HubSpot can be among the most powerful eCommerce tools at your disposal, and if you aren't using it to measure your eCommerce success, you may just be missing out on data that could increase views, sales, or any number of key performance indicators (KPI's).
First, What's HubSpot?
HubSpot is a marketing and sales platform for small businesses and growing companies. It helps entrepreneurs, marketers, salespeople and other professionals build their brands online by connecting them with customers through an integrated suite of software. Its goal is to help businesses grow by giving them the tools they need to attract leads and convert them into customers through their websites.
HubSpot is often referred to as an automation platform that allows you to manage all of your digital marketing channels in one place. It's used by over 100,000 businesses in more than 150 countries and is the leading platform for small and medium-sized businesses.
HubSpot is used for lead generation, sales, marketing, and customer service—you name it! Hubspot provides tools for all of these areas as well as an analytics dashboard so you can track how your campaigns are performing.
Benefits of Connecting your Online Store to Hubspot
When you connect your eCommerce site to HubSpot, you'll be able to track and analyze all of your online sales data in one place. This will give you valuable insights into your customers' behavior and help you make better decisions about your marketing and sales strategies.
You'll also be able to automate some of your eCommerce marketing tasks, like sending abandoned cart emails or follow-up emails after a purchase. This can save you a lot of time and help you convert more leads into customers.
Lastly, by integrating your eCommerce site with HubSpot, you'll be able to better segment your customer lists and target them with more relevant marketing messages. This will lead to higher conversion rates and more sales.
How to Connect Your eCommerce Store to HubSpot
There are a few different ways you can connect your eCommerce store to HubSpot. The most popular methods are through an integration with a shopping cart platform or through a plugin for your eCommerce website.
If you're using a popular shopping cart platform like Shopify, BigCommerce, or Magento, there's a good chance that there's already an integration available for HubSpot. These integrations typically allow you to sync your customer data, order data, and product data automatically between your online store and HubSpot.
If you're not using a shopping cart platform or if there's no integration available for your eCommerce website, you can still connect your store to HubSpot using a plugin. There are a few different plugins that allow you to sync your eCommerce data with HubSpot, but the most popular ones are the HubSpot eCommerce Connector and the eCommerce Bridge Plugin.
What are eCommerce KPIs?
An eCommerce KPI is a metric that measures how well an online business owner, team, or company as a whole is doing against its set expectations and objectives. It's important to track the appropriate eCommerce KPIs in order to make better-informed decisions about conversions and revenue, marketing, consumer satisfaction, and operations.
Choosing the Best Ecommerce KPIs for Your Business
There is a slew of KPIs that you can check, but not every KPI is essential for your eCommerce company's success. As a result, when it comes to picking eCommerce KPIs, you should concentrate on:
- Your business goals: Only choose KPIs that will have a direct impact on your bottom line.
- The growth stage: KPIs should be based on your company's growth stage. Some KPIs are more essential than others.
- KPIs that can be easily measured.
- KPIs that reflect your reality: KPIs vary from business to business, so it's critical to pick metrics that aren't influenced by what's popular.
- Keep it short and effective: Focusing on too many unimportant KPIs will only serve to overwhelm and distract you.
Some of the Most Important eCommerce Metrics for Tracking & Growing Sales
Customer Acquisition Cost (CAC)
CAC is a metric that eCommerce businesses use to measure how much it costs to acquire a new customer. CAC can be calculated by dividing your total marketing and sales expenses by the number of new customers acquired in a period of time.
If you're not tracking your CAC, you could be overspending on marketing and sales without realizing it. Connecting your online store with Hubspot will help you to track your CAC so that you can ensure you're not overspending.
Customer Lifetime Value (CLV) in your Ecommerce Business
CLV is a metric that eCommerce businesses use to measure the total value of a customer over the course of their relationship with the company. CLV can be calculated by dividing your total revenue by the number of customers you have.
If you're not using HubSpot to track your CLV, you could be missing out on valuable insights about your business. Connecting your eCommerce site with Hubspot will help you to track your CLV so that you can make informed decisions about how to improve your business.
