Control Online Retail Performance with KPIS and Balanced Scorecard
KPIs in Online Retail Knowing whether the online mode of retailing has fulfilled the expectations of users can be achieved in a measurable manner by selecting a meaningful group of parameters for the purpose.
The classes under which these KPIs can be put are 'conversion perspective', 'financial perspective', 'online platform perspective' and 'performance assessment'. The specific metrics can be 'conversion rate', 'conversion cost borne', 'mean size of order' and 'campaign specific conversion rate' to know about conversion perspective.
Moving on, 'financial perspective' can be obtained with indicators such as 'revenue gathered on per visit basis', 'off-line sales boost', 'sales on per hour basis' and 'rise in sales on yearly basis'.
The evaluation of this online platform is possible with KPIs like 'response time', 'new: returning visitors',' stickiness index' and 'buyers: searchers ratio'. Finally, performance assessment can be done with metrics such as 'recency degree', 'inventory turnover', 'mean time spent on website' and 'rise in customer base'.
Why do business professionals choose ready-to-use KPIs?
Read Why do business professionals choose ready-to-use KPIs? to find out the answers to these questions:
- Can a business professional research KPIs on his own?
- How do I avoid typical problems with KPIs?
- Is ready-to-use KPI applicable in my niche?
- Is KPIs' price affordable?
- Can KPIs can be easily integrated in any business environment?
- How can KPIs make the difference to the business?
How to align these KPIs with a strategy of our organization?
Ideally, you need to have a strategy (in a form of a strategy map) before you start thinking about the ways to measure its execution (KPIs).
Don't have a strategy map yet? Use free Strategy Map Wizard to create a strategy map for your current business challenges. The wizard will:
- Ask you several questions to organize your ideas
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What are the benefits of Online Retail metric:
- Online retail sales rates depend on customer retention and acquisition. So, both financial and non financial measures are combined in this KPIs package.
- Sales per customer, revenue per customer, total revenue per accounting period are typical examples of a financial category measures.
- As to measured processes, order processing cycle and processing time are to be assessed.
Get these KPIs
More useful information for Financial Evaluation
- Related metrics and KPIs for: Retail Sales, Sales, Credit Risk, Retail Banking, Mortgage, Financial Statement Analysis, Market Risk, Financial Risks, Operational Risk, Active Portfolio Management, Passive Investments.
- Customers who viewed this item also viewed: Online Business Metrics.
Online Retail Estimation Balanced Scorecard Screenshots
Metrics for Financial Evaluation
This is the actual scorecard with Online Retail Dashboard and performance indicators.
The performance indicators include: conversion perspective, conversion rate, conversion cost borne, campaign specific â€˜order conversion rateâ€™, mean size of order, online platform evaluation perspective, response time, new: returning visitors, stickiness index, buyers: searchers ratio, performance assessment, recency degree, inventory turnover, mean time spent on website, rise in customer base, financial perspective, revenue gathered on per visit basis, off-line sales boost, sales on per hour basis, rise in sales on yearly basis.
Download or purchase Online Retail Estimation Balanced Scorecard
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