Shopify is a powerful tool that online retailers can use to build and grow their business.
also Google Analytics (if set), Shopify Analytics has powerful reporting capabilities that help direct-to-consumer retailers measure their website/business performance and guide future optimizations.
While its standard metrics are helpful for understanding how your store is performing, Shopify has specific reports that provide deeper analysis.
In this column, you’ll learn about five hidden gems in the Shopify Analytics reporting dashboard.
While the main dashboard can provide a quick reference point, you can export and manipulate reports to help understand how best to optimize your store.
First, let’s see what the standard is.
What Shopify Analytics tracks and measures
Shopify Analytics instantly tracks the following conversions:
- Session conversion.
- Add to Cart.
- Arrived at checkout.
Shopify Analytics collects the following metrics:
- Store the session.
- repeat customer rate.
- Average order value.
- exchange rate.
- total order.
- Top product.
- Sales by traffic source.
- marketing.
- Online Store Session by: Traffic Source, Location, Device Type, Social Source, Top Referrers by Session.
Now, let’s dive into these five Shopify Analytics Reports can be used to make more informed decisions for your ecommerce marketing strategy.
1. Sales over time (business report)
If you have a Shopify, Advanced Shopify or Shopify Plus plan, you will have access to 11 sales reports in the reporting section of the dashboard.
While most sales reports are similar to payment reports, you may notice discrepancies between items purchased in one month and payments made in the next month.
navigate to finance Section → Sales volume → Total sales Access the report. You can save the report or export it for further analysis.
When you view gross sales, all gross sales, taxes, and shipping are included.
This will also be deducted from the total if the customer returns it or uses a promo code.
benefit
The benefit of reviewing sales over time is making informed business decisions that can directly impact your bottom line.
Reviewing sales data, you’ll be able to identify cash flow trends, which may help you build forecast charts and expense plans.
By understanding the ebb and flow of customer buying behavior, you can focus on maximizing conversion rates and Provide an extraordinary experience for your customers.
Reviewing sales over time can also help you determine production planning and inventory control.
You can identify past trends to help establish product timelines that impact purchasing and sales activities to make room for additional inventory.
2. Shopify Retail Sales Report
Image via Shopify Analytics, February 2022If you have a Shopify, Advanced Shopify, or Shopify Plus plan, you can access the Retail Sales Report, which focuses on offline or brick-and-mortar store sales.
Note that a point of sale needs to be activated to view this information.
You can access and download this report in the reporting dashboard as needed.This report provides unique insights into you Omnichannel sales efforts.
benefit
By optimizing in-store and online sales tracking, you can provide more ways to engage with your brand.
Customers can buy online, pick up in store, or request curbside pickup, and you can rest assured knowing that all sales are tracked and reported together.
The report also allows you to analyze buying behavior.
For example, if you Send email reminders to customers New items in stock recently in your brick and mortar store, and you can track purchases accordingly.
Another benefit of this system is that you can meet your needs in a variety of different ways.
For example, let’s say you have a customer who wants to buy something in your store, but your current size is out of stock.
You can buy the right product online and have it shipped directly to their home.
3. Shopify Analytics: Selling at a Discount (Marketing Report)
Image via Shopify Analytics, February 2022Suppose you are currently taking advantage of discount codes offered through various marketing channels (i.e. influencer, email marketing, direct mail, etc.). In this case, you will gain valuable insights through the Sale by Discount marketing report.
In this report, you will be able to track the performance of each campaign and be able to see how profitable they are for your business.
You can also see how many promo codes you are running.
This will highlight if you have tags you want to deactivate because they are out of date, or if you need to create new tags.
benefit
Monitoring promo code efforts is critical to understanding which platforms and marketing efforts are generating leads and conversions.
This report will allow you to attach earned dollars to promotions.
Influencers may often ask for discount codes for their followers.
Having a unique discount code for each influencer will allow you to better gauge engagement and investment quality.
The Discount Sales report also shows any maintenance unprofitable discount codes.
4. Shopify Analytics: Sales by Product (Product Report)
Image via Shopify Analytics, February 2022In the same category of sales reports, you can move to Inventory Performance to see a sales report by product.
This report will help you identify which products are selling and which are underperforming.
Sales product reports can help your team better understand your customers and what’s important to them.
With product analytics, you can begin to identify which types of products will resonate, and it can help you predict which products you should invest in.
benefit
Your product sales reports can give you insight into how your products are performing Organic and Promotion.
For example, if you’ve recently promoted a product, you can track sales growth.
You can also track product performance without promotions.
If your product itself is doing well, you can start a design campaign to increase awareness of a high-quality product.
In the past year, companies have Lost nearly $756 billion Because of poor personalization in the online shopping experience.
You can use this knowledge to build sales marketing campaigns that prioritize the right products for your audience.
5. Shopify Analytics: Repeat Customers (Retention Report)
Image via Shopify Analytics, February 2022If you’re a relatively new online store, looking at repeat customers reports in the first few months will help you measure your initial impact on your audience.
Your repeat customer report as well as your loyal customer report will help you identify who has been buying from your online store.
Know who buys frequently, and you can customize your campaign to offer unique rewards, or contact the owner in person with a thank you note.
benefit
Identifying repeat customers can help you convert those loyal customers into referrals.
Happy customers can lead more people to use your product.
If you want to save money, it’s important to understand the costs associated with attracting new business.
Approximate cost five times Acquiring new customers is more important than retaining existing ones.
Repeat customers can have a big impact on your bottom line.
Researchers find that increasing customer retention by 5% can bring Profitability increased by an average of 75%.
in conclusion
Shopify offers a variety of solutions that benefit your online business.
No matter which plan you use, all Shopify customers have access to reports that generate meaningful insights for you to act upon.
These reports will help you identify trends, visualize product performance and guide your future investment in campaigns.
Understanding how your customers find your website, how they interact with your website, and which products resonate with them will have an immeasurable impact on your long-term success.
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