Ecommerce Performance Tracking with Sales Funnels
We all know that ecommerce performance tracking is complicated. The number of existing metrics and parameters is over 100 and even more.
However, it’s well known that if you try to accomplish too many tasks simultaneously, you will be successful with none. So, what is the most appropriate number of measurements for daily tracking? Let’s find out.
Ecommerce Sales Funnel Examples
5-level Sales Funnel
Of course, it depends on your goal, but most likely, daily monitoring is accomplished to make sure that everything goes as planned. So, in this case, is the amount of sales is going to be enough for daily tracking? Well, not quite.
The thing is that sales describe only the bottom line of a business but do not actually explain the conditions and circumstances shaping the result. It may happen that sales remain fixed, while some other factors begin changing.
So, using sales as the only KPI, we are deprived of the possibility to detect early negative shifts in the environment or inside the company.
But how many KPI’s for daily tracking do we need? According to the Miller’s law, the number of objects an average human can keep in mind at a time is 7 ± 2.