KPI benchmarking vs industry

[Jan_612]

Dear Shopify Community, 

I'm sometimes wondering whether my performance metrics are good or not when compared to my industry. Do you have any idea where and how I can compare my KPIs with my industry peers to find out where I'm strong already and where I can improve further?

After doing some research, I found this tool helpful: https://marketing.dynamicyield.com/benchmarks/

Still, it's not quite what I want. After all, I would like to filter by ALL their filters at one plus some more metrics I would like to investigate.

Grateful for any hints or ideas!

Thanks and best,
Jan 

[Gabe]

Hey Jan! @Jan_612 

Thanks for the question and you have reached the German community here, but we can continue to chat in English too, that's no problem! A QQ: are you on a Plus store? If yes, you can 

book a KPI Assessment and start working with your Merchant Success Team to gain valuable insights for your business.

So you are looking for online KPI lists and performance benchmarks and metrics. These are important to know in order to carry out an effective SWOT analysis and make better informed decisions for your business and online store! We have a few great blog pieces on these topics in German here in case they can help you!

Do you primarily want to compare your store against other stores? It isn't exactly clear what you mean as this is a massive topic area and such metrics can come from a lot of different areas and you haven't specified what metrics you mean.

Essentially, there are 3 key areas of your business that you can review: conversion rates, average order value (AOV), & daily online sessions (traffic). Others are CLV (customer lifetime value) and CRRs (customer retention rates) and we can chat about all of these individually here if you like. 

To give you an idea of where you’re sitting, you could examine your store’s conversion rate in an applicable quartile range (easy to do in your analytics) and compare that to other stores in your industry. If you ask the question in our various online FB and Reddit Forums, you will get a lot of replies from other merchants like yourself.

You can then compare your store's data to other stores operating in your industry, region, & who generate similar volume of sales. Perhaps your conversion rate is in the Bottom 25% range but your AOV is in the Top 25% when looking at other stores in your industry. to know more you may need to do a deeper assessment of your store to:

• Show you how your store compares to other businesses.
• Give you insights into how your business is performing.
• Get our experts to offer you more personalized recommendations based on your KPIs.

Hope that helps! 😉