers know which products are best.