Getting Started - Grow with WooCommerce
Grow with WooCommerce is a free plugin that helps WooCommerce store owners increase their revenue.
Using site data from Google Analytics and order data from WooCommerce we can show how you are performing. You can set targets and track your performance against your expectation. This let’s you determine what is working and what is not, easily, quickly and accurately.
The calculations we use
These calculations at the heart of all eCommerce businesses.
Sessions x Conversion Rate = Orders
Sessions x Conversion Rate x AOV = Revenue
N.B Each element is called a metric. You probably knew that, but best to keep you unto date with the lingo!
We used to call this visitors and before that hits. Now we call it Sessions and it is a measure of a person browsing your site.
A session is different from a visit as it can be a set of interactions with a site within a specific amount of time. For instance Google Analytics sets the default time frame to 30 minutes and within that there may be multiple site visits.
Sessions are collected from Google Analytics
CR (Conversion Rate)
The amount of orders created from your visitors.
Conversion Rate is calculated by dividing WooCommerce Orders by Google Analytic Sessions
AOV (Average Order Value)
This one is a little easier! The average amount each customer spends.
AOV is calculated by dividing WooCommerce total revenue by WooCommerce total orders
There are two sections to WooCommerce Grow: Targets and Dashboard
The importance of setting targets
Setting targets for growth is important to give you something to aim for and something to structure your business plan around. It should be flexible and adapt as you grow. It should be the main tool you use to orientate the growth of your business.
Set targets for your store on the Targets page. On the Dashboard page the main panel will be looking at the current months progress compared to the set targets.
For example if you have a target Revenue of £2000 and you have so far this month reach a revenue of £1000, then the Dashboard will show that you have reach 50% of your Revenue target.
Missing your Target or Hitting your Target
This notification is a quick glance to determine if you are on track by calculating how many days left you have to reach your revenue target.
For instance if we have a target revenue of £2000 and have an actual revenue of £1000 we are 50% towards our target.
However if we have only 5 days left until the end of the month then we are missing our target. We are unlikely to reach our target revenue.
If we had reached 50% of our target revenue within the first week however, we would be on track to hitting our target.
This notification calculates our performance in respect to the time left till the end of the month. It’s a good check to see how we are progressing through the month.
What is on target and what is not
Revenue and Orders are calculated by multiplying together other metrics. By looking at the individual metrics we can determine what is on track and what is not. Each metric is displayed with:
- The actual amount to date
- The target amount
-The percentage difference between actual and target
In the target settings you can also set specific targets for each metric. You can be as granular as you require.
Your actual revenue is plotted with your target revenue. This provides you a view of your performance against expectation. We have included the ability to compare across 3 different timeframes: 1 month, 3 months and 12 months.
All previous months targets and revenues are saved and displayed here.
Download Grow with WooCommerce from the WordPress plugin repository