Tracking key B2B ecommerce ordering metrics is crucial for understanding the performance of your online store and making data-driven decisions to optimize sales and customer satisfaction. Here are some key metrics you should keep track of:
Average Order Value: AOV is the average amount of money each customer spends per order. It is calculated by dividing total revenue by the number of orders. By tracking this you can compare the average order value of orders placed using your ecommerce platform to the AOV of customers using other more traditional methods of ordering.
Average Order Volume: The average order volume is the amount of orders on average which are placed through your ecommerce platform. The average amount of orders should be growing each month as more of your customers gravitate towards a digitalised ordering method.
Repeat Purchase Rate: This metric shows the percentage of customers who make more than one purchase from your store over a specific period. It helps measure customer loyalty and retention. If a customer is using your ecommerce platform repeatedly then chances are they are satisfied with the platform and are happy with the offering. If they are for example, a one time user and then never use the platform again or are sporadic in using your platform it could signal room for improvement.
Customer Lifetime Value (CLV): CLV is the predicted net profit attributed to the entire future relationship with a customer. It helps you understand the long-term value of each customer to your business. By offering a B2B ecommerce solution, your business is adapting to the change in buyer behaviour and cultivating customer relationships that will last a long time.
Cost Per Order: This is how much it costs your business to process an order. The traditional methods of ordering such as telephone, fax or in person purchasing are usually much more expensive as they often need more human interaction or are more prone to error. The cost per order of your customers who use your B2B ecommerce platform should me much cheaper than customers using traditional methods.
Time To Purchase: This is the amount of time it takes a customer to place an order, from start to finish. Your B2B ecommerce platform should be head and shoulders above your other methods of ordering when it comes to time to purchase.
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