By connecting your eCommerce business with Hubspot, you can benefit from a range of features that will help you to understand your customers better, improve your marketing strategy, and increase your sales.
Conversion Rate
Conversion rate is a metric that eCommerce businesses use to measure the percentage of visitors to their website who take the desired action, such as making a purchase. The conversion rate can be calculated by dividing the number of conversions by the total number of visitors.
If you're not tracking your conversion rate, you could be missing out on valuable insights about your business. Connecting your eCommerce store with Hubspot will help you to track your conversion rate so that you can make informed decisions about how to improve your business.
Average Order Value (AOV)
AOV is a metric that eCommerce businesses use to measure the average amount that customers spend on each order. AOV can be calculated by dividing your total revenue by the number of orders placed.
Perhaps most importantly, connecting your business with Hubspot will help you to track your AOV so that you can make informed decisions about how to improve your business. You can use HubSpot to track improvements in your AOV and double down on strategies that work.
Shopping Cart Abandonment Rate
The shopping cart abandonment rate is a metric that eCommerce businesses use to measure the percentage of visitors who add items to their cart but do not complete the purchase. The shopping cart abandonment rate can be calculated by dividing the number of abandoned shopping carts by the total number of visitors.
If you're not tracking your shopping cart abandonment rate, you could be missing out on valuable insights about your business. Connecting your eCommerce store with Hubspot will help you to track your shopping cart abandonment rate so that you can make informed decisions about how to improve your business growth.
Net Promoter Score (NPS)
NPS is a metric that eCommerce businesses use to measure customer satisfaction. NPS can be calculated by asking customers to rate their likelihood to recommend your product or service on a scale of 0-10 and then subtracting the percentage of detractors from the percentage of promoters, and it can be an invaluable key performance indicator because it's a solid predictor of business growth.
HubSpot allows you to send out NPS surveys straight from the HubSpot Service Hub, enabling you to utilize all the information you have stored in the HubSpot CRM to set your recipients list, in addition to enabling you to set up automation.
Sales
Is that just too obvious? eCommerce businesses use sales to measure revenue.
Connecting your eCommerce business with Hubspot will give you access to valuable insights that can help you to improve your sales. You can use HubSpot to track your sales so that you can make informed decisions about how to grow your business.
Gross profit
Gross profit is a metric that eCommerce businesses use to measure the difference between the revenue generated from sales and the cost of goods sold. Gross profit can be calculated by subtracting the cost of goods sold from the total revenue.
If you're not tracking your gross profit per day of the week, per month, per product, you're missing out on what products are
Hubspot Keeps Your Customer Satisfaction (CS) score high
Hubspot's eCommerce integrations will help you to keep your customer satisfaction score high. By integrating Hubspot with your eCommerce store, you can track customer behavior, see what your customers are interested in, and address any issues they may have. This will help you to keep your customers happy and reduce churn.
How to Keep Track of Your eCommerce Key Performance Indicators in HubSpot
Now that you know the benefits of connecting your eCommerce store to Hubspot, let's take a look at how to actually do it.
Using the HubSpot eCommerce integration that matches your platform (Shopify, Woocommerce, etc) is the easiest way to track eCommerce KPIs in Hubspot. The integration will automatically send data from your eCommerce store to Hubspot, so you don't have to worry about manually inputting data.
To set up the HubSpot eCommerce integration, follow these steps:
1. Log in to your HubSpot account, and go to your eCommerce settings.
2. Under "Settings", select "Integrations".
3. Find the one that corresponds to your eCommerce application.
4. Click the "Connect" button next to the eCommerce integration.
5. Follow the instructions to connect your eCommerce store to Hubspot.
6. That's it!
You'll be measuring website traffic and other KPIs for eCommerce in no time at all.
Conclusion
We hope this article has given you some insight into the benefits of connecting your store to HubSpot, also if you have Shopify we have more information on how to get more sales with HubSpot and Shopify that you should check out. If you’re struggling or want to learn more about how to connect your store and more to HubSpot, why not get in touch with us at Selworthy? We have the expertise to grow your business!
