2018 is here and the ecommerce industry continues to boom, with both eBay and Amazon posting respectable growth over the last few years.
It’s no secret that you have to learn how to dominate on both eBay and Amazon if you want to place your products in front of hundreds of millions of shoppers. This means doing adequate eBay and Amazon research.
Making progress can be difficult, so that’s why we’re going to make it a little easier for you by sharing several key analytics and stats that you will need to learn if you want to cut it on either marketplace.
Optimize for Mobile
When it comes to ecommerce, more and more consumers continue to turn to mobile devices to shop.
Let’s take a look at the stats:
- Over 170 million Americans own smartphones
- 62% of smartphone users ordered something using their smartphone in 2017
- 80% of shoppers check product reviews and compare prices and availability using mobile devices
And with both eBay and Amazon having solid apps, there is no excuse for you to avoid optimizing your listings for mobile.
Click Through Rate (CTR)
A click through rate is defined as the number of clicks you receive per 1,000 impressions. If your product receives 10 clicks per 1,000 impressions, your CTR will be 1%.
Maintaining a good CTR is important if you want your listings to perform well. There is no magic answer to improving your CTR, but there are several strategies that will improve it if used properly:
- One of the easiest ways to improve your CTR on Amazon is to sell your products via fulfilled by Amazon (FBA)
- Competitively price your products to drive clicks
- Invest in high-quality product photos
- Leverage the power of positive reviews
- Earn a seller’s badge on eBay
Consumers like to shop with brands that they know they can trust. If your listings look professional, your reviews are positive and plentiful, and you are competitively priced, you will stand out above your competition and stand a better chance of commanding the coveted Amazon buy box.
Sales Conversion Rate
Similar to CTR, your sales conversion rate is determined based on how many sales you received divided by your listing page views.
It shouldn’t come as a surprise that a high sales conversion rate reflects on the overall success of your ecommerce business.
The easiest way to raise your sales conversion rate is to provide detailed descriptions for your listing. Your titles and photos are important for your CTR, but the copywriting in your descriptions is what keeps people on your listing and encourages them to buy.
Other Crucial Metrics for eBay and Amazon Research
There are a lot of metrics to make sense of when you sell online. If you are interested in doing further research on this topic, you should check out:
- Average acquisition cost
- Customer lifetime value
- Average order value
- Customer retention rates
- Average margin
- Refund and return rates
All of these metrics show you how healthy your business is and suggest areas where you need to improve.
Another way to get the most out of your eBay and Amazon selling experience is to use a market research platform like Algopix to help you source profitable products. If you love stats, you’ll love all the product data the platform provides you with.
Stats are the bread and butter of any successful ecommerce business. You need to learn how to make sense of them if you want to be do well.
Every time your customers visit your store, they are leaving you tiny hints about their experience and whether your shop is optimized or not. Understanding how to put this information to use is absolutely essential, while failing to use it at all is a sure sign that you are doing things wrong.
Don’t be scared of analytics and big data. With a little practice, you can learn how to make sense of it all and grow your ecommerce business bigger than ever. Want help? Sign up with FreeeUp and submit a worker request for an expert who can handle it for you.
Dani Avitz is an eCommerce expert. He is co-founder and COO at Algopix, a research platform for the eCommerce community.