It’s the last day of Shop.org and with it comes our final post on our most useful KPIs and charts to include in an informative eCommerce dashboard. We hope you’ve all had a wonderful educational and social experience at Shop.org and we’d like to thank you for all the stories, frustrations and insights you shared with us.
After exploring best eCommerce marketing performance indicators, and top outcome measures, today we will focus on how to best show your team and other key stakeholders how successful you have been in creating customer satisfaction.
More and more, we are seeing that connected consumers are expecting higher levels of service personalization and enhanced experiences. Improving interactions with them definitely has the potential to set you apart from the pack and help you to increase revenue, reduce churn and favorably impact on other objectives.
Before jumping into some recommendations for KPIs and charts, let’s take a moment to consider the three areas of this series as a whole. It’s likely that different members of your team will be required to consult metrics orvisualizations from across the marketing performance, outcome and customer satisfaction areas. While executives may elect to view very few KPIs to give them a broad picture of what is happening, eCommerce managers and those in charge of daily operations may need a wide array of metrics and charts.
When creating your dashboards we recommend keeping two important points in mind:
You eCommerce team could opt to monitor some or all of these metrics:
Creating compound KPIs with information coming from various sources, and reflecting your specific business situation, can help your key stakeholders to understand the ‘what’ of customer satisfaction. By creating unique KPIs, holding their formulas constant over time and comparing them to goals, you can easily give your executives the information they need to have a general understanding of performance. Providing them with clear communication channels can help them to take it a step further to collaborate with analysts to ask ‘why’.
The following KPIs can provide crucial information to your stakeholder:
-Customer Satisfaction: creating a comprehensive KPI including data from various sources, depending on the individual needs of our company can help give executives a quick snapshot of how well we are meeting customer experience demands. This KPI may include: net positive reviews, social media reach, weighted social media engagement, sentiment, weighted brand engagement (rich media plays, micro conversions etc.), customer satisfaction index, etc.
-Repeat Purchasers: if a customer is happy enough with your brand to make repeat purchases, it should indicate satisfaction to some extent. While churn rate isn’t such a common KPI in the eCommerce space, we can compare repeat purchasers with non-repeat purchasers to gain an idea of what percentage of customers will become loyal.
-Net Promoter Score (NPS): This simply indicates how likely your customers are to recommend your brand. Its importance, however, comes from the fact that it is a strong indicator of success. Where you can outperform your competitors in NPS, it’s likely you’ll also outperform them in the market.
-Complaint Resolution Efficiency: understanding how well your team is dealing with complaints is also essential. A well dealt with complaint can turn a negative experience into a loyal customer. This KPI may include the ratio of positive to negative complaints, complaint resolution time and process feedback.
-Customer Lifetime Value: previously discussed in our last post, CLV would also fit well into a customer satisfaction dashboard or tab. Knowing the average value of each customer enables you to calculate the number of clients needed to reach revenue objectives. A higher value also indicates higher satisfaction and allows you to understand when you are effectively meeting the material and experience needs of consumers.
Complaints by Category
Showing complaints by category can help us to understand where we are failing to meet customer expectations. If we know that a high percentage of complaints are about shipping, we need to explore these in further depth to determine if it’s the time to ship, the condition in which it arrives or the delivery interaction which is the problem. This can in turn show us whether we need to improve internal processes, or to discuss these problems with our shipping provider.
Complaint Resolution by Channel
If we are able to monitor which channels we most effectively resolve complaints through, we will not only be able to isolate those in which we are underperforming and look to improve them, but also to attempt to direct customers to our best channels.
Looking at customer satisfaction over time, and comparing it to the initiatives we have launched and actions we have taken can help us to further improve it. Additionally, comparing it to revenue can help us understand the correlation between these two important factors.
That wraps up Shop.org and our eCommerce dashboard series. We’d love to hear all your recommendations for the best eComm dashboard in the comments box below!
Not Another Dashboard.