When building out their very first eCommerce site, a business owner may soon find themselves overwhelmed with technical terminology associated with the process. These new business owners need to get up to speed quickly in order to build their website with the correct knowledge in mind. Knowing that these people might be in need of a lingo download, we’ve outlined the top 8 terms new eCommerce store owners should know immediately before launching their store.
Analytics is important because it helps users with the discovery and interpretation of particular patterns of data in order to divulge meaning. These are key insights businesses can use to reshape strategy and optimize any current processes in place.
A few important analytics terms business owners should know:
Glew is one of the primary analytics software offerings that can be integrated into eCommerce solutions, such as WooCommerce. It easily connects to an eCommerce platform and offers perks such business intelligence, alerts, and automation which ultimately help increase sales and repeat customers.
2. Google Analytics
Another analytics service only offered for free by the one and only Google. It tracks and reports website traffic for businesses of all sizes, and provides unique insight about your website. Google Analytics (GA) is now practically an industry standard for analytics solutions. And it’s free to sign up!
It’s important that store owners remember the power of analytics, and how it can help them see what’s working and what’s not by putting data to the test. There are a few built-in services to eCommerce platforms, but not all are as robust or telling.
One of the most important things business owners can do to set themselves up for success is to find a great eCommerce platform that works best for their budget and needs. An eCommerce platform helps owners create a digital storefront in the form of a website, where they can sell their product or service online.
A few of the main eCommerce platforms include:
. An eCommerce platform for online stores, but also works for retail point-of-sale systems. The service is offered in app-format as well. It’s incredibly easy to use but can get expensive to customize.
A free open source eCommerce plugin for WordPress, designed to make it easier to run a business and optimize an online store. It can aid businesses with automatic updates, security patches, analytics, security, and more. It’s incredibly easy to use, easy to customize with plugins (since it’s built on top of WordPress), and good for small businesses. For most business owners, it’s difficult to keep up with updates needed with themes and plugins unless you use a managed service like WooCommerce.
An open-source eCommerce platform that offers powerful marketing, search engine optimization, and catalog-management tools. It is incredibly robust, and therefore good for bigger companies. However, the platform can tend to be expensive and not super intuitive, so businesses will probably need a dedicated developer to help manage it.
Customer Acquisition and Retention
Now, once a platform is selected and built out, it’s important owners begin directing their attention towards building up traffic to their site. However, obtaining this traffic (and therefore conversions) can be one of the most challenging aspects of running an eCommerce store.
Therefore, it’s essential that store owners are in the know about these following customer acquisition terms:
6. Social Ads
The easiest way to get traffic to your site is to leverage social ads. Social ads give business owners the ability to build out specific campaigns that can help them meet a selection of a variety of goals at a relatively low cost. Facebook, Instagram, Twitter, Pinterest and LinkedIn all have excellent ad platforms that can accomplish this. These ads are usually designed and targeted around a user’s activity, demographic information, device use information, and more.
Once you have concurrent traffic flowing to your site, the next thing to worry about is how fast your site is. Speed largely acts as a measurement for how quickly web pages are downloaded and displayed on a user’s web browser. The faster a site loads, the higher the conversion rate (sales) tend to be, so speed is a critical factor in eCommerce store success.
A cookie is a small file created by a website, which is stored in a user’s individual device throughout their current session on a site. Cookies are used in retargeting advertising campaigns and are a key strategy to drive online sales. If for some reason the traffic you bring to your site doesn’t convert to sales, this is an excellent way to get them looking at your products again by implementing a retargeting campaign.
These are just a handful of terms associated with the process building out a successful eCommerce website. Whether keeping up with terminology or optimizing your site, you can use these terms to navigate through the eCommerce jargon.