Curious about how your BigCommerce store stacks up in the marketplace? We had the same burning question for our clients.
We've seen first-hand that our clients want to know how they compare to the competition. That's exactly why we've partnered with Databox to establish public BigCommerce Performance eCommerce Benchmark groups. When you measure your critical performance metrics alongside peers on the same eCommerce platform, you can craft data-backed strategies to not just catch up, but outpace the competition.
Join The BigCommerce Benchmark Group
How Do I Join The BigCommerce Performance eCommerce Benchmark Group?
Gaining access to the BigCommerce Performance eCommerce Benchmark Group is an easy way to unluck insights and strategic advantages. To join this completely free network, just click on the link below.
You'll be directed to an easy-to-navigate sign-up page where you can enter your information and swiftly gain entry into the group. As a member, you'll have the opportunity to measure your store's performance against peers, delve into valuable data analytics, and embark on optimizing your eCommerce operations with the backing of comprehensive, up-to-the-minute data.
Join The BigCommerce Benchmark Group
What Is a BigCommerce Benchmark Group?
A BigCommerce Benchmark Group is an anonymized group of BigCommerce eCommerce merchants who collaborate to share essential performance metrics, creating a benchmark for industry standards.
This confidential platform offers immediate insights into your BigCommerce store's performance by amalgamating data from various stores using the same platform. By becoming a part of a BigCommerce Performance Data Benchmarking Group, you get several comparative data points that empower you to pinpoint your operation's strong suits, identify potential areas of enhancement, and construct actionable strategies to refine your online store’s efficacy.
This cooperative method of exchanging data has proved to be an indispensable tool for any eCommerce venture aiming to flourish within the BigCommerce ecosystem.
What BigCommerce Metrics Do You Record?
Certain metrics are critical for assessing a store's financial well-being and operational effectiveness. Our BigCommerce Performance Data Benchmarking Group concentrates on five core metrics that are integral to our analysis: sessions, orders, net sales, conversion rate, and average order value.
These metrics collectively offer a holistic view of a BigCommerce store's performance, covering the entire spectrum from attracting visitors to securing sales. Sessions count the total number of visits, reflecting the store's marketing reach. Orders track the completed sales, shedding light on the store's conversion capabilities. Net sales offer a look into the actual revenue after adjustments, providing a snapshot of financial achievement. Conversion rate is the litmus test for gauging traffic-to-sales efficiency. Average order value (AOV) gives insights into spending patterns and suggests strategies for increasing per-customer revenue.
How Should I Read The BigCommerce Data?
Interpreting the data within your BigCommerce Performance Data Benchmarking Group requires a structured approach to extract meaningful insights effectively. Consider how each metric influences the next, culminating in your Net Sales.
Here's the best way to understand each core metric provided:
Sessions:
Review the number and trends of sessions within your chosen timeframe. High sessions may signal successful marketing, but coupled with other metrics, they also offer clues about user engagement and traffic quality. If there's a disparity between high sessions and low conversion rates, it indicates good traffic but a shortfall in conversion—prompting a need for strategy refinement.
Conversion Rate:
An essential measure of efficiency, the conversion rate determines how well your store transforms visitors into customers. If your conversion rate is lacking, it may be time to enhance the user experience, fine-tune your messaging, or streamline the checkout process. By understanding the relationship between sessions and conversion rate, you'll predict the potential orders your site can generate.
Orders:
The orders metric sheds light on your sales volume. By analyzing how sessions correlate with orders, you gain insight into the effectiveness of your conversion tactics—a crucial element of your sales strategy.
Average Order Value (AOV):
AOV offers an average spending benchmark per transaction. When reviewed alongside the number of orders, AOV becomes a strategic focal point for deciding whether to encourage upsells, cross-sells, or to increase overall traffic.
Revenue:
As the bottom line, net sales reflect your revenue post-refunds, discounts, and other variables. This metric against sessions and orders provides a clear picture of your pricing strategy and product appeal.
While each metric provides a snapshot, together they narrate the full story of your BigCommerce store’s performance. Seek out patterns, outliers, and the interplay between these metrics for a full understanding of where your store excels and what strategies you could implement for further improvement.
Join The BigCommerce Benchmark Group
Leveraging Your BigCommerce Performance Metrics
The BigCommerce Performance Data Benchmarking Group can offer practical insights that will drive the growth of your eCommerce strategy. Here are steps you can take to enhance your store’s performance if the metrics suggest room for improvement:
Sessions:
Low sessions indicate a need to heighten your store’s online presence. Focus on SEO to climb search rankings, engage with your audience via social media, and use targeted pay-per-click (PPC) campaigns to attract more potential customers to your store.
Conversion Rate:
If your conversion rate is faltering, it’s time to streamline the user experience. This could include making the checkout process smoother, offering a variety of payment methods, optimizing site speed, and conducting A/B tests to refine site elements.
Orders:
Should your order volume be less than satisfactory, re-examine how you acquire and retain customers. Improve your product pages, ensure clear and compelling calls to action, and employ retargeting strategies to recapture the attention of visitors who left without purchasing.
Average Order Value (AOV):
For an AOV that could use a lift, introduce strategies that encourage higher spending, such as upselling premium products or suggesting related items at checkout. Tailored recommendations and limited-time promotions can also motivate customers to spend more.
Revenue:
Subpar net sales might mean it's time to reassess your offerings or adjust pricing. Experiment with pricing, consider package deals, or expand your inventory with higher-value items to boost your revenue figures.
By applying these tailored strategies to your BigCommerce store, you’re not just reacting to the data; you’re proactively setting a course for improved performance and sustained growth. Track the impact of these changes and continue to refine your approach, ensuring your store always leads the way in eCommerce excellence.
