A repository of acronyms, jargon, and useful definitions perfect for eCommerce founders & marketers like yourself.
When an internet user visits your website for the first time, there is always a possibility of him/her becoming your regular customer in the future. Now, the time interval between any random user visiting your website for the first time and the user becoming your potential customer is basically what is termed as Time Lag. To be more technical, Time Lag is basically a Multi-channel Funnel that helps you analyze conversion paths in accordance with the contribution of each channel.
Time Lag reports help you understand how channels interact along a conversion path, and how long it takes your customers to buy or convert. Time Lag reports basically are a count of the number of days from the first day the advertisement of your brand made an impression on the mind of your potential customer to the day when your potential customer converts to your regular customer. It is a count of the number of days from the first campaign referral to conversion. As a business owner of an eCommerce store who is trying to boost its sales, it is very important to understand the conversion path that your users take and how different channels play their role in the same.
Suppose you have created an advertisement about your brand on Instagram Ads, Facebook Ads as well as YouTube Ads. Now, when you use certain platforms like Google Analytics to generate a Time Lag report, then using that Time Lag report you can figure out which channel is more successful in attracting more customers to your website, and accordingly you can invest more in advertising over that platform or channel in future. Using Time Lag reports is very easy, for example - if you are using Google Analytics, you’ll find the Multi-Channel Funnels option within the Conversions tab. Using these Multi-Channel Funnels you can understand how the various channels that you are using work or do not work together. And using the Time Lag report nested in Multi-Channel Funnel, you can figure out the conversion path every channel takes up for marketing.
Why should you use a Time Lag Report for your eCommerce Website?