Provide high-level metrics for your overall performance. It provides a broad overview of the traffic, product views, purchases, revenue, and so on.
VueX Impact Metrics
The VueX impact metrics will enable you to evaluate how VueX recommendations are driving revenue and improving customer engagement. You can view key metrics like the direct revenue, assisted revenue, total clicks on VueX recommendations, and so on. Additionally, you can gauge how clicking on a recommendation can impact revenue per visitor and conversion rate.
Enable you to view metrics at different levels of granularity namely journeys, experiences, modules, and strategies.
Click-Through Rate (CTR) is the number of clicks that the VueX module receives divided by the number of times the module is viewed.
CTR = Clicks/Impressions
For example, if a module has 1000 impressions and 10 clicks, the CTR will be (10/100)*100 = 10%. The metrics dashboard in VueX displays the CTR for the personalized recommendations configured on your website. This metric helps you identify the engagement of product recommendations on your website.
Average Basket Size/ Average Order Size
Average basket size refers to the average number of items purchased in an order. It is calculated by dividing the total number of products purchased by the total number of orders placed. This metric allows you to gain valuable insights into your product bundling strategies.
VueX’s strategies such as Style it With and Frequently Bought Together provide you with opportunities to cross-sell products across your catalog and increase your average basket size. Note: The cross-category purchase behavior on the site influences the bundling strategy. For eg: if customers tend to purchase products within a category as opposed to across categories, introducing bundling strategies can encourage cross-category purchase behavior.
User Engagement Rate
User Engagement Rate measures the engagement on VueX modules from your shoppers. It is calculated as a percentage of unique visitors that made at least one click on VueX’s product recommendations. This metric provides valuable insights on how engaged your customers are with the recommendations configured on your website.
User Engagement Rate is calculated as a percentage by dividing the total number of clicks on recommendations by unique visitors divided by total number of unique visitors.
Cart Abandonment Rate
Cart Abandonment Rate is the percentage of your customers who add items to their shopping cart but then abandon the cart and end their session before completing the purchase. It describes the rate of potential customers who leave without buying anything compared to the total number of shopping carts created. The typical shopping cart abandonment rate for online retailers varies between 60% and 80%.
The cart abandonment rate is calculated by dividing the total number of completed transactions by the total number of carts created, subtracting that value from 1, and then multiplying it by 100:
Cart Abandonment Rate = (1 – (# of orders completed / # of carts created) x 100
ARPU (Average revenue per User)
ARPU is the amount of money each customer brings to your business. It is calculated by dividing the total revenue by the total number of unique customers visiting your website. For example, if your revenue for January is $20,000 and your site receives 2,000 visitors, your ARPU would be $20,000/2,000 or $10 per visitor.
ARPU = Total Revenue/Total number of unique visitors
ARPU is a vital metric and helps you evaluate the success of your company’s sales efforts. It is the method of estimating the value of each additional visitor. ARPU can be increased by either increasing the number of visitors purchasing on your website (conversion rate) or by increasing the amount of money spent per each visitor (average order value).
VueX offers a robust personalization solution that can improve your ARPU by:
Providing opportunities to cross-sell/upsell products using bundling recommendation strategies.
Deliver personalized recommendations that can delight your visitors and transform them into loyal customers.
Send personalized emails targeted to distracted customers and reduce the cart abandonment rate.
Revenue per Visit
Total amount of money generated in each visit. It is calculated by dividing the total revenue generated in a specific time period divided by the total number of sessions. RPV captures the revenue generated for every session on your website.
Conversion Rate is the percentage of visitors to your website that complete a desired goal which can include, purchasing a product, subscribing to email, requesting more information out of the total number of visitors.
Conversion Rate = (Total number of desired completed actions/Total number of visitors) *100
A high conversion rate is indicative of successful marketing and good web-design.
Product Views per Visit
Average number of product pages viewed per visit. This is a very important metric as this is the first signal of true buying intent in a customer’s journey.
Product Views per Visit = Total number of product pages viewed/Total number of sessions
Revenue from click on a product recommended on VueX Modules and purchase of the same product within a given time period (7 days/ 1 day/ same session)
Revenue from the sale of any product in a website with VueX module.
Total number of unique (counted only once) visitors to your website over a specific period of time.
Total number of visits (sessions) to your website over a specific period.
Total number of times a product was viewed over a specified period.
Total number of products purchased over a specific period of time.
Total sales over a period of time.
Cart additions through VueX
Total number of products recommended on VueX module that were clicked and added to the cart over a given period.
Average Order Value
Average Order Value (AOV) measures the amount that is spent every time a customer places an order on a website or app.
A conversion funnel is a way to comprehend the flow of potential prospects into paying customers. Just as a funnel guides liquid or powder into a small opening, so too does a conversion funnel guide customers to complete the last step or final, the desired action