Today, data analysis has become a very crucial part of a B2B eCommerce store. Companies are opting for Google Analytics to score better in eCommerce conversion rates optimization. Most of the eCommerce managers obtain and utilize data from Google Analytics Enhanced eCommerce.
The launch of enhanced eCommerce by Google Analytics opens gates for marketers to access simple and intuitive reports. There are several reasons for the companies to enable enhanced eCommerce in their B2B store.
In this blog, you will get an overview of enhanced eCommerce and understand its significance for a B2B store.
What Is Enhanced eCommerce?
Enhanced eCommerce or EEC is a plug-in of Google Analytics, that enables a B2B eCommerce store to attain considerable insights into the shopping behavior of customers. It provides the organizations with reports concerning the overall performance of an eCommerce store. The reports they obtain are similar to the reports provided by Google Analytics Standard eCommerce tracking.
What is the difference? Here we go.
“Enhanced eCommerce has more granulated data that adds new marketing blocks to the businesses.”
The blocks tracked down by this eCommerce solution include campaigns, internal promotions, coupon codes, and affiliates. It customizes Google Analytics around the B2B website’s purchasing funnel.
Enhanced eCommerce allows them to measure the interaction of the customers to a specific product on the eCommerce site. The measures include product risks, viewing of product details, impressions, adding a product to a cart, and many more.
The companies can capture information from the data used by customers to make a purchasing decision and the alternatives they consider. Through enhanced eCommerce, they trace the complete sales success trajectory.
Difference Between eCommerce and Enhanced eCommerce
The eCommerce plugins only tend to track transactions. It is generally established on a “Thank You” page and gives insight into the amount spent on a website, estimates revenue, and identifies out-of-stock products. This data is used by sales, marketing, and finance. But, it has its limitations to enhance revenue generation.
On the contrary, with the help of enhanced eCommerce, a B2B store gets detailed and granulated data so that they can make informed decisions. It analyzes the products that the customers choose, add, and remove from the cart, or the products they finalize.
This eCommerce solution focuses on the points where users abandon the checkout process. So, the business owners are well informed about rejections and take corrective actions.
Reasons Why You Must Have Enhanced eCommerce Enabled On Your B2B Store
One of the success factors of an eCommerce store is to get an ample amount of sales metrics and customer buying behavior analysis. The effectiveness of this data and the relative actions taken brings a favorable outcome in revenue generation.
Better Understanding Of The Shopping Behavior
Shopping Behavior Analysis is like observing a customer’s shopping behavior in a mall. It leads to data about visitors viewing a product, adding some in the cart, inspecting them, and ultimately making a purchase.
Enhanced eCommerce lets you view the data from a shopping session or an abandoned cart. As soon as the business obtains the data, they start making assumptions and build a hypothesis.
Provide Robust Metrics Of The Product
Though the performance of the product can be tracked from Google Analytics Standard eCommerce tracking, it still differs from enhanced eCommerce. Apart from tracing items like revenue per product, quantity bought, and average price, an eCommerce store can also obtain information concerning the refund amount of the product, cart-to-detail rate, and buy-to-detail rate.
Let’s understand each of the information in detail.
- The product refund amount is the total refund amount for that particular product. This data is beneficial for the B2B eCommerce store with a high return rate. With the help of this information, businesses acquire insights into the products that render most of the returns.
- Every product is unique in its product description. Enhanced eCommerce gives the B2B organizations insight about the product mostly being viewed and added to the cart. If a product is viewed multiple times but is rarely added to the cart, it means that the marketer has to replace or change the price and data of the product.
- Buy-to-detail rate means the unique purchases made by the views of the product detail pages. It provides the business with a detailed analysis of the product being purchased frequently after viewing the site.
Deliver Insightful Sales Performance Data
Traditional eCommerce solution only tracks the sales performance and the sum of revenue of a particular date.
“Enhanced eCommerce reports deliver all the fundamental insights of the sales performance, i.e., the transaction ID, revenue, tax, shipping, refund amount, and quantity. It also provides data, percentage, performance, comparison, and pivot view options that are not enabled in any other Google Analytics tracking tool.”
While the B2B store sends the revenue and shipping amounts, they generally exclude VAT and track it in a different column. There is no need to generate a separate column in enhanced eCommerce. They can make a custom report and view the sales metric.
Track Product List Performance
The Product List Performance Report of enhanced eCommerce offers several lists and lets you understand the performance of products in terms of views, click, add-to-cart, checkout, and revenue, etc. The list typically involves categories, search result pages, and related products.
The report is beneficial in determining the most popular and viewed product, the performance of the product, and the revenue generated from these products.
With the help of Enhanced eCommerce, the B2B eCommerce store can also track the product purchased using a coupon code, impression, and click of internal promotions and affiliate links.
The business obtaining this report also gets insightful information about the activities related to the coupon and product codes.
Understanding Checkout Behavior
Enhanced eCommerce empowers the eCommerce business with a checkout behavior analysis report to identify the reasons behind cart abandonment.
If they could not find the reasons, they can conduct usability testing using the report.
Boost Economic Performance
The overview and product performance report gives you a snapshot of the metrics related to revenue and conversion rate generated by the product, the number of products involved in the average transactions, average order value, refunds, etc.
With the implementation of enhanced eCommerce, you can glance at every product and add categories and brand properties. It gives a perspective to the businesses for data evaluation. Also, the properties take string values that enable the creation of any category and brand taxonomy related to the B2B business.
Helps To Attain Merchandising Success
Apart from measuring product performance, an organization needs to measure the efforts of internal and external marketing that support the products. When businesses are associated with affiliate sites, they can use affiliate code to track revenue, transactions, and average order value to generate more traffic towards their site.
Similar metrics can also be tracked for order-level coupons in the Order Coupon Report. These reports allow the organizations to determine the effectiveness of a product coupon concerning revenue, unique purchases, and product revenue per purchase.
Allows to Track Conversion Rate and Average Order Value
Enhanced eCommerce gives you an eCommerce overview report with a detailed description about conversion rate and average order value.
Businesses with target conversion rates can glance at the loop holes and make necessary improvements. On the contrary, average order value assists you to access the closing deals of your site.
Enhanced Campaign Performance
The reports obtained from enhanced eCommerce provide the performance of the campaign in regards to standard marketing strategy. It tracks down the transaction, revenue, and average order value of the product to measure campaign, order coupon, and affiliate marketing.
With the help of the reports obtained, the enterprise can acquire the aggregate performance of each component and whether the campaigns are generating the shares in a business.
With Enhanced eCommerce, B2B businesses can obtain more robust and detailed shopping insights. It allows them to create segments and retarget visitors accurately based on their actions. Working actively in these reports will generate valuable inputs for the efforts put on improving the merchandising success, conversion rates, and revenue.