Are you aware of your products’ potential? If you do not know your most promising products in sales, you are missing some of the key opportunities for the success of your eCommerce store.
Identifying products with high sales potential in Google Analytics is crucial for the optimization of your sales and marketing strategy. By knowing your high sales potential products, you can save so much time and effort by strategizing much more efficiently.
Get to know your own products! Which of your products are easier to sell? Which of your products needs more work to improve their sales potential? How can you take advantage of your products that already have high sales potential?
Don’t let the questions get you down. You can start learning more about your products through a few easy steps. First, you need to focus on your product reports. Don’t worry, with the help of heybooster, the numbers will not bore you.
Next, you need to keep an eye on your eCommerce metrics to make sure you are on track. By paying a bit of attention to a few metrics and you can improve your sales and marketing strategy easily!
Get Product Reports
We admit, reading reports is definitely not the most fun part of eCommerce store management 😕 However, product reports will tell you so much about the performance of your products as well as the behaviors of your customers. You may want to check out at least the following two ✍️:
The two most important product reports that you need to check out are the Google Analytics product detail view report and the product performance report.
Product View Report
Google Analytics product details view report will tell you how many times your visitors have viewed a specific product detail page 🔍 Product detail view is an extremely important metric. You should examine the product detail view number together with the cart-to-detail rate and buy-to-detail rate 🛒
Cart-to-detail rate on Google Analytics tells you about the ratio of times your product has been added to cart after viewing the product detail page.
Similarly, the buy-to-detail rate on Google Analytics will give the rate of purchase following the view of the product detail page.
If your product detail views are high, paired with a high cart-to-detail rate, you may conclude that your product detail page is successful in grabbing the attention of your visitors. Further, your product detail pages convince your visitors to purchase the item 🛍️
If you see that your product detail views are high but your cart-to-detail rate low, you may want to work on your product detail pages to make them more enticing to increase your purchase rates.
Clearly, your product succeeds in driving traffic to the detail page but the product detail page can use some improvement to move people towards purchase.
If you notice such problem points like high product detail page views yet low cart-to-detail rate you may want to look closely into your product pages analysis for eCommerce. Head to this blogpost to find out more about product pages analysis - eCommerce.
Is your copy convincing? Do you feature high-quality images of your product? You may want to look for problem points to increase your cart-to-detail rate.
Product Performance Report
Google Analytics product performance report will give you a more comprehensive analysis of your products’ sales potential through the pairing of product views with the shopping behavior of your customers.
This is the report where you will be able to see your product detail page views and cart-to-detail together. Product reports are important because they will allow you to consider changes in your marketing strategies based on your sales. They also give insight into the tendencies of your website visitors.
In this report, you will also be able to see unique purchases. This means that you can see how many times a certain product was involved in transactions, allowing you to pick out the times your product has been purchased including the times when there were more than one product involved in a single transaction.
Follow the Most Important eCommerce Metrics
Focusing on your products is great. But have you checked out the big picture? 🖼️ Along with your product view and sales metrics, you should also keep track of certain eCommerce metrics.
This way you will leave any chance of survival for any problem points in your marketing and sales strategy.
Cart Abandonment Rate
If you want to know which of your products have the highest sales potential, the best place to look is your customers’ shopping carts! 🛒 Which products are added to cart but never purchased? These products will have high sales potential because they have come a long way right up to the last step but were abandoned at that point.
If there is a trend where the same product has been abandoned in the shopping cart time after time, you may want to try and find out the reason.
The most common product-specific reasons for cart abandonment which you might want to look into are stockouts, overpriced products and lack of customer reviews. You may want to start by making sure these issues have been taken care of first.
To find out more about why your products are being abandoned you may want to check out our blog post on Google Analytics Add to Cart Report 🚀
Here is a riddle for you: What eCommerce metric sounds fun but is a nightmare when high? You guessed it! It’s the bounce rate! If your bounce rates are high, this means your visitors are leaving your website without interaction.
If bounce rates of your product detail pages are high, you definitely need to check your design, copy and product images. Why are your visitors leaving your product pages without any interaction?
Something that drives visitors away instantly is long paragraphs. If your product detail page has long paragraphs, you may want to divide up some of the blocks to improve readability and prevent visitors from leaving without interaction.
What counts as a good click-through rate will depend greatly on the industry your eCommerce store operates. For ads, it will show you the ratio of the number of clicks your ad receives to the number of times your ad is shown.
This means that if your click-through rate for the ad of a product is lower than others, you may want to check the ad copy for that specific product or the images shown in the ad.
This rate will give you the success of your ad campaigns and depending on which of your products are involved, it will tell you about the sales potential of your products.
You may be tempted to delve into the complexities of the reporting provided by Google Analytics to start figuring out your products with high sales potential immediately. However, you may want to look into more accessible options first. Google Analytics while insightful may lead you to confusion with its intimidating structure and slightly more technical language.
We are here to help you get out of the mess as smoothly as possible. heybooster will provide you with clear insights and accessible reports. What’s more, unlike Google Analytics, heybooster gives you the option to collect data from several channels including Facebook, Google ads, Amazon ads, Slack, Pinterest ads, Shopify and Google Analytics 4.
Wondering where to start?
- Go ahead and jump to the heybooster sign up page and begin to process.
- Once you are all set with sign up, log in to the control panel and click on Integrations on the bottom left. Next, click on data sources and collect all your desired data from your channels.
3. Click on Insight Categories on the left panel and then pick Product Performance.
4. You can select Products with High Sales Potential from the list. Go ahead and set an alert to be notified of any sudden changes!