16 key metrics you need to be tracking in your Magento website

In today's digital world, ecommerce websites are the lifeblood of businesses. Among the various platforms available, Magento has emerged as a powerful and popular choice. However, to ensure optimal performance and maximize your online business’s success, it's crucial to have full-stack monitoring in place. 

In this blog post, I’ll explore the top metrics for monitoring your Magento website. In addition, I’ll explore how New Relic provides full-stack monitoring for your Magento website so that you can better understand:

• Site and store performance
• Inventory insights
• Customer behavior

Monitor site and store performance

The following metrics are important for understanding the volume of transactions, the performance of your site, and their impact on revenue. These insights help ensure that your website is providing a positive user experience and not losing revenue due to performance issues.

1. Total orders

This metric measures the total number of orders placed on your website. It’s a good indicator of the overall health of your business. This valuable insight allows you to assess the effectiveness of your marketing campaigns and make informed decisions to improve your conversion rates.

2. Total revenue

Accurately measuring the total revenue generated by your Magento website is vital for business success. New Relic provides comprehensive tracking and reporting capabilities, enabling you to analyze revenue trends, identify peak periods, and optimize your sales strategies accordingly.

3. Revenue at risk

System downtime, slow performance, payment gateway issues, or content delivery network (CDN) failures can all contribute to revenue loss. New Relic full-stack monitoring empowers you to identify and mitigate these risks promptly, ensuring uninterrupted revenue flow.

4. Orders missed

When your website experiences performance issues, such as slow loading times or system downtime, customers may abandon their shopping carts. New Relic helps you track these missed orders, allowing you to address underlying issues and minimize revenue loss.

5. Response time and page load time 

Optimizing website performance is crucial for providing a fast and seamless user experience. New Relic monitoring tools enable you to track response time and page load time, allowing you to identify performance bottlenecks, optimize your website, and enhance customer satisfaction.

Unlock inventory insights

Efficient inventory management is critical to ecommerce success. By analyzing inventory data, you can identify areas where your inventory management is performing well and areas where it could be improved. This information can help you make changes to your inventory management process that help increase revenue and customer satisfaction.

6. Fastest-moving inventory performance

This metric measures the products that are selling the fastest. This information can help you ensure that you have enough of these products in stock to meet customer demand.

7. Slow-moving inventory performance 

Monitoring slow-moving inventory helps you identify underperforming products and adjust your sales and marketing strategies accordingly. By having this insight, you can make data-driven decisions regarding inventory management, promotions, or product retirement.

8. Wish list activity 

Understanding which products are frequently added to wish lists provides valuable insights into customer preferences and trends. New Relic enables you to track and analyze wish-list activity, empowering you to optimize your product offerings and identify products you may want to promote.

9. Restock alert analysis 

This metric measures how often products are out of stock. Identifying products that need to be restocked more frequently helps you streamline your inventory management and fulfill customer demand promptly.

Understand customer behavior

The following metrics are important for understanding what your customers want and how they’re using your website. This information can help you make changes to your website that will lead to increased customer satisfaction and loyalty.

10. Checkout funnel analysis 

This refers to each of the steps that a customer would need to take to get to a successful checkout. For example, the image above shows the number of users from the “view product” stage to a “success page” that indicates a transaction. Tracking customer interactions and behavior helps you identify any potential frictions customers may face during the ordering process. This funnel view allows you to enhance the user experience, streamline the purchasing journey, and minimize cart abandonment rates.

11. Abandoned carts

This metric measures the number of carts that are abandoned before they are completed. This information can help you identify the reasons why customers are abandoning their carts and make changes to your checkout process to reduce cart abandonment rates.

12. Revenue-making channels 

This metric measures the performance of different revenue-generating channels. This information can help you identify which channels are most effective and then help you make changes to your marketing strategies and campaigns to focus on the most effective channels.

13. Customer lifetime value (CLV) optimization

This metric measures the total amount of revenue that a customer generates over their lifetime. This information can help you identify customers who are most valuable to your business and make changes to your marketing strategies to attract and retain these customers. New Relic facilitates the analysis of customer behavior and purchase patterns, allowing you to calculate CLV accurately. 

14. Churn rate vs. growth rate

These metrics measure the rate at which customers are leaving your business compared to the rate at which new customers are joining. New Relic full-stack monitoring capabilities provide insights into customer churn, helping you implement retention strategies for sustaining a healthy growing customer base.

15. Identify loyal customers

Track which customers make multiple purchases from your site. Identifying and nurturing loyal customers is key to building brand advocacy and driving long-term success. With New Relic, you can easily identify your most loyal customers, enabling you to reward them with exclusive promotions, discounts, or personalized offers.

16. Identify fraudulent activities

Monitor customers who repeatedly buy the same product over time and detect those who frequently change payment methods or addresses. By leveraging New Relic, you can effortlessly spot fraudulent transactions on your website, mitigating potential disruptions.

Conclusion

Full-stack monitoring of your Magento website is essential for maximizing your ecommerce success. With its Magento integration, New Relic is making it easier than ever for you to get a comprehensive view of your ecommerce journey. Monitor site and store performance, efficiently monitor inventory, and deeply understand customer experiences and behaviors at every stage of your ecommerce journey. 

Business observability is the art of capturing, measuring, managing, and correlating performance with key business results in real time. It helps eliminate data silos by actively aligning monetary costs and revenue impacts to the performance of systems, applications, and processes. New Relic provides business observability for retail and ecommerce organizations by providing visibility into every stage of the ecommerce journey, faster issue resolution with proactive error detection, and comprehensive third-party integrations, such as with Magento.