8 Best eCommerce Analytics Tools in 2023
Enhance your conversion rate and customer journey through these top eCommerce analytics tools.
I’m RC, the founder and CEO of my own 8-figure D2C business Rejuvia. Managing and growing eCommerce business successfully is quite hard. It requires you to wear many different hats and make many important decisions each day.
As the CEO of an 8-figure eCommerce company, some days I have to strategically plan inventory and finances and other days I am working on optimizing my advertising performance in Facebook and Google.
It can get stressful! But, there are plenty of eCommerce analytics tools that make my life as a CEO much easier and that help me generate more profit in my eCommerce business.
In this article, I will review the top 8 best eCommerce analytics tools and discuss their main features.
What is eCommerce Analytics?
eCommerce analytics involves gathering and leveraging data from your online store to make data-driven decisions, ultimately boosting digital sales by adapting pricing and marketing strategies in response to changing customer behavior.
Specialized tools in this field offer insights into different aspects of the customer journey, including customer acquisition, user experience, and cart abandonment. These analytics tools empower businesses to optimize their online operations for improved results.
What Can You Do With Your eCommerce Analytics Data?
You can leverage your eCommerce analytics data in multiple ways to drive more business growth and profit. Here are 3 key ways I use my eCommerce data as a CEO:
Improve my website’s conversion rate
High-quality eCommerce analytics data can help you increase the conversion rate on your website. By leveraging your data, you gain invaluable insights into how visitors interact with your site, allowing you to identify bottlenecks, pain points, and areas for improvement in the customer journey.
With a thorough understanding of where sales originate and their average order value, you can fine-tune your pricing and marketing strategies to resonate with your target audience more effectively. You can conduct informed experiments, A/B tests, and optimizations, including refining website copy, images, and checkout processes to drive higher conversions and ultimately boost your online revenue.
Understand my customer behavior better
Effective eCommerce analytics data plays a pivotal role in helping you gain a deeper understanding of your customer behavior. By examining your data, you can uncover invaluable insights into how your customers navigate your website, what products they prefer, and the specific paths they take before making a purchase.
This helps you segment your audience based on personal attributes, browsing habits, and interests, allowing you to send more personalized offers and tailored marketing campaigns. You can also identify patterns of cart abandonment or checkout abandonment to reduce dropout rates and recover potential lost sales.
Create better experiences for my customers
It's crucial to consider the user experience. An impressive 50% of consumers are willing to pay a premium for a superior online shopping experience, and the quality of this experience directly correlates with repeat purchases and word-of-mouth referrals, thus elevating customer lifetime value.
Leveraging the power of analytics data equips you with the insights needed to enhance your website's user experience. You can leverage data to tailor site content to individual users, presenting them with customized product recommendations based on their browsing history and preferences. Lastly, you can optimize the overall customer journey by strategically timing your interactions with website visitors.
The 8 Best eCommerce Analytics Tools
Now let’s explore the top 8 best eCommerce analytics tools for your business.
1. Triple Whale
Triple Whale is an eCommerce analytics and data platform tailored for direct-to-consumer Shopify brands. Launched in response to the iOS-14 release in 2021, Triple Whale’s primary aim is to provide eCommerce businesses with real-time, precise financial reporting, marketing analytics, and customer data.
The platform offers a centralized hub for essential eCommerce metrics such as customer acquisition costs, lifetime value, contribution margin, and return on ad spend, eliminating the need for spreadsheets and multiple Shopify apps.
Triple Whale’s platform customizable dashboard is a standout feature, allowing users to create tailored reporting sections and metrics. Triple Whale also integrates seamlessly with various eCommerce software, including Facebook, Google, Klaviyo, Amazon, and Recharge, although it currently supports only Shopify stores. Overall, Triple Whale streamlines data management and reporting, offering an all-in-one solution for eCommerce analytics.
2. Northbeam
Northbeam is a robust eCommerce analytics platform that offers a range of features, including pixel tracking, advanced machine learning, real-time data processing, and multi-touch attribution. It serves clients like Kizik, HexClad, and The Ridge, boasting an average revenue increase of 44% for its users.
Northbeam is primarily designed to optimize advertising spend and enhance ROI for digital marketers. It achieves this by providing comprehensive attribution analysis, pinpointing revenue sources across various channels and touchpoints. The platform allows for customized reporting, the creation of ad overspending alerts, and employs machine learning to monitor customer sources. Additionally, it offers tools for tracking and analyzing customer behavior, including filters for date range, path length, and generated revenue.
Overall, Northbeam empowers eCommerce businesses with data-driven insights to improve marketing strategies and revenue performance.
3. Google Analytics
Google Analytics is a web analytics tool that offers a wide range of capabilities, but here are three primary use cases for it:
Audience Insights: Google Analytics allows you to gain valuable insights about your website visitors. You can use it to understand the demographics, interests, and geographic locations of your audience. This information is helpful for tailoring your content and marketing strategies to better engage your target demographic.
Conversion Tracking: You can set up conversion goals in Google Analytics to track specific actions on your website, such as completing a purchase, signing up for a newsletter, or downloading a resource. This helps you measure the effectiveness of your website in achieving your business objectives and allows you to make data-driven improvements to boost conversion rates.
Traffic Sources and Acquisition: Google Analytics provides insights into where your website traffic is coming from. You can see which sources are driving visitors to your site, whether it's search engines, social media, referral websites, or direct traffic. This data helps you assess the performance of your marketing efforts and allocate resources to the most effective channels to maximize your online presence.
