If you are running a business on Shopify and looking to take it to the next level, then you should consider using in-depth analytics and forecasting tools. When leveraged correctly, data-driven insights can have an incredible impact on your bottom line by arming you with deeper knowledge about customer behavior, shopping trends, and marketing performance. According to McKinsey Institute, data driven organizations are 23 times more likely to acquire customers.
With Shopify Analytics & Forecasting, you’ll have access to exclusive insights that will help improve revenue growth through improved product optimization, targeted messaging campaigns, and cost-effective decision-making. In this blog post, we’ll break down all of the features of these powerful tools for you to make informed decisions!
Key Shopify Analytics and Forecasting Reports
Shopify analytics and forecasting reports are crucial to understanding the success of an e-commerce business. All aspects of a store’s performance can be tracked via Shopify dashboard reports, from sales figures and product details to customers and billing information. By looking at detailed performance data over time, merchants can make smart observations about their customer base and identify growth opportunities.
Reports take the guesswork out of identifying trends, enabling merchants to make data-driven decisions that lead to higher profits and stronger business performance. With advanced reports, businesses can predict upcoming sales cycles or stock supply needs, so they’re always well-prepared. Whether you’re just starting with an online selling platform or already boast a strong presence in the space, Shopify analytics and forecasting tools will be an invaluable part of running your business. Let’s explore the major Shopify analytics and forecasting reports.
1. Shopify Analytics: Sales Reports
The Shopify Sales Report can track your sales data and performance over time. The report includes several metrics, such as total sales, average order value, and conversion rate. You can use the report to track your progress and identify areas where you need to improve.
2. Shopify Analytics: Customer Reports
The Shopify Customer Report helps you understand your customers better. It includes customer acquisition, lifetime value, and customer retention rate. You can use the report to identify areas where you need to improve your customer service or marketing efforts.
3. Shopify Analytics: Behavior Report
The Shopify Behavior Report can help you understand how your customers interact with your store. It includes information on page views, add-to-cart rate, and checkout rate. You can use the report to identify areas where you need to improve your store design or user experience.
4. Shopify Analytics: Inventory Report
The inventory report shows you how much inventory you have on hand for each of your products. This report can help ensure you have enough inventory to meet customer demand.
Why Should You Keep an Eye on Shopify Analytics and Reporting?
When running an online store, it is essential to stay informed on analytics and reporting. By keeping an eye on your Shopify analytics and reporting, you can gain valuable insights into your store’s performance. This information can help you make smarter business decisions regarding understanding which products are trending, forecasting profitability, and spotting areas of improvement within your company.
Additionally, these analytics give shoppers more confidence in their experience quality. Knowing where visitors are coming from and how they find products makes for a smoother shopping journey and a more trustworthy relationship with customers. Keeping track of Shopify Analytics assists in evaluating how well your operations are running and taking control of the elements that influence store success. Following are some key benefits of using Shopify analytics and reporting for your business.
1. Track Sales Conversion
Shopify analytics helps to track sales conversion. You can see how many visitors to your site are making a purchase. This information can improve your website design and overall user experience. IBM reports that 62% of retailers notice a competitive advantage by using data analytics and forecasting.
2. Track Traffic Sources
Shopify analytics also assist in tracking traffic sources. This helps identify which marketing channels drive the most traffic to your site. This information can adjust your marketing budget and focus your efforts on the most effective channels.
3. Track Marketing Campaigns
Another reason to keep an eye on your analytics is to track marketing campaigns. This way, you can see which campaigns drive the most traffic and sales. This information can improve your campaigns and make them more effective.
4. Get Insights into Customer Behavior
Another benefit of tracking analytics and forecasting is getting insights into customer behavior. By understanding how customers interact with your site, you can make changes that will improve their experience and increase conversions.
Shopify Analytics and Forecasting with DEHA
With the right data, you can take your business in any direction you want it to go. Shopify Analytics and Forecasting give you the power to make decisions based on real data that will help your business grow.
Need help understanding and predicting your customers’ needs? DEHA provides intelligent solutions to give you the clarity required for success. Our automated ecommerce system analyzes past and present data to identify trends so that you can make informed decisions on optimizing your site’s structure according to customer preferences. Want to learn more about how we can help? Check out our website or contact us today. We’d be happy to chat with you about how we can help you use data to grow your business.