Web analytics provider Coremetrics Inc. has launched a new benchmarking index for the retail industry, LIVEmark, based on data aggregated from retail clients it says account for some $10 billion in online sales annually. The index lets retailers compare themselves on more than 35 metrics to both industrywide benchmarks and to benchmarks established for their specific category–apparel and accessories, for example. Participation in the index is opt-in for Coremetrics' retailer clients.
The benchmark data are pulled from LIVE profiles gathered by Coremetrics for its analytics clients, which track actual site visitor behavior. That differentiates the new index from other measures that are based on survey extrapolation or sampling data, according to the company.
The metrics tracked provide a basis for comparison on key performance indicators that can guide marketing investment and web site feature investment, as well as indicate needed changes to content, pricing or creative. The benchmarked metrics cover areas including session traffic, visitor experience such as “site stickiness,” and also campaign transaction metrics such as average order value and new visitor conversion, site search conversion, effectiveness across a range of campaigns from e-mail to PPC. Besides apparel and accessories, category-specific benchmarks cover specialty retail, sports & outdoor, home, garden, general merchandises and books/music/video.
“We can spot industry trends in acquiring customers and affecting online shopping behavior, then adjust our strategy appropriately,” says Stephanie Garcia, director of e-commerce at Restoration Hardware, one of more than 70 retailers and brands that have been using the index in trial for the past five months.
“LIVEmark provides today’s multi-channel retailers with a full understanding of what is needed to drive profitability in the online channel,” says Joe Davis, Coremetrics CEO.
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