User-friendly eCommerce is vital to the success of every business these days with consumers flocking even more to purchasing everything online. In order to succeed in today’s eCommerce market, you need to keep up with the proper tools to track CX metrics and evaluate how you stand up against the competition.
Speaking of competition, there is one thing that your competitors won’t be able to copy: how you treat your customers. If you are able to provide a stellar customer experience, the chances of your customers coming back increase.
You can measure the overall performance of your online store by analyzing sales, but do you know how to measure your customer experience? One of the easiest ways to do this is to look at your company’s customer experience, or CX, metrics.
Key CX Metrics to Track
1. Customer Satisfaction (CSAT)
If you’re going to measure your CX metrics, it makes sense to know how satisfied your customers are with your products and/or services. CSAT allows you to measure customer satisfaction based on a very straightforward question: How would you rate your overall satisfaction with the [goods/services] you received? Customers then use a rating scale between 1 (very unsatisfied) to 5 (very satisfied). It’s simple enough, right?
Well, nowadays you can’t just rely on efficiency-based metrics like CSAT to get the full story about your customer experience. Although it’s an important metric, you’re going to have to dig deeper to discover where your user experience friction points are because you aren’t getting the in-depth data about exactly why someone may be unsatisfied.
In other words, while a rating scale can give you some basic information regarding your customer experience, it doesn’t give you all the answers you need to improve.
Using a quality assurance platform can help you to fill in these gaps by helping you grade interactions with a QA Scorecard. This will allow your company’s managers to have more visibility into customer interactions and help them to create a high-trust environment where everyone can thrive. By listening in on customer calls and speaking with agents, these interactions will help you to identify the pain points both customers and agents are currently facing, as well as potential areas of opportunity to improve. Make note of these areas as well – this could become a major question on your QA scorecard.
In short, keep measuring your CSAT, but use a tool to assist you in telling you exactly how to improve when something’s gone wrong.
2. Net Promoter Score (NPS)
Your company’s Net Promoter Score is a strong indicator of your overall customer loyalty and success, which makes it an important CX metric to track.
According to MaestroQA, “while similar in execution to CSAT (you survey a customer on a point scale), the focus is very different. NPS is a better measure of long-term loyalty since the question asked is ‘how likely are you to promote this product’ rather than ‘how satisfied were you with the product today’.”
It is the key metric that points to the percentage of your customers who are going to recommend your products to their friends, family, or colleagues. The higher your NPS, the more likely it is that your customers are satisfied with your brand. If your NPS score is low, you will need to take a step back and begin implementing some changes in order to improve it.
Think about it this way – your customers will always trust their inner circle’s recommendations more than traditional advertisements. If your customers are not willing to recommend your company, attracting new clientele will be that much more difficult. On the other hand, if your customers are satisfied with your products or services, they are more likely to be your best brand ambassadors.
You can find your NPS by tallying up your responses and subtracting the percentage of detractors from the percentage of promoters. It might also be helpful to use a NPS calculator instead of trying to measure the results on your own.
3. Customer Lifetime Value (CLV)
Another CX metric to track if you want to improve your eCommerce customer experience is your company’s Customer Lifetime Value. CLV relates to your eCommerce store’s CX metrics by giving you a measure of the longevity of the relationship, the amount of money spent, the frequency of purchase, and how it has changed over a period of time.
This CX metric is important to track because it helps you look at the customer experience as a customer journey, rather than individual interactions and one-time purchases.
Your Customer Lifetime Value will be higher when your consumers continue to have positive experiences with your online store. Your customers are more likely to stay loyal if your eCommerce CX team is on top of their game. If your CLV is low or decreasing, it can be a sign that something is missing within your customer journey.
Finding the holes in your customer journey should be a priority for your marketing team and anyone else responsible for the customer experience. As the eCommerce industry continues to take off, having a strategy, process and the required technology is crucial.
4. Customer Churn Rate
Similar to CLV, the customer churn rate is a larger-picture CX metric that helps you gauge how loyal your eCommerce customers are. If you’re seeing a high customer churn rate, it’s a sure sign that your overall customer journey isn’t doing enough to create loyalty and bring customers back for repeat purchases.
Customer churn analysis can help you identify the warning signs when customers are at risk of churning and give you the opportunity to step in and find out how you can get your online store back on track.
Next Steps for Tracking Your CX Metrics
Now that you know how to leverage CX metrics as a channel to drive customer retention and differentiation, execution is key. Don’t get left behind – be sure to lay the groundwork for a CX program and make sure everyone on your marketing team knows how to track and measure the customer experience of your online store.