Ebook November Data Analytics Scrib
Ebook November Data Analytics Scrib
Ebook November Data Analytics Scrib
Data Analytics
to Grow Your Business
| www.instamojo.com
TABLE OF CONTENTS
Introduction 3
In this ebook we will cover every data point that your business
should be tracking and approaches that will help you make
decisions backed with numbers for better growth.
Here are some of the biggest challenges for SMEs when it comes to
data:
There are several solutions built just for businesses like you, so you
can adapt data analytics easily to make sound business decisions.
Let’s cover some key metrics you should be familiar with and track
for your e-commerce or online business.
Customer Lifetime
Value - the Magic
Growth Metric
In the fast-evolving e-commerce arena, sites need to be fully and
precisely aware of who their best customers are and the value that
they can deliver over the years. The metric that delivers this
comprehensive insight is Customer Lifetime Value(CLV).
CLV homes in on the most critical value for a company which is that
of a customer’s long-term potential.
Recency,
Frequency and
Monetary Value(RFM)
Consistent Messaging
This must be on the top of the list of winning new customers. After
having done all the hard work to bring customers in, slow page-load
times will be a big disincentive especially so at Checkout. A faster
and simpler checkout process is important in increasing CLV.
Tools to Keep
Track of Your
Business Analytics
Instamojo has been empowering businesses of all sizes on its
platform. We provide several features like online payments,
invoicing, store, shopping cart — and the latest on the list are the
“Analytics Dashboards” which allows a small business to get
in-depth insights on their customer and their traits.
There are six data dashboards that offer information you can use to
track customer behavior:
Analytics Overview
What it shows:
What it shows:
Heat map showing where major sales happen. (Here – Mumbai and Bengaluru)
What it shows:
How many people are visiting your links, product pages and
online store from what sources (Google/Facebook/Blog/Your
Website etc.). What’s the visit-to-payment conversion rate on
your links and product pages. Going deeper, which users tried
to pay you (entered their name/email/phone details), but did
not complete the payment.
Retention
What it shows:
Compare to Benchmarks
What it shows:
To see how close or far you are from small business industry
norms on various parameters. You can get insights into where
you could do better, on which parameters your business is
significantly different from the average industry trends.
For example, if you see that the number of people paying you
from their mobile/smartphone is much lower than the industry
Comparison of your sales to the benchmark by day of week — for this seller,
mid-week sales are better than average
You can filter all the dashboards by any date range that you would
like (ranging from all time to last one day), and group relevant
charts by days/weeks/months/quarters and years to understand
trends in any way you’d prefer.
Sales
Orders
Customers dashboards
Each of these allows you to deep dive into these functions that
collectively present 40+ metrics and stats to help you make better
decisions for your E-Commerce Business.
The app comes loaded with advanced features you’ll love looking
at:
Track growth metrics for a set period of time, without any effort
from your side
Apart from this, Shoppr also connects with your Instamojo online
store’s Marketing Channels like Google Ads, Facebook Ads, and
Mailchimp.
This helps you keep better track of your Marketing Campaign per-
formance along with what’s happening in your store in real-time.
You can learn more and sign up for a free trial on Shoppr.ai
judge how your business is performing. Not only this – the dashboards on Shoppr can also
be customized to track your store growth based on a predefined metric i.e. amount of
Sales, Orders or Customers, for a set time period, which will allow you to enforce
result-driven marketing decisions which in return will help your business grow.
Churn vs. Retention over time – which basically tells you about
the value of customers your Marketing Channels are bringing
you
New vs. Repeat customers on your store – that show how loyal
your customers are and how often they purchase etc.
Similarly, you can also track your store’s orders and sales trends
over time, distributed by region, volume and plotted on a time
graph. This helps you realize the months and weeks customers are
most likely to come back and spend on your store.
Factoring in how MSME’s make for a large chunk of India’s GDP (8%
of GDP in 2016 to forecasted 15% in 2020), Mojo Developers
Program provides an opportunity to developers worldwide to
enable small scale operators to medium size businesses in India
who are yet to have access to industry-standard tools that rest of
the segments have been utilizing for the last decade.
Mojo Developer Program is one of the most value-focused initiatives we’ve seen
from a tech company in India (and Internationally) so far. The platform helped us
reach to 1,000,000+ MSME’s making use of Instamojo for operating and managing
their businesses.
Mojo Developer Program enabled us to build and tailor a product for the largest
cutting edge technology combined with Instamojo’s platform for sellers, making it
highly impactful for Small business ecosystem and enabling users on their
platform have access to latest tools while also helping developers with resources
and guidance to build better products for these users. – Team Shoppr
www.instamojo.com
www.instamojo.com/blog