As per the statistics, there are 60% chances that if an app is opened only once in 7 days it will never be opened again. (Source: Localytics)
The fate of e-commerce apps is no different! Creating a fascinating user expertise is becoming necessary as brands develop their mobile offerings and hope to fulfill user expectations. We’ve made a list of some metrics you ought to be measuring and using to better comprehend users, improve app health and increase retention across the board. Assuming that you just have launched or are near to launch a native application on either iOS, Android, or both. Following is the comprehensive list of varied ways that will let you measure the success of your e-commerce mobile application so you’ll act quickly to maximise and improve its worth based on incoming knowledge.
1. App Downloads
Everyone monitors this, however, the metric itself isn’t a good indicator. Here’s why: the number of app downloads is the metric that’s generally used to gauge the performance of an app. Downloads don’t have any meaning at the end of the day. It’s a celebrated quotient though. More than 20 percent of apps that are downloaded are only used once. Once users uninstall an app once they downloaded, the download metric doesn’t amend as a result of an impact because they did originally download the app. Generally, 95% of the app users are lost within the 1st ninety days of the app download anyway. Therefore overall download stats are purposeless.
2. Retention Rates
Great mobile app analytics metric that helps with targeted user campaigns and gives the stats of engaged users.The metric acts as a operate of your users’ in-app behavior as well as a metric tied to in-app monetization. In its most simple definition, the retention rate is that the share of users who come back after their initial visit.
Here ‘visit’ holds more importance than downloading the app, users might install an app and never open it.
3. User Lifetime Value
One must track this because it is known to be the most effective predictor of future sales. This key mobile app analytics metric is called lifetime value of a user. In this typical revenue reportage, it is measured how frequent users spend money in your app on the basis of a definite interval (day/week/month/quarter/year). And that’s a very legitimate approach to track revenue for any product which makes LTV more vital. It helps in tracking not only revenue per user, but conjointly the potential and future revenue that a user will bring. As such, it becomes a predictive metric for future of apps.
4. In-app Referrals
One must encourage and track referral codes to adjudge the success rates your app. Virality is an important element of the lifetime User value metric, which is glancing at data points to ascertain how frequently users organically share your application with their friends. However, in-app referrals are such a crucial factor in the general success of your app that one must track them separately.
5. App Performance Analytics
Crashes, lags, errors, slow load times are the factors that degrade your app performance. Every time an app performs inadequately the other metrics will degrade in tandem. One must use App Performance Analytics to track and plug the leaks.
6. App Ratings and Review Analytics
We live in times when a review matters more than the features of your app which is why one must essentially use App ratings and Review Analytics.
As an e-commerce company, one must always track this metric to ensure the overall satisfaction of your buyer base is high and work on the bad reviews to keep the image of your e-commerce brand uplifted.
7. User time In-app
The level of engagement with your e-commerce mobile app depends on how much time users spend on your application. Continuous improvement can be done on the basis of this metric to increase the in-app time of users.
8. Session Interval
At what rate users interact with your app every day/week/month, or less? Future engagement and potential revenue heavily depend on this metric because it shows the frequency of engagement and conversion and it can be then used as a retargeting tool.
Relevant data makes you stand out which is derived from the metrics above. If above metrics are tracked, your e-commerce mobile app may become the next big brand and very soon!