The coronavirus-induced change in shopping behavior has been a boon for some online shoppers and a bust for others. The impact depends on products, geography and marketing channels.
Google Analytics can identify pandemic-related problems and opportunities for your business. I explain this post.
Most traders are aware of daily revenue. Sales of groceries and other important goods have increased 50 percent or more compared to previous years. However, sales of high ticket items have probably decreased.
Go to Google Analytics to measure your business activity Acquisitions> All traffic> Channels. Then select a new date range, for example the last 30 days, and select "Compare to" (top right, near the date range) and select "Previous Year."
Look at changes (overall and for each channel, with improved e-commerce) in users, sessions, transactions, conversion rate, and revenue.
Look carefully at the information.
- Were the income higher, lower or unchanged?
- Did specific channels, like paid search or organic search, change more than others?
- Did conversion rates change significantly?
Covid-19 has affected world-wide regions to varying degrees. Analyze how geography affects your business Audience> Geo> Location. Choose the countries with the most sales.
Then compare today's results for regions (ie states, provinces) with the previous year. In the example below, New York and New Jersey experienced much higher revenue growth than other US states.
Check the products that had the biggest change in sales year over year at Conversions> Ecommerce> Product Performance. Compare with products and also by product category.
In the example below, product category reporting identified a significant increase in sales of a food item (olive oil) but a decrease in soaps. The reduction in soap sales may counteract an epidemic. But the soap in this case is not antibacterial. Buyers probably preferred germicides.
Investigate changes in paid search performance. Go to Google ads Acquisitions> Google Ads> Campaigns> Clicks to compare 2020 to 2019.
Then identify changes in return on ad spend (ROAS) with the Google Ads campaign.
Look closely at ad groups, keywords, and especially search queries, which may indicate opportunities for new or existing products. If you have imported cost data for Microsoft ads and other paid search channels, you can also analyze them.
Adjust your business based on the analyzes above. Consider:
- Update your website to showcase high demand products.
- Different stock purchases for top sellers.
- Use search query data to identify new product opportunities.
- Fine-tune paid search, affiliate ads, Facebook ads and other marketing buttons based on reports.
For paid search, don't focus solely on total cost per click. Tweak geo-based bidding and bidding of products and categories of data suggest this.
Given the great effect of Covid-19, it is important to monitor your KPIs frequently. Create a Data Studio report for instant visibility. Take advantage of opportunities quickly and fix problems to flourish in these unprecedented times.