For various eCommerce businesses, it is such a challenge to measure multichannel sales performance. Since businesses tend to expand to news channels such as marketplaces, brand web stores, and eCommerce channels, measuring the performance increases seems difficult.

As a result, you might get confused about choosing the KPIs to monitor and end up managing every KPI out there.

To help you out in this issue, we have compiled some typical metrics to help you critically analyze multi-channel sales strategy.

5 Critical Things To Strengthen Multi-Channel Sales Strategy

1. Track different conversion rates

One of the most important KPIs that the management is better to monitor is the rate of cart abandonment. It’s formulated as the proportion of customers who put goods in their basket yet fail to make purchasing decisions.

It’s an intuitive metric to help you get the shopping behavior of website audiences and subscribers. That’s why it is best to reduce this rate. Accordingly, it can automatically boost your general conversion cycle and enhance sales performance.

2. Channel performance measurement

Sales performance in terms of channels is an essential multichannel sales metric. Regarding this indicator, it is advisable to be consistent in calculation and data collection techniques for sales channels. You can also compare each sales channel’s performance based on the following factors:

• Generated revenue
• Number of orders
• GMV over a period
• Percentage of website audience vs end customers.

You can rely on these metrics to inspect the most optimal converting channels and set up promotion and sales plans for your strategic channels.

3. Gross margin calculation

It is important to monitor the Gross Margin metric as it can help you understand the profit after sales and have in-depth insight into how great your business growth is. You might not know this, but the higher the gross margin rate, the more profitable your business will be.

In other words, when you have a high gross margin proportion, you can have a higher chance to boost investment in the business. As a result, you can decide whether you are better to add more sales channels to strengthen your competitive position in your market or continue with your current ones.

4. Customer experience management

Providing seamless transitions between delivering the proper experience whenever customers land on your sales channels and devices is significantly important.

Harvard Business Review indicates that 9/10 customers in the world consider it the most crucial metric when they shop online. That said, the question is, how to measure if consumer experience is great enough or needs improvement?

To find the right answer, you need to track your customer feedback and do analytics about it. Once the shoppers have given feedback on how likely they would recommend your services or products, based on their feedback, you can categorize them into three groups as follows:

• Detractors are highly unhappy with your products and services and can voice their opinions.
• Passives are shoppers who can easily switch to using competitors’ products and services though they have a good shopping experience with your goods and services.
• Promoters are customers who are loyal to your brand.

5. Shopper lifetime value checking

Last but not least, shopper lifetime value is considered as the amount or value of revenue retailers and brands can expect from their customers during their business-related course.

It is best to ensure you track this indicator from a certain point in time since it’s one of the most critical elements.

Wrapping Up

That's all about 5 critical things to strengthen multi-channel sales strategy.

In a nutshell, for your sustainable business growth, it is best to focus on the following factors: conversion rates, channel performance measurement, gross margin, customer experience, and shopper lifetime value.