As an e-commerce marketer, you are always looking for ways to boost sales and engage with customers in new and innovative ways. Live shopping is a powerful way to bring a human touch to the online shopping and when done right, it can effectively increase your conversion rate among other things. But what KPIs should you track to measure the success of your live shopping events and improve your future performance? In this blog post, we'll discuss the eight most important key performance indicators (KPI) to track:
1. Audience Reach
A crucial success factor for any live shopping event is a significant number of viewers and measuring the size of your live shopping audience is essential for understanding the effectiveness of your marketing efforts and the level of interest in your products. Having a larger audience can also lead to higher conversion rates and increased sales, as more viewers are exposed to your products and are more likely to make a purchase. Therefore, tracking the size of your audience is a critical KPI for evaluating the success of your live shopping events
Metrics to consider include:
- event landing page visits prior to the event
- event sign-ups
- the number of live viewers
- on-demand viewers
- social stream viewers
Also, by tracking these metrics, you can identify which channels are driving the most traffic to your live shopping event, which can help you optimize your marketing efforts in the future.
2. Average Viewing time
Tracking how long you keep your audience's attention is important for both live and on-demand content. Live commerce is entertaining and immersive, keeping viewers watching longer – and the longer they spend with you, the greater the chances are that they will shop.
Fluctuations in viewership during a live event are normal but evaluating when your audiences are coming and leaving can provide you with valuable insights for improvement of your event and sales volume. You can, for example, prevent drop-offs by saving desirable products or exclusive deals for later in the event. With the Liveshopper Solution you get access to a live-dashboard making you able to track both viewership and engagement while you’re live for both on-the-go improvement and after-live evaluation.
3. Conversion Rate
This KPI represents the percentage of live shopping attendees who make a purchase and is crucial for understanding the effectiveness of your live shopping events. A higher conversion rate means that your live shopping strategy is engaging and compelling for your audience, leading to increased sales and revenue. It can also help you evaluate your product mix, pricing strategy, promotional offers, and the quality of your product demonstration.
4. Average Order Value
The average order value (AOV) is a crucial key performance indicator (KPI) for measuring the success of live shopping events. Through upsells and recommendations during a live shopping event, you can increase the average value of each purchase. This KPI can give you valuable insights into the value of your live shopping events and help you assess if you are offering the right products, product knowledge, and promotions to drive sales.
5. Return rates
The return rate KPI measures the percentage of products that were returned after a live shopping event. It is an important metric to consider as it indicates how well-informed and satisfied customers are with their purchases. When customers are provided with comprehensive and engaging product information during a live shopping event, they are more likely to make informed purchasing decisions, which in turn reduces the likelihood of returns.
By tracking this KPI, you can identify areas of improvement for your live shopping events, such as providing more detailed product information or addressing common customer concerns.
6. Customer Engagement
Measuring customer engagement during your live shopping events is crucial for understanding the level of connection you are building with your audience. This KPI can be measured by several metrics include the number of comments in chat, number of likes and number of add-to-basket clicks during the event. A higher number of comments and likes during the event indicates that your audience is actively engaged and interested in the products and content being presented. Similarly, a higher number of add-to-basket clicks shows that your audience is actively considering purchasing products showcased in the live event.
By tracking customer engagement KPI, you can get insights into the effectiveness of your marketing strategy, content quality, and presentation style, which can help you optimize your future live shopping events. Additionally, by analyzing customer engagement metrics such as the most viewed products or the products with the highest number of "add-to-basket" clicks, you can identify the most popular products and topics, as well as customer preferences and opinions, which can inform future marketing efforts and product development.
7. Repeat Customers
Tracking the number of repeat customers who participate in your live shopping events is a key indicator of customer loyalty and engagement. A high number of repeat customers attending your live shopping events indicates that you are delivering a compelling and engaging experience. It also suggests that customers are finding value in your products and content. A happy customer is equal to lower customer acquisition costs as they may share positive reviews and feedback with others, leading to increased brand awareness and potential new customers.
8. Customer Satisfaction
Measuring customer satisfaction is a crucial component of understanding the impact of your live shopping events and how well you’re meeting the needs of your customers. You can gather this information through customer feedback in the chat, as well as after-live-surveys.
So, with the above eight KPIs, you can effectively measure the success of your live shopping events and make data-driven decisions to improve your future events. Before you go live, make sure you have a clear plan and keep in mind that for some events, high sales are the desired goal, while others may be more focused on awareness and community building.