New Features by Google Analytics That Retailers Should Not Ignore

Today what business is all about? It’s all about analyzing and gleaning the huge data around the web. Managers or executives are continuously honing their skills by collecting useful information for their companies to grow.

Carly Fiorina, an American businessperson popularly known for her tenure as CEO of Hewlett-Packard (HP) quotes

“The goal is to turn important data into information, and information into insights”.

It takes time to determine which piece of information will help companies to reach the next level still, many e-commerce companies or say retailers are unaware of how this analytics can give them a complete learning of their business performance.

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Let’s Begin:

Google has created a useful tool called Google Analytics which crafts accurate analysis of a website or app and helps to take appropriate steps for marketing strategies if required.

Google Analytics is implemented using six important milestones –

  • Intelligence Events
  • Real-time
  • Audience
  • Acquisition
  • Behaviour
  • Conversion

Each of these milestones has different aspects and carries different views as needed.

Scroll down to read on a couple of new features provided by google analytics which will help retailers to optimize their online stores and execute tactful marketing strategies.

Cohort Analysis:

It is a simple analytical report based on Acquisition Date which gives retailers top to toe information about their users’ sessions.

The Workflow:

Before creating cohort report, retailers can set the four segments displayed on the header which easily fetches relevant data analysis of acquired customers from the web or app.

Cohort Type:

This is a segment where retailers can specify the date from when they want to analyse the cohort report . Right now, it’s noticed to have just single option available and that is – Acquisition date.

Cohort Size:

It displays three options in the dropdown naming day week and month which can be set accordingly to define the tenure.

Metrics:

It is the protagonist of the cohort report which helps in doing the actual analysis of all the happenings and can direct retailers for further steps. It carries three different options including Per User, Retention, and Total on the basis of which retailers can pull out specific data analysis.

Data Range:

Specifies the range like last 7 days, last 14 days, last 21 days and last 30 days. Retailers can choose from the option and glance the report presented in the cumulative line chart and bar chart along with date range on  the left side corner.

For example:

Today is May 17, 2016, and data range is set to Last 7 days, Google Analytics will align the data of each cohort from May 11th to May 18th and retailers will get each day session details of their acquired customers or new visitor.

Today is May 17, 2016, and data range is set to Last 7 days, Google Analytics will align the data of each cohort from May 11th to May 18th and retailers will get each day session details of their acquired customers or new visitor.

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The cohort report contains 8 rows as its data ranges from 11th May to 17th May. Columns represent cohorts and rows represent days. The tabular data shows the user retention of last 7 days. The 6th row in the 1st column has darker shade meaning that row contains high user retention rate and the other rows which are in lighter shades denote low user retention rate.

Which Cohort to opt for better business performance?

Till now, you might have got a clear idea on Cohort Analysis. This small feature carries accurate information of acquired customers and their purchases. Retailers can use it as a sword to act fast and execute conducive marketing strategies.

Here’s another interesting facet of Cohort Analysis that will make retailers acquaint with actual user behaviour.

Business Model!

Business Model is one such important aspect which is unavoidable and gives retailers a better understanding of their business and events.

Take a look at a few models that will change the perspective of retailers on how to manage the online stores and increase ROI filtering the fingertips.

Ecommerce:

Google Analytics has provided some useful metrics which retailers can set to analyse and create a Cohort report. E-commerce sites mostly focus on Revenue per User, Transactions per User and total Revenue which are available in the Metrics segment and retailers can create reports based on that.

Note: The key point here is acquisition date which analyses customer’s session from the first visit. Also, consider the scale and level of the cohort and customers’ purchasing skills.

In App Purchase:

It is the best business model to get accurate users’ analysis. Retailers can track user behaviour easily and add feathers to their hat. Simply integrate Google Analytics in the mobile app and use the track Id which is created when the customer first launches the app on his phone.

This is a unique way to shine the cohort analysis and fetch the users’ data effortlessly.

Publishers(Desktop & Mobile)

To excel in this business model, Retailers should have knowledge on User Engagement.

Now, the question is how to get accurate analysis on user engagement?

Metrics like Pageviews per user, Sessions per User, User Retention, Sessions Duration per User gives a clear picture of user engagement to retailers.

Lead Gen

In this business model, Cohort reports rely upon how long it takes to get a lead. Retailers can create daily or weekly reports depending on the price they sell the product. Like, If they are selling the products at a nominal price, daily cohort reports is the best option else weekly or monthly reports will help them to set their goals.

The challenge faced in this model is, there is no metrics to create cohort reports for single goal conversions. Retailers can use Goal Completion Metrics to get the analysis of the configured goals. Still, a question arises,

”Will this metrics show accurate analysis of more than one configured goals?”

Hence, it’s better to look on the cohorts showing a lot of user engagement on the online stored based on time and session per user metrics.

LifeTime Value

This new feature gives retailers an approximate analysis of how long a customer will stay connected with a company and brand using complex formulas.

For example:

You run campaigns through email marketing or social media channels to drive more traffic, Google Analytics tracks the data and shows the value of users acquired through different networks.

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Such kind of data helps retailers to regulate a profitable allocation of marketing resource to obtain those valuable customers.

An important point to note about this feature is, it is seen in Acquisition section for App Views only and does not support Web property.

In Closure
Google Analytics is a powerful tool gifted by Google. It gives deep insights to professionals as well as retailers and helps them better understand user behaviour. With lot many features available under those 6 milestones, Google keeps on enhancing this tool to improvise performance and results.

Stay connected with Google Analytics for more updates on new features!

Review and research by: orderhive.com

Main image credit: e-nor.com

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