Funnel analysis helps you track how customers progress through a predefined series of actions and learn how they convert. Member registration from page views or browse-to-checkout conversion are the applications of funnel analysis. With SmartIntellect, you can configure each step of the funnel based on your business needs, measure conversion rates of each step, and quickly identify any drop-off points to optimize your conversion path effectively.
In This Article
Key Concepts
Before setting up a funnel analysis, it’s helpful to understand the following key concepts.
Funnel Steps
Funnel steps represent each stage of the customer journey you want to track. When setting up a funnel, you define specific events as steps. A customer must complete the designated event to be counted for that step. A funnel can have up to 10 steps in SmartIntellect.
Users
Funnel analysis is based on your customers. The primary metric is the count of customers who progress through each step.
Conversion Window
The conversion window refers to the maximum time allowed for a customer to complete all steps in the funnel. The shorter the conversion period, the better. SmartIntellect defaults to a 7-day conversion window, meaning customers must complete all steps within 7 days to be considered a successful conversion.
For example, if your funnel includes steps A, B, C, D, and E with a time range from September 1 to September 7, a customer who starts with step A on September 1 and completes all subsequent steps within 7 days will be counted as a conversion.
Time Range
The time range limits the period in which the tracked events must occur. The maximum span you can select is 92 days.
Conversion Rate
There are two types of conversion rates:
- Micro-conversion rate: The definition is “cutomers who complete step 2 / customers who complete step 1.” This rate helps you pinpoint stages where customer drop-off occurs.
- Overall conversion rate: The definition is “customers who complete the final step / customers who complete the first step.” Use this rate to assess conversion performance across different attributes.
Creating a Funnel
Follow these steps to create a funnel:
- In SmartIntellect, go to Reports > Funnel analysis.
- Click Create funnel.
- In the side panel, enter the funnel name and configure the funnel steps. Click Save Funnel once finished.
- Return to the Funnel Analysis page and customize the funnel by adding filters, adjusting the time range, or specifying attribute groups as needed. Currently, the conversion window (7 days) and the metric unit (unique visitor) can’t be modified. Stay tuned to our updates.
- Click Apply in the upper-right corner to view the funnel chart and detailed data.
SmartIntellect also provides a built-in SHOPLINE Core Funnel to help you get started quickly. This predefined funnel tracks key customer actions:
- Page View
- View Product
- Add to Cart
- Initiate Checkout
- Purchase
SHOPLINE Core Funnel cannot be renamed, modified or deleted. However, you can create a new funnel based on it in either one of the following ways:
- On the Funnel Analysis page, select SHOPLINE Core Funnel from the funnel selector and click the edit icon next to it. Then in the side panel, make any modifications as needed and click Save as new funnel.
- Go to Reports > Report List and copy it. Then make any modifications as needed.
Modifying a Funnel
You can modify any funnels you’ve created, except for the predefined funnel.
- Reset Configuration: Click Reset in the upper-right corner to clear all filters, time range, and attribute groups, and start fresh.
- Edit Steps: If you need to adjust a step, open the funnel editor, make changes, and click Save funnel.
- Duplicate Funnel: If you want to create a new funnel without altering the original, click the copy icon from the report list and then make modifications. Alternatively, click into a funnel, modify it, and save it as a new one.
Deleting a Funnel
You can delete any self-created funnel from the Report List page. However, once deleted, a funnel cannot be restored, so proceed with caution. The SHOPLINE Core Funnel is a system preset and can’t be deleted.
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