A brief about the agile usage of Shopify Analytics reports improving your sales, product overview, customer retention, and revenue.
Since its release, Shopify has become the prime medium of the eCommerce business of millions of online retailers globally. It’s the most convenient and easy-to-operate and manage platform, though. But most of them missed the simplest trick!
Shopify is about more than just easy creation, operation, and product sales growth. It’s about using and adequately nurturing the data to climb above competitors authentically.
The only significant way you can make the most out of Shopify is by understanding, analyzing, and making the right move on the top five analytical reports.
All the data from the five reports column will help you understand your site’s performance, customer behavior, and product demand in the best ways possible. And if you still lack understanding of the context, joining hands with a renowned Shopify Expert Agency is always open.
So, let’s dive into the fundamentals of the top five Shopify Analytics reports and what core benefits they will add to your business.
Shopify Business Report (Sales Over Time)
Merchants who have subscribed to Shopify plans such as Basic Shopify, Advanced Shopify, and Shopify Plus are well aware of the 11 reports compatible with all these plans combined.
Of many, the Sales Over Time report is where you will easily access the quarter, month, or any custom date-wise sales reporting.
To generate the report,
- Select the date range and enter the quarter (i.e., 1st quarter 2024)
- In the group by option, select ‘Month.’
You can save or export the report to Google Sheets or Excel for further calculation and verification.
Benefits
The core benefit of reviewing the Sales Over Time is to extract valuable data on customer purchases and product popularity amongst consumers. Also, you will get brief insights into cash flow trends, which is vital to predict and finalize the expense.
It will lead you to analyze customer purchasing behavior, and you will be more conscious about the conversion rate compared to the past.
You can quickly identify past trends and move ahead with advanced product timelines that will influence the purchase and sale event.
Shopify Marketing Report (Sale by Discount)
Sale by discounts directly refers to the discount code/coupon, such as promo code, code referred by an Instagram influencer, brand ambassadors, YouTube influencers, etc.
The Sales By Discount report helps analyze your marketing campaign’s performance. Also, it will give you a clear idea about the profit and loss report due to the discount offers.
By analyzing the Sales on Discount Report, you can quickly identify active and expired promo codes that need removal.
Benefits
When you start monitoring the Sales by Discount Report, you will get a clearer picture of your running campaigns and platforms, which promo code is making a mark, and which influencer has the highest promo code and users.
Also, what are the latest and unique promo code ideas currently running in the market, and how can you benefit from using them precisely?
Shopify Retail Sales Report
The report helps you measure information about your omnichannel sales effort. The Retail Sales Report is all about sales data made in offline stores. Merchants need to activate the Point-of-Sale option to review this report, and they can easily access and download the report at their convenience.
No specific subscription is required. Merchants can access the report in all three essential Shopify plans: Basic Shopify, Advanced Shopify, and Shopify Plus.
Benefits
The retail sales option gives different ways of purchasing and tracking experiences. You can offer many forms of brand interaction to your customers.
Your customers can buy online or pick up from the store, allowing them to connect with your brand more conveniently than ever before.
Shopify Sales By Product Report
You already have guessed the relevance of this report. The sales-by-product report helps you track the well-performing and underperforming products.
After a complete analysis of the Sales By Product Report, you can conclude what kind of product you need to add to fulfill the customer demand and what type of product needs replacements to maintain consumer purchasing consistency.
Benefits
You can track the product performance without any promotion. Also, you will get a clear vision of your product’s quality and visibility, which you can improve later.
Also, you can start a sales marketing campaign that prioritizes specific product quality details to improve its knowledge among your customers.
Shopify Customer Retention Report
Any Shopify store’s initial phase of success highly depends upon its customer retention report. Once they get the established tag, this report will become a Loyal Customer Report.
The customer retention report also indicates that your customers are utterly satisfied with your products and service offerings. Now it’s your turn to make them regular customers by offering gift cards and promo codes.
Benefits
The customer retention report will give you the upper hand in turning them into loyal customers. Also, it will improve your store’s engagement and performance enormously.
Returning customers will bring new customers, so you will save significantly on marketing campaigns that reduce your expenses.
Last and most importantly, you will experience a high revenue with each customer retention.
Final Thoughts
Shopify has become the primary platform for eCommerce businesses worldwide, and the impact can be seen with each year’s revenue growth. In contrast, merchants have become more cautious about their data and are trying new methods to improve their market growth and overall revenue. However, the reports mentioned above, proper utilization can add extra benefits to their sales and overall growth.
It could be challenging at times, and the technical aspects could lead to hindrances for beginners. With a helping hand, data measurements and optimization will become accessible and relevant. It also allows you to hire Shopify developers from Metizsoft Solutions to manage and optimize your Shopify store data. It sounds like the most beneficial decision from every aspect.