Learn more about Google Analytics
4. Hotjar
Hotjar is a powerful visual tool designed to provide valuable insights into user interactions on your website through the use of heatmaps. It allows you to pinpoint the "hot" and "cold" zones of your site while also facilitating visitor feedback collection. Additionally, you can create real-time user recordings to enhance your conversion rates and tracking. With Hotjar, you can:
Assess the effectiveness of your copy and Call-to-Actions (CTAs) by identifying those that yield the highest conversions.
Gain a clear understanding of areas on your website that may require improvement, helping you enhance user experience and site performance.
Pinpoint weaknesses in your site and sales funnel to drive improvements in key eCommerce Key Performance Indicators (KPIs).
However, it's important to note that Hotjar does not integrate with Google Analytics. If you're seeking an all-in-one solution, this tool may not fully meet your needs.
5. Lifetimely
Lifetimely is a comprehensive eCommerce analytics platform. Lifetimely offers a range of plans, all priced below $149 per month, making it an affordable choice for businesses of all sizes. It provides an extensive set of features, including inventory metrics, order tracking, and integrations with major ad accounts like Facebook Ads and Google Ads.
One notable advantage is Lifetimely's robust LTV (Lifetime Value) reporting, which includes advanced metrics, extensive filtering options, and tools for actionable insights. Additionally, Lifetimely offers unique features like month-to-month LTV projections and industry benchmarks, setting it apart in the market. Lifetimely provides a cost-effective and feature-rich solution for eCommerce businesses, making it a strong alternative to Peel Insights.
6. Supermetrics
Supermetrics is a simplified analytics tool designed to streamline the management of your eCommerce data. Its primary functions include effortlessly importing data from various sources such as social media ads, Shopify, online marketplaces, email marketing tools, and SEO analytics.
With Supermetrics, you can delve into the data and analyze the effectiveness of your marketing campaigns in driving revenue. The tool allows for the automation of data updates, ensuring that your reports are always current. Additionally, you can schedule email notifications to receive regular reports, saving you time and effort in monitoring your eCommerce activities.
Supermetrics serves as a valuable asset for eCommerce businesses looking to optimize their marketing efforts. It enables users to focus on refining their marketing materials while providing the necessary insights to make data-driven decisions.
7. Peel Analytics
Peel is an analytics platform tailored for Shopify and Amazon sellers. It empowers businesses to enhance customer retention and increase customer lifetime value by providing valuable insights. Peel's goal is to help companies personalize the customer experience, ultimately leading to more repeat purchases and revenue growth.
Peel's key features and solutions include the ability to create hyper-targeted customer audiences for personalized retention campaigns, analyze subscription data from industry-leading platforms to gain growth and retention insights, and monitor customer behavior patterns over time through cohort analytics. The platform centralizes customer purchasing data, making it simple, accurate, and reliable for businesses to make data-driven decisions that drive sales and improve customer relationships.
Learn more about Peel Analytics
8. Rockerbox
Rockerbox is a versatile marketing measurement platform that offers tailored solutions for marketers. Its key functions encompass centralizing marketing and spending data, providing deeper insights into the customer journey, enabling data-driven marketing budgeting, and facilitating daily optimization of marketing channels.
Rockerbox helps marketers aggregate and centralize their marketing and spending data from various sources, creating a single, comprehensive view of their marketing efforts. This centralized data approach allows for a more efficient analysis of marketing performance and spending.
One of Rockerbox's core capabilities is its ability to provide insights into the customer journey. Marketers can gain a better understanding of how customers interact with their brand across different touchpoints. This knowledge is invaluable for creating more targeted and effective marketing strategies.
9. Snowplow
Snowplow eCommerce analytics is an open-source platform designed to provide comprehensive insights into online retail operations. It enables businesses to track user interactions and events on their eCommerce websites or mobile apps, offering a deep understanding of user behavior, product performance, and the effectiveness of marketing efforts. This data-driven approach helps optimize the customer journey, improve conversion rates, and enhance the overall eCommerce experience.
With Snowplow, businesses can customize event tracking, segment their audience, and implement custom attribution models to allocate marketing budgets effectively. Real-time analytics capabilities enable monitoring of eCommerce events as they occur, facilitating quick responses to issues and opportunities.
Furthermore, Snowplow offers seamless integration with data warehouses, allowing for in-depth analysis and reporting, ultimately empowering eCommerce businesses to make informed decisions, boost revenue, and stay competitive in the online retail landscape.
Recap
In conclusion, successfully managing an e-commerce store is anything but a walk in the park; it's a constant challenge to boost online sales and revenue. The path to improving e-commerce Key Performance Indicators (KPIs) can be quite demanding, but the right data analytics tools are the compass that helps you navigate this complex terrain. They enable you to understand your data, measure crucial KPIs, and strategically plan for growth.
E-commerce analytics tools play a pivotal role in optimizing various aspects of your online store's performance, from user behavior and conversions to data security. These tools offer a multitude of benefits, including shedding light on the effectiveness of your marketing campaigns, helping you fine-tune your strategies for enhanced conversions.
They also empower you to capture valuable customer data, enabling you to deliver a seamless and personalized customer experience across all touchpoints and devices. Additionally, e-commerce analytics tools provide data-driven insights on your top-performing products, aiding in inventory management and future planning. Furthermore, they offer recommendations for optimizing the user journey at every stage, from discovery and acquisition to conversion, retention, and advocacy.
