The success of any online business venture lies in its ability to assess its progress. You need to know whether the resources you are committing to your venture are producing the right returns or not. Also, you must assess whether your business is heading in the right direction to realizing your goals. As a webpreneur, measuring your success can be a challenge at times. When you create your online store and start selling, you may think you are on the right path since you are making some sales. However, this might be the opposite. Here are three indicators that your business is on the right track:
One sign you are on the right track as an online seller is the rate of conversion rate. Your conversion rate indicates that what you are selling or offering in your online store is of high quality. When running an online store, you might be receiving massive web traffic. However, only a few of the visitors proceed to purchase on your site.
So, when you notice there is an increase in conversion levels, it is an indicator that visitors are getting value in your site and they can navigate it without any hurdles. Hence, it is an indicator that you are on the right track in achieving your business objectives.
Cart abandonment rate
Cart abandonment is a severe problem in the online arena. Customers visit your online store. Place the product they want in the cart but never complete the payment processing part. There are many causes of cart abandonment. Some of them include high shipping charges, unavailability of a universal payment option, or other technical challenges. So, if you notice the abandonment rates are decreasing, it is a sign that there are no significant difficulties with your site. As such, customers can follow through the purchase process from moving the product to the cart to payment processing.
The success of an online business is anchored on several pillars. But customers are the central pillar. If customers experience reliable services and quality products, it is a confirmation that you will make new sales in future. The opposite is also exact. When a customer leaves your business be it online or offline, you will lose sales. For this reason, positive reviews from customers is an indication that what you are offering to them is meeting their needs. So, this is a sign that you satisfy your customers and your business is in line with their preferences.
As such, if you see these signs in your online store, you can be sure you are heading in the right direction.