How to Analyze Product Performance Using Google Analytics?
A product performance report in Google Analytics, as the name suggests, is significant to measure the performance of a product. It helps to understand customer behavior, how well the product has performed, and whether it could enhance the conversion rate.
The next step is to enhance the product’s quality by tracking the product’s return and refund. A proper assessment will help to understand why a customer returns a specific product. This practice can improve a company’s services and quality.
Track Product Performance by Google Analytics
It is an essential feature of Google Analytics. The company’s product performance can provide a detailed analysis report on the quality of the product.
Whether the customers are keeping the product or returning it for different issues can be measured by the product’s performance.
With a thorough understanding of the algorithm and metrics and its usage, Google’s product performance tool can raise a company’s conversion rate and optimize market expenditure.
Measuring Product Performance
One can find a sales performance section in the product performance report that displays high-level metrics like revenue, refunds, and order quantity.
These product performance metrics provide a robust analysis of how a product performs and whether people are returning and asking for refunds, analytics provides an exhaustive report about products. The metrics to analyze product performance are as following:
Product List Views
How many times has the product list been viewed by the number of visitors in a specific online store section? It also includes referrals from search engines.
It shows the number of times when a visitor clicked on the product detail page to gain knowledge about the product. This metric tells whether the visitor has any intention of buying the product.
The Product Adition
This product performance metric tells us whether the product has been added to the visitor’s shopping cart.
A product that was added and then removed by the visitor from his shopping cart. It is a vital product performance metric that explains that a specific product isn’t working with the visitor and does not do much to convert a visitor into a buyer. These metrics show sellers a direction to improve their products. A seller may or may not continue if the removal rates are high on the performance report.
Unique Purchase Views List
The following are the attributes of the Unique Purchase Views List, and they are:
Cart to Detail Rate – This product performance metric decides it according to the product detail view. Suppose the number of products added to the shopping cart in comparison to the product detail view.
In that case, it means that the customer has shown considerable interest in buying the product. It implies that the added product’s detailed views have been successful in creating some influence over the customer.
Buy to Detail Rate – This is a more detailed analysis than the cart to detail rate. In this section, the metric compares the buying rate to the detail rate.
It means how many customers buy a product after viewing the detail page of the product. A critical analysis that tells whether the product did well or not.
Tracking Product Return – The most crucial concern of an eCommerce retailer is the product returns. Suppose there is no proper explanation regarding the return policies.
It could be a problem for the sellers and consumers as the E-retail business flourishes on good reviews. Another issue online retailers face is tracking down product return and their causes.
Efficient customer support related to the products sold by the retailer is a must. According to a report published in Paazl, the return rates of items are 8 per cent when bought offline compared to 25 per cent when purchased online. It is a vast gap that we must address.
A tracking id is a must in eCommerce websites that can efficiently track down the returned products. Customers’ feedback gives an idea about the product’s quality.
Product return and refund are two different things. The return could be for various things, like, incorrect size, the difference in style or colour of the product, customer’s change of mind about the product, etc.
However, a large-scale refund tells us that the customer is not happy with the product.
Customized software by an efficient team regarding the sales, product return, and refunds could help optimize the product’s overall performance.
Google Analytics Refund Tool
This tool helps to track the refunds of several transactions—a great facility to track records.
Refund is an integral part of product return as many customers do not wish to keep the product due to various reasons. Some of the characteristics of the G.A. refund tool are:
- Sellers (companies) can use this tool for free. But it is always recommended not to import more than 100 refunds per day as G.A has special bot protection. G.A refund tool has an SSL protection system and does not save the refund data, and this feature makes the tool safer to use.
- Just by copy-pasting transaction ids, one can refund tens of transactions in less than a minute.
Product performance, product returns, and refunds are essential aspects of how the product performs amongst the customers and determines their buying behavior.
The key metrics to measure product performance in Google Analytics are product list view, detail view, product add, remove the view, unique purchase view, cart to detail rate and more.
Tracking a product return by tracking id and product id by the seller is a crucial feature.
The product’s return could be because of various reasons about the product, but a considerable amount of refund rates can determine the product’s quality is not up to the mark.
A customized software by an efficient CRO team can help a seller get maximum benefits, track the product’s overall performance, track the products’ returns and refunds, and convert the visitors on the online portal to buyers. To learn more about implementing Google Analytics,