3 calculated enhanced e-commerce metrics in Google Analytics
Business summary: Calculated metrics can enhance business product performance perception.
As we all know Google Analytics enhanced e-commerce, if correctly implemented, gives us powerful data to analyze and makes the business decisions much easier and smarter. There are still couple of metrics I've been missing, so let me share with you my favorite ones I find very useful in daily business.
Removing product from the cart deserves a bit more attention. There's no default rate metric calculating with product removes in Google Analytics. We have an absolute number, so let's calculate it:
I use product quantity adds as denominator, because there has to be an add before remove can occur. The goal of this metric is to find the problematic products. Removing product from cart is strong user interaction very likely telling us that there might be something wrong with it deserving closer look. The higher, the worse.
By comparing purchased product quantity and adds to cart we'll able to know what percentage of added products were actually bought. The higher, the better and if we use ascending order we'll have the most potential loss making products. If the number is smaller than expected we're able to identify potential problem.
If we combine the analysis together with Remove-to-Add rate we'll know whether the product is added but not purchased because of unfinished basket or if it's in majority of cases intentionally removed by users.
As mentioned in the name we're going to find a lost product opportunity. It might also be called "Revenue potential", but when word "lost" is there it's slightly more eye-catching :). Metric definition is:
It's monetary metric showing us how much more money would we have if all added products quantity have been bought. Yes, I can imagine that this one will be a bit scary, so please consider it in context! There are a lot of websites where users add multiple products into cart and then make their selection by removing most of the products. In this case it's normal to have this number a bit higher.
Happy calculating :)