Google announced this week it is updating Analytics for enhanced ecommerce. What does this mean for you if you run an online shop?
Enhanced eCommerce for Google Analytics
This latest development means eCommerce store owners will be able to quickly access more data regarding how customers are interacting with their site. Under the AdWords section, Google Analytics will reveal a customer’s buying journey, from start to finish, whether they end up making a purchase or abandoning their cart.
So why do this? Well, knowledge is key! By finding the reason behind each click, Google is helping you to redesign and remarket your site with a funnel optimisation strategy that works.
Danny Gavin, Vice President of marketing at Brian Gavin Diamonds, a company that has been given the opportunity to test the new features ahead of their release has said:
“Enhanced Ecommerce in Google Analytics made it extremely easy to analyze the metrics that are important to an ecommerce site and garner the insights to make smart changes to our website, driving significant improvements in performance!”
So what should we expect from Google Analytics?
Enhanced eCommerce sounds great, but what exactly does this entail? Well, here are a few of the features and changes Google Analytics will be rolling out over the next few weeks.
Overview and product performance reports – This is an overview report that includes data on revenue and conversion rates. Overview and product performance reports will tell account holders how many refunds were issued, the rate at which people add products to their cart and how quickly purchases are made after viewing product details.
It will also include handy information such as the average number of products per transaction and ATVs (average transaction values). Marketers can view this performance according to product category, product type or brand, and go from there!
This information uses string values, so it is possible to make business relevant taxonomy, to inform your marketing efforts.
Shopping analysis reports – This AdWords’ report will be more detailed, and will reveal a detailed analysis of how site users interact with content, such as how they view, select or remove products from their shopping basket as well as completing or abandoning the buying process.
As always, account holders will also be able to access bounce rate information and time on site data in order to inform bid optimisation.
Affiliate coder reports – Product performance info is great, but you also need to look at internal and external marketing. The affiliate coder reports will look at these and how they support the product pages.
They will look at affiliate websites that drive traffic to your site and how this influences purchasing and revenue.
Product coupon reports – These reports look at how effective a product-level coupon is. It will take into account revenue, unique purchases, and ATVs.
For example, if you are planning a New Year’s sale you may want to advertise this on a scrolling banner on the first fold of your homepage. Product coupon reports will look at how effective this is by listing views, clicks and CTRs (click-through rates).
Product list performance reports – Products on your site should be logically organised into product groups on similar items. This report will show you how well these lists work, and if they help increase or deter sales.
In this report there is also product attribution data, which gives product level credit to the last viewed product list. This can tell you which lists are doing best in terms of conversions, and if visitors are using category pages or search results.
You will of course have to set these reports up. If you have a Shopify online store and the new responsive checkout this is easily done through pre-built integration. Find out how to do this with the official launch partner here