Did you know 65% of B2B businesses will use data-driven insights by 2026?

It goes without saying that B2B data management is crucial in the eCommerce space. Without a clear understanding of customers’ behaviors and business performance, firms risk missing out on major growth opportunities—or, even worse, making catastrophic mistakes.

So, what's the solution? Two words: eCommerce analytics.

But what exactly is it, and how can it accelerate your business growth? Don’t worry; we’ve got you covered. Let’s explore eCommerce analytics, exploring key metrics, tools, and strategies to enhance your online store's performance.

Short on Time? Here Are The Key Takeaways

• eCommerce analytics gathers and analyzes website traffic, customer behavior, sales, and marketing data to refine strategies, optimize CX, and maximize profits.
• You should focus on four types of eCommerce analytics: sales, acquisition, on-site behavior, and conversion rate optimization.
• To improve your eCommerce strategy, you need to centralize your marketing data and correlate insights with customer behavior through eCommerce integration. You also need to factor in seasonality and trends, track key shopping metrics, and monitor product performance.

What Are eCommerce Analytics?

eCommerce analytics is all about knowing your online business, from analyzing your consumers' every move to understanding what drives them to "buy now."

Tracking key metrics and KPIs can provide useful and compliant B2B data about consumer behavior, sales, and marketing. For example, you can take steps to optimize your ROI by finding high-performing marketing channels and strategies by tracking click-through rates, conversion rates, and ROI.

This raw data is converted into actionable insights using eCommerce analytics tools like statistical analysis, data visualization, and machine learning. These data-driven insights make improving your website, marketing efforts, and customer experience easier.

B2B eCommerce Analytics You Cannot Afford to Ignore  

Here’s an extensive list of eCommerce customer data and analytics you should always look at:

Sales Analytics

Your eCommerce strategy depends heavily on an in-depth understanding of demographic data, buying habits, and interests. These eCommerce performance analytics help you gain that information:

1. Customer Lifetime Value (CLV)

CLV is a metric that calculates a customer's total revenue over their lifetime. It helps businesses identify and focus on retaining their best customers.

For instance, a B2B office supply company might discover that mid-sized tech firms are its most valuable customer segment. These firms typically place three orders in a year, spending an average of $1,000 per order, with a profit margin of 15%. So, their annual profit per customer is $450 ($1,000 × 3 × 15%).

Now, if the average customer relationship for them lasts for five years, the CLV for each customer would be $2,250 ($450 annual profit × 5 years).

2. Net Promoter Score (NPS)

Customer satisfaction metrics like NPS measure the likelihood of customers recommending your brand to others. Bain & Company says B2B brands are encouraged to achieve a Net Promoter Score (NPS) response rate 50% higher than the typical target for consumer-focused brands.  While B2C businesses generally aim for a response rate of up to 40%, B2B companies should strive for a response rate of 60% or more by utilizing various survey channels.

There are three common methods for calculating NPS:

1. Counting All Responses: Includes feedback from all respondents but can skew results if some customers have more responses. For example,  a B2B office supplies retailer might get many responses from regular employees but fewer from decision-makers.
2. Averaging Responses by Customer: Calculates an average score per customer, reducing skew but still influenced by larger respondent groups. For instance, a B2B industrial equipment supplier averages feedback from multiple contacts within each client company.s
3. Waterfall Method: Uses the response from the most important contact (Decision Maker) in each customer account, ensuring key feedback is prioritized. For example, a B2B logistics provider prioritizes feedback from senior procurement officers over general users.

Each method has its advantages and should align with your company's needs. Remember, NPS is just one part of a broader customer experience strategy.

For instance, a B2B pharmaceutical distributor might want to weigh their NPS to measure customer satisfaction. To that end, they can run surveys asking their clients (hospitals and clinics) how likely they are to promote the distributor's company. 

Clients who respond with a score of 9 or 10 are considered 'Promoters,' those who give a score of 7 or 8 are 'Passives,' and those who rate between 0 and 6 are 'Detractors.' If 60% of respondents are Promoters and 20% are Detractors, the NPS would be 40.

If the score is less than 50%, that means there are issues that need to be addressed. 

3. Re-order Rate

The repeat purchase rate calculates the percentage of customers who make multiple purchases at your store. Businesses can use this metric to see how many people use their products/services regularly.

A B2B industrial supplier can measure its reorder rate among manufacturing companies. If 60% of these companies reorder parts within six months, it indicates strong product reliability and customer satisfaction. The supplier can then target these clients with loyalty discounts or bulk purchasing options to enhance their experience.

4. Churn Rate

Churn rate is the percentage of customers who discontinue doing business with you over time. It helps you understand client retention and identify areas for improvement.

