by Burc Tanir
Published on 10 May 2017
It's commonplace for eCommerce retailers to have trouble with identifying and forecasting some of their KPIs. But they might be unaware of how to boost their productivity, increase their revenue and save time by eliminating work that can be done manually.
Thanks to eCommerce calculators designed by cloud software companies, online retailers can pinpoint areas that need to be improved. These calculators are free-to-use and highly customizable depending on your business' metrics. Moreover, if you have some goals to reach in terms of KPI and can't figure out how to achieve those numbers, these calculators can be also used as a quick reference.This article focuses on 13 calculators that help you learn more about your current and potential performance, while providing your business team with a greater understanding of the needs of your eCommerce store.
In eCommerce, pricing is one of the most crucial things that customers notice when they want to buy a product. Online shoppers are experts at hunting down the best deals. They are armed with search and price comparison engines. The ability to monitor the competitors and market becomes an inevitable act for online stores to catch consumers in dynamic market.
Prisync's Benefit Calculator helps you to estimate how much time and revenue you will earn if you decide to use competitor price tracking software.
The most profitable stores are focused on getting repeat purchases through retention marketing. Loyalty programs improve results by making existing customers more profitable and they create loyal customers who are keen on shopping more from you and enhance the lifetime value per customer.
The Retention Calculator by Sweet Tooth Rewards shows you the metrics that can be a reference to your retention performance such as purchase frequency, customer lifetime value. The calculator also uses out a diagram that points out the estimated extra revenue to be gained by starting a loyalty program.
The most challenging part of dropshipping is to forecast the demand, manage the inventory, and target a profitable revenue. To solve that problem, great execution and accurate estimations are needed in order to sustain the growth of your business and keep your customers satisfied.
Oberlo's Dropshipping Traffic Calculator will tell you how many visitors you need to attract to reach your targeted revenue. With that quick information, you can plan your orders from a supplier and have a dedicated plan.
A/B testing allows you to make the most out of your existing traffic. As the needs of online shoppers change and evolve every day, you should continuously test and optimize your website.
To justify the results of your tests, you can take a look at VWO's A/B Test Significance Calculator which helps eCommerce companies figure out if their A/B tests are significant or not.
There are so many website graders around the Internet, but Hubspot's grader is detailed and accurate. Hubspot's Website Grader scores your website by analyzing the performance, mobile, SEO and security status. By taking this information as a reference, you can start making your website easier for users discover with better content and design. After you start optimizing your online store, you will see its impact on increasing the traffic and site speed, improving the conversion rates, generating more leads, and boosting the revenue.
Think about this scenario: you've launched a charming product to the market and it's selling like crazy. You are amazed at the sales results, but you need to be careful about your inventory level. You have to reorder before it goes out. If you order too early, you have to spend more for storing costs. If you miss ordering at the right time, the conversion rates will decrease as online shoppers begin to leave your store for one of your competitors if you fail to fulfill their needs.
TradeGecko's ROP Calculator let you know exactly when it's time to place an order for a new shipment of products. With the help of this calculator, you will optimize your storing costs and find the right time to order.
One of the most important things that every eCommerce companies should focus on is their Net Promoter Score (NPS).
With NPS tools, you are able to understand the journey of customers and find out how likely your users are willing to promote your product or service to their audience.
Delighted's NPS Calculator calculates your overall NPS score by calculating scores from surveys that you've conducted. You can also estimate how many promoters do you need to reach your KPI.
Instead of being bombarded by paperwork, an accounting tool that fits your business can help your business grow. Moreover, the productivity of your employees will be improved significantly.
By using data to calculate the number of orders per month and hourly salary of data-entry employees, Webgility's Accounting Automation ROI Calculator estimates how much time and money you are going to save.
Depending on its industry, the growth rate of an online store is related to its monthly visits, unique visitors, conversions, retention, and cart abandonment rate.
Perpetto's eCommerce Growth Calculator helps you to calculate your eCommerce growth score and potential annual revenue opportunity.
You put in a lot of work in order to get consumers to your store. But do you also put the same effort in preventing visitors from leaving? Often this is not the case and in 70 percent of the cases, customers leave the shop without having made a purchase.
11. Profit Margin Calculator
Profit margins are the major indicator whether your business will sink or swim. Compared with other variants, there is no other metric that directly affects the financial health of your business. This is obvious in the eCommerce industry.
Shopify's Profit Margin Calculator shows you the best selling price by melting your costs and markups into the same pot.
12. PayPal Fee Calculator
Shopify's next tool, PayPal Fee Calculator helps you to identify how much you will receive after one transaction and how much you should aim to set your selling prices in order to get the expected revenue after the cut-off from PayPal.
By identifying and reducing frustrating parts of your website, you can decrease abandonment rates and gain lost revenue.
BlueSnap's Checkout Conversion Calculator offers a test-based calculator for online merchants. This tool is mostly about understanding which part should be optimized in order to increase the conversions. The questionnaire is split in two parts - part one is about pre-payment, starting from the beginning of shopping journey to the moment shopper click buy button. The second part addresses the payment process and try to understand what could be the cause of checkout without closing the deal.
We've tried to mention interactive and highly customizable calculators that add value by answering your prospect's most pressing questions. With the help of these calculators, you can get an idea about how to increase your revenue and productivity with monthly subscription fees. The results from these calculators can help your business development, marketing and sales team to learn more about current and potential growth of whole business efforts.
If you know of another great calculator, please tell us in the comments below!
About the author:
Burc Tanir is the CEO at Prisync.com, the competitor price tracking software for e-commerce companies of all sizes from all around the world.