Setting up conversion rate tracking in Google Analytics is easier than it seems. But are you tracking both macro and micro-conversion rates for your online store? You should be!
Anyone who is building an eCommerce store, or who is already an eMerchant with an online store, should be tracking their conversion rates with Google Analytics. Fortunately for online business owners who run on platforms like Pinnacle Cart, this should be very easy as your account is probably already fully integrated with Google Analytics. This means that you can completely analyze every action performed on your site, including conversion rates.
So what is a conversion rate?
Let’s define conversion rate briefly as the number of people who visit your eCommerce website and “convert,” by taking whatever desired action you expect them to take. While the traditional understanding of conversion is a sale, there are several conversion goals that should be tracked. For instance, an eCommerce business owner might consider any of these as a successful conversion:
- A customer subscribing to your e-mail marketing campaign
- A site visitor completely filling out a contact form in your online store
- Visitors clicking on your store’s social media accounts and being redirected there
- Prospective customers visiting a landing page where your product videos are embedded, and then watching the videos
- People downloading a copy of your brochure or product list
- A site visitor clicking on the live-chat button in your site to connect with a customer-service representative
It’s not surprising to find out that a lot of companies do not track additional goals, like the ones mentioned above. Let’s face it — revenue is the most important conversion of all, and it’s not really that hard to track profit or gains. But not paying attention to additional goals aside from revenue is unfortunate, because these other “conversions” actually lead to more revenue. So the first thing you need to do in order to gain more sales conversions — the macro-conversions, so to speak — is to define the micro-conversions that make most sense for your eCommerce website.
If you’ve already defined your micro-conversion goals for your online store, it’s time to track them using Google Analytics. Don’t worry, it’s easy to do.
Micro-Conversion Rate Tracking in Google Analytics
- First, log in to your Google Analytics account. Once logged in, go to the Admin section, and in the View column click on Goals.
There are four goals that you can choose:
- Destination– This refers to destination HTML pages like thank-you pages and the confirmation page that appears after landing-page downloads or signups.
- Duration – This refers to the minimum period of time you would like visitors to spend on your website before it’s tracked as a goal completion.
- Pages/Screens per session – This refers to how many pages were viewed in a particular session. For instance, you can set the minimum to three pages.
- Event – This refers to a specific user interaction; for instance, when a visitor plays a product video, signs up for your eCommerce newsletter, downloads a product catalog or brochure, or leaves a comment about your product in a product page.
- You can then choose a particular goal from the four and set it up.
- Destination Goals – Destination goals measure the end page your user has reached after taking a specific action like, say, completing a contact form. When a prospective customer visits the page that you’ve specified, it triggers this particular goal conversion.
- Duration Goals – Duration goals measure user engagement by treating ‘time on page’ as a conversion. The Hours, Minutes, and Seconds fields specify the minimum time on page to qualify as a goal conversion. Users who spend more than this amount of time on the page will generate a conversion.
- Pages/Screens Goals – Pages/Screens goals measure how engaged your prospective shoppers are by tracking the number of pages or screens a visitor views per session. You might infer from this the number of product pages a particular visitor is checking, so you can determine how many products he or she is browsing on a certain visit. Each time a visitor spends more than the specified number of pages or screens, it will be tracked as a conversion.
- Event Goals – Event goals track specific interactions that visitors make with your eCommerce website’s content. For instance, this could mean clicking the play button on a product video, downloading a brochure, signing up for a newsletter, or even landing on a particular product page in your online store from an external link.
Ecommerce Tracking of Macro-Conversions in Google Analytics
In the beginning of this article, we briefly mentioned macro-conversion or profits/revenue vis-à-vis micro-conversion goals that we tackled more in-depth. This is where look at macro-conversions more closely, or, simply put, the conversions that are specific to an eCommerce website such as yours, and how your visitors behave and buy online.
- Log in to your Google Analytics account. Click Admin. To choose the View you would like to enable eCommerce reporting on, simply click the drop-down menu on the View column, and then choose the relevant name of your desired View. Click eCommerce settings from the link provided, and then set the eCommerce toggle to on by clicking on it. Click Next Step.
- Go to Step 2 and turn the Enhanced Ecommerce Reporting function on by clicking the toggle “On.” Click Submit.
You can now add an eCommerce tracking code on your website. You can add a tracking code to your shopping cart pages or through your eCommerce software. You can follow the easy steps outlined in this Google Developers’ eCommerce Tracking Guide.
Here are the important eCommerce transaction data relevant to your website that you can easily view through eCommerce tracking in Google Analytics:
- Transactions: This is the number of transactions, or orders, that are placed on your website. A transaction is usually defined as a purchase order, which means that a shopper can buy multiple items in one transaction. For instance, if your shopper adds a handheld gaming console and a game cartridge to his or her shopping cart and buys both at the same time, this is counted as one transaction, not two.
- Revenue: This refers to the total revenue that your eCommerce website has generated. The figure you get here will depend on how your eCommerce Tracking has been set up. For instance, if your tax and shipping information has been set up correctly, Google Analytics will add these figures to your total product revenue.
- Average Order Value: This is the average order value of a transaction. This is calculated as Total Revenue / Total Transaction
- Unique Purchases: This is the total number times a product (or group of products) was purchased (or part of a transaction).
- Quantity: This is the total number of units sold for a product (or set of products).
- Product SKU: To locate the Product SKU data, simply click on the Product SKU tab as a Primary Dimension (above your eCommerce table). The Product SKU is the unique product code that is used to help identify that product. You can then proceed to isolate specific products and segment the data so you can understand how it sells.
If you are able to track both macro and micro-conversion rate information, you’ll soon start to see how tracking subtle data can improve your overall success. Macro-conversions are the obvious bread winners but there’s a lot to learn with micro-conversion rates, too.