In B2B eCommerce, churn rates tend to be lower due to the higher volume and value of orders. For example, a B2B eCommerce platform that supplies raw materials to large manufacturers tracks its churn rate and notices a slight increase over a quarter. Although the churn rate remains low (e.g., 5%), even a small uptick can significantly impact revenue due to the high order volumes involved.

  5. Average Order Volume

Average order volume measures the typical value of transactions made by customers at a time. This metric is crucial for understanding purchasing patterns, assessing customer value, and evaluating the effectiveness of your sales strategies. 

Suppose a construction material supplier finds out their AOV per customer is $5000. One way they can use this information to increase the AOV is by implementing a tiered discount structure. Any customer whose bill exceeds $7000 gets a 10-15% discount. This will increase their order size while strengthening customer relationships.

Acquisition Analytics

Acquisition statistics show how customers find your business, which helps you with resource allocation and marketing strategy. Here are some analytics to follow:

1. Cost Per Acquisition (CPA)

This is the amount you spend to acquire one customer. Divide your total advertising costs by the number of conversions to determine your CPA. While a low cost per acquisition (CPA) is amazing, it must be balanced with the CLTV.

For instance, a food wholesaler spends $5,000 on a Facebook advertising campaign targeting local restaurants and cafes. Throughout the campaign, they acquired eight new clients. So the CPA would be $5,000 / 8 = $625 per client.

2. Sales Cycle Length

Sales Cycle Length measures the time it takes for a lead to convert into a customer. As per Databox, the average sales cycle length in the B2B industry is 2.1 months.

It’s a crucial metric for understanding the efficiency of your sales process. For instance, if a manufacturing equipment supplier's sales cycle is significantly longer than industry benchmarks, it might indicate inefficiencies in their sales strategy or lead qualification process. Therefore, they should implement more stringent qualification criteria or try to find out where things might go wrong to correct them.

3. Customer Acquisition Cost (CAC)

CAC is similar to CPA except that it includes all client acquisition costs, not only advertising. This covers sales compensation and marketing tools. A low CAC means your customer acquisition strategy is successful.

If a B2B eCommerce business spends $15,000 on advertising, $5,000 on marketing tools (like CRM software), and $10,000 on sales team salaries for a specific period, their total acquisition cost will be $15,000 + $5,000 + $10,000 = $30,000. If they acquire 30 new clients during this period, their CAC will be $30,000 / 30 = $1000 per client.

4. Acquisition Channel Effectiveness

This metric assesses how well different channels contribute to acquiring new customers. It helps you understand which channels generate high-quality leads and conversions most effectively. 

For example, analyzing the performance of various acquisition channels, such as events and direct referrals, can highlight where to focus your marketing efforts for the best results. A B2B manufacturing company might find word-of-mouth significantly more effective at generating qualified leads than other channels. Focusing more on maintaining better customer relationships can enhance lead generation and improve overall customer acquisition efficiency.

On-site Behavior Analysis

On-site Behavior Analysis tells what your customers prefer, dislike, and where they are losing interest in your business. Here are some key analytics:

1. Bounce Rate

It shows how many visitors come to your website and leave without taking any action. Generally speaking, a high bounce rate suggests that your website content could be improved.

For a B2B logistics company offering supply chain solutions, a high bounce rate might suggest that the website’s landing page doesn't clearly showcase the benefits of its services or lacks compelling content. Enhancing the page with case studies and client testimonials could help retain visitors and lead them down the funnel.

2. Cart Abandonment Rate

It's an eCommerce performance analytic showing you the percentage of consumers who add things to their cart but do not buy.

A B2B supplier of industrial equipment might experience high cart abandonment rates if the checkout process is too lengthy or if unexpected shipping costs arise. Streamlining the process and providing transparent cost information could help reduce abandonment rates.

3. Checkout Abandonment Rate

Similar to cart abandonment, this metric focuses on customers who begin the checkout process but do not complete it. This is generally due to issues with payment, delivery costs, or insufficient payment options.

A high checkout abandonment rate for a B2B wholesaler of office supplies could result from limited payment options or complex payment procedures. Offering multiple payment methods and simplifying the checkout steps could improve completion rates.

4. Product Return Rate

This metric shows the number of products returned after purchase. Business owners should take it seriously, as a high return rate can indicate poor product quality, misleading product descriptions, or dissatisfied customers.

A B2B distributor of custom machinery might face high return rates if the machinery does not meet the buyer's specifications or expectations. Ensuring detailed product descriptions and offering pre-purchase consultations can help in reducing returns.

5. Website Traffic

Site traffic is the number of people who have visited your website. While this is seen as a vanity metric, it gains value when you analyze the sources of traffic, duration of visits, and actions taken by users.

