A Merchant’s Metrics Playbook
Retailers today have more channels than ever at their disposal. Yet with more channels comes more complexity, both in strategy and understanding how channels are working. To help understand the current state of e-commerce analytics, Baynote teamed up with the e-tailing group to survey a cross-section of retailers to identify the key metrics they believe will drive the industry forward.
After more than 20 in-depth interviews, the e-tailing group identified analytics evaluation as a top priority for retailers. However, most retailers still view their use of metrics as a work in progress. To help guide online retailers on their quest to make meaningful metrics less elusive, we've put together "A Merchant's Metrics Playbook" to guide the development of a forward-thinking strategy that takes into account the right metrics and methodologies for running your business. We've also created an infographic that showcases the key takeaways from the interviews.
Play No. 1: Align Goals
You may have heard author Jim Collins’ saying, "Get the right people on the bus, and then figure out where to drive it." Similarly for retailers, gaining companywide alignment on goals should be a top priority. To get started, initiate a companywide dialog around the goals your organization is working towards along with the metrics that are key to achieving them.
Play No. 2: Run the Company Like it's Small
When it comes to metrics, even large retailers can learn from the little guys. Being transparent with metrics data will not only provide employees context for why metrics are important to increasing your company's bottom line, but will also inspire greater data-based decision making at all levels. Heeding this advice, even on a small scale, will deliver results.
Play No. 3: Meet Regularly (the Monday Meeting and More)
Metrics themselves don't matter if they're not socialized and accepted across the organization. As with so many things in life, sharing has strong benefits. Try scheduling weekly in-person meetings where decision makers can tackle metrics head on. Doing so will produce more immediate results, empower employees and encourage more active discussion around metrics.