In 2022, almost $20 out of every $100 spent by consumers globally was online. U.S. online retail as a percentage of total retail sales is 15%, with the top markets China at 45%, the U.K. at 36%, and South Korea at 30%.
However, according to Forester, U.S. online sales will account for 30% of all retail sales by 2027, or $1.6 trillion out of $5.5 trillion in predicted retail sales. This trend means competition for online sales will only get fiercer. Managing inventory and marketing alone can be overwhelming for small businesses, and that's before adding in analytics. Shopify’s analytics dashboard offers many data points but falls short on more advanced metrics.
Analytics, however, can be simple with the right tools.
Below, we’ll go over some of the best e-commerce analytics tools for small businesses and show you how you can effectively use them to gain an edge over your competitors.
Let's get started!
1. Google Analytics
Google Analytics is the standard installation for most webpage owners and provides fundamental metrics such as traffic acquisition sources, advertising data, engagement, demographics, and conversions.
There are many pros to Google Analytics, but Google aggregates the data, making it hard to draw insights. Google Analytics is also not optimized for e-commerce and does not offer the robust insights you may want to drive sales.
(Image: Google Analytics Dashboard)
Intelligynce is a robust competitor research and product analytics tool that crawls the web for the data on hundreds of thousands of Shopify stores and millions of e-commerce products.
The tool lets you filter competitor products by whether they have Facebook pixels (meaning they are spending money on ads) and their social media profiles by # of likes on the pages (how popular they are).
It also lets you track your competitor's APIs and their keyword rankings. It's possible to also sort the Shopify product data by bestsellers, traffic, currency, prices, daily visitors, daily sales, etc., to discover how your competitors are marketing or pricing their products.
(Image: Intelligynce Shopify Products Filter Page)
Intelligynce also lets you access the Google and Facebook ads currently run by competitor stores and the keywords they’re targeting on Google.
Woopra is a sophisticated customer journey analytics tool that offers advanced features, such as real-time trigger action and responses (e.g., trigger emails based on user interaction).
Woopra also integrates well with many SaaS software products, such as Mailchimp. By visualizing every step of the customer journey, Woopra lets you optimize every touchpoint for growth, conversions, or retention across channels in a non-linear way.
(Image: Woopra Company Dashboard)
Semrush is the gold standard of SEO analysis tools for your e-commerce business. It contains over 50 SEO tools that help your e-commerce business analyze how it can rank higher in search engines, which drives sales. Semrush also offers tools to create, measure, and manage content marketing, keyword research, PPC, and social media campaigns.
With Semrush, you can also find out which keywords your customer is discovering your brand with, conduct SEO audits of your page, find new link-building opportunities, and analyze competitor traffic, among other functions.
(Image: Semrush Pro Dashboard)
SavvyCube is a no-nonsense e-commerce analytics software geared toward small online businesses. While not as robust in mapping out detailed customer journeys or trigger actions as Woopra, it offers you a beautiful-looking dashboard with all the top-level e-commerce metrics that should satisfy most small online merchants.
The feature sets are also a little richer than what you can find in the Shopify or Google Analytics defaults. The tools also help you build beautiful reports out of the box. The great thing about SavvyCube is it answers these questions below succinctly:
What are my best-selling products?
How often do my customers buy?
How many carts are abandoned?
What’s my profitability?
Who are my top customers?
Where are my sales coming from?
(Image: Savvycube Dashboard)
Let's discuss! Are there other analytics tools that you recommend? Drop a comment below.