However, this metric is particularly significant if you have a public website. Traffic metrics might be less relevant for clients with websites that are closed to the public or operate within a restricted environment.

For instance, a B2B retail firm with a public website can leverage traffic data to understand how effectively their content attracts potential clients and which sources drive the most engagement. Conversely, a B2B organization with a private client portal might focus more on engagement metrics and client interactions within the portal rather than overall site traffic.

Conversion Rate Optimization

Last but not least, here are five CRO analytics you should not miss at any cost:

1. Conversion Rate

As the name suggests, this metric shows the number of website visitors who convert by taking action, such as purchasing. 

A poor conversion rate means something is wrong in your sales funnel, from product descriptions to the checkout process.

A B2B eCommerce wholesaler can track the number of visitors to its product catalog page who place an order. If the conversion rate is low, the wholesaler might need to improve its product descriptions, optimize the checkout process, or enhance its site’s user experience to increase sales.

2. Average Order Value (AOV)

AOV is the average amount of money clients spend on each order. A higher AOV generates more income without necessarily increasing traffic. To increase AOV, you can try offering product bundles, upselling, or cross-selling.

A B2B office supplies retailer can offer product bundles, such as—a printer with a supply kit, to increase AOV. This will help them drive up the average purchase amount per order.

3. Gross Profit Margin

This data point calculates profit after subtracting the cost of products sold. A strong gross profit margin is essential for a business to grow. It helps business owners invest in revenue-generating activities like marketing and product development.

A B2B manufacturer can review their gross profit margin on different product lines. A higher margin on custom solutions compared to standard products might prompt them to focus on promoting custom solutions.

4. Sales Growth Rate

This metric tracks your company's growth over a set period. It is found by comparing your current and past sales figures and is a clear sign of your business's health. If you're seeing a consistent increase in sales growth rate, that's a good sign.

For example, a pharmaceutical wholesaler monitors its sales growth rate quarterly. A consistent increase indicates that its sales strategies are effectively growing demand for its products. If the growth rate dips, the strategy might need to be reassessed because, in the B2B industry, even a slight dip can create a huge revenue gap.

5. Click-Through Rate (CTR)

Finally, you can calculate your ads' CTR percentage by dividing the number of clicks on a link or call to action by the total number of impressions. 

A high CTR shows your audience is responding positively to the ad's messaging, targeting, and creative elements, which drives them to engage.

Suppose a B2B construction supplier runs targeted Facebook ads promoting their products in front of real estate businesses. By analyzing the CTR, they can assess how well their ad copy and targeting resonated with their audience and tweak it accordingly.

How to Use Analytics Effectively for Your eCommerce Store 

Here are some tips on how to use analytics after eCommerce integration to run your store profitably:

1. Streamline your marketing data

Before you do anything, gather all your scattered marketing data from different platforms ― Google Analytics, ad manager platforms, email marketing platforms, CRM systems, eCommerce stores, and everywhere else. Instead of processing the data, use a centralized B2B analytics platform like DJUST to make your job easier and save time.

2. Integrate eCommerce analytics tools

If you’re just starting, use specialized eCommerce data and analytics tools like Google Analytics, Mixpanel, Woopra, etc. These tools can provide in-depth insights and automate data collection, making it easy to track performance and make data-driven decisions.

3. Bridge the gap between data and customers

Don’t forget to correlate your data with customer behavior to gain valuable insights. Integrating analytics from multiple sources allows you to see the big picture and avoid making decisions based on insufficient data.

4. Don't neglect market trends and seasonal fluctuations

When analyzing data, keep an eye on industry trends, seasonality, and competitors. Instead of responding hastily to short-term volatility, analyze data in context to ensure that your decisions are well-informed. 

5. Look for any changes in shopping behavior flow

Pay attention to KPIs like transaction sessions, checkouts, and add-to-cart actions. Here’s why: any sudden decrease in these flows could be a sign of urgent issues, be it slow site speed or issues with your payment gateway.

6. Monitor product performance over time

Lastly, consistently study analytics to pinpoint your brand’s best-sellers and poor performers. Analyze sales performance by category to identify your top revenue sources and understand what your customers prefer; it's crucial for inventory and marketing strategy optimization.

You can refer to our recent blog to learn more about how to balance eCommerce scalability and performance.

The Bottom Line

In summary, you can dramatically boost your online store performance by: 

• Knowing your customer behaviors, 
• Keeping track of trends and seasonality, 
• Optimizing marketing campaigns, 
• Improving your website, and more. 

For this, you need eCommerce analytics to translate data into actionable insights. Confused about where to start? Start making data-driven decisions with DJUST, your one-stop platform for all complex B2B eCommerce platform needs.