Order management software enables you to easily input and track orders, synchronize inventory automatically and have full visibility of your customer’s order history. Wholesalers and manufacturers who use order management software see many benefits including streamlining the ordering process and fulfilling orders more rapidly. Both leading to higher satisfaction rates among their customers. Being able to collect data and analyze KPIs is another advantage of using order management software.
If you are looking to increase your customer’s satisfaction and loyalty, take a look at some KPIs you need to track to help improve what you do and the kind of experience you deliver for your customers.
What does a typical order look like?
You can use order management software to create a more detailed picture of what the typical order looks like. You can for instance track the average amount spent per order, the number of products ordered, identify the products often purchased together and calculate the average amount of time between orders.
Use this information to make better shopping suggestions or to identify trends and factors that could influence the amount spent on orders or the frequency of orders.
Shopping cart abandonment rate is another KPI you need to track. You can then test different methods to get shoppers to come back to your site and finish their order to figure out how to reduce your shopping cart abandonment rate.
How long do customers have to wait for their order?
Using online order software allows you to calculate the average amount of time spent per order. You can break this down into the different processes that play a part in fulfilling an order, such as the amount of time spent talking to a customer on the phone and the amount of time spent on preparing the order for shipment.
Shipping time should also be tracked so you can make sure you are consistently offering a good experience for shoppers. You should also track variations in shipping time so that you can provide shoppers with a more accurate estimate of how long it will be before they receive their order.
How many returns do you receive?
You can greatly improve the way you handle returns by tracking a few KPIs such as the percentage of orders returned and the percentage of returned products that get resold. Ask customers why they wish to return a product so you can determine what the main issue with your products is. A high number of returns could be caused by a quality issue with products, but returns might become more frequent if the product descriptions do not give shoppers a good idea of what to expect.
You should also track the cost of handling returns and test some strategies to handle returns more efficiently, resell more returned products and reduce the number of returns. Use surveys to get an idea of the satisfaction rate among customers who go through the return process since bad experiences could lead to negative reviews for your brand.
How well do your marketing campaigns work?
You can use order management software to improve your marketing campaigns. Connecting order data with your marketing campaigns is the best way to assess how efficient your campaigns are and figure out what your ROI is for every marketing effort.
You can for instance track how many shoppers placed an order after seeing a specific campaign. You can also gather data on how discounts, sales, coupons and other promotional offers such as free shipping affect order volumes.
These are only a few examples of KPIs you can track thanks to order management software. You should focus on the KPIs that will help you meet your current goals and improve any process you have been having issues with.
And remember that tracking KPIs and gathering data on your orders is useless unless you put this information to good use and develop new strategies to improve your order management process. You can then test different solutions and measure what works and what doesn't thanks to order management software.
