Google Analytics is a great product for tracking your ecommerce site and with the wealth of people using it, there's some great education and resources out there too. Recently they also released a decent upgrade to their standard ecommerce tracking features. While many retailers will have already developed these capabilities through custom variables and reports, it now brings it more into the mainstream and upgrades all the default reporting, making it a great step up. The main areas are ecommerce specific tracking of product impressions, add to basket and general basket activity, promotional activity and checkout process. It does require your ecommerce site to be using Universal Analytics as opposed to the classic Google Analytics, which means an upgrade for many. There's a fair bit to consider when making the transition, but for a ecommerce site serious about success, Universal Analytics is the way to go.
It's been a long time since Google's ecommerce tracking got a boost so this is most welcome and will allow better visibility of checkout performance, product performance and promotional performance - all key areas for online retailers to be measuring and segmenting by different types of traffic and spend.
As usual, Kiss Metrics have put together a great piece that explains a lot more detail here. If you want to discuss what it could mean for your site - get in touch!