Shopify analytics reports work as a hidden gem that can identify trends, visualize product performance, and drive your marketing efforts. It is a strong tool for all online merchants, assisting and guiding them in the development and growth of their enterprises. It also includes a robust report that helps direct-to-consumer shops that analyze the success and informs about future optimization, in addition to Google analytics. While the normal indicators are helpful in analyzing how the store is operating a deeper level of data with Shopify analytics reports.
What exactly does the Shopify Analytics report keep track of?
The following conversions are tracked by Shopify analytics in a rapid and precise manner:
- Converted sessions
- Add to shopping cart
- complete checkout process.
The following metrics are collected by Shopify Analytics:
- Returning Customer Rate
- Average Order Value
- Conversion Rate
- Total Orders
- Store Sessions
- The Best Products
- Sales by Source of Traffic
- Sessions by Traffic Source, Location, Device Type, Social Source, and Top Referrers by Session
Now, let’s take a closer look at the 5 Shopify Analytics reports that will help you make better e-commerce marketing decisions.
Timeline of Sales (Business Report)
You will gain access to 11 sales reports in the Reports part of your dashboard if you have a Shopify, Advanced Shopify, or Shopify Plus account. While the majority of sales data are similar to payment records, you may find inconsistencies between purchases made one month and payments made the next month. To get the report, go to Finance > Sales > Total Sales in the Finance section. You can either save or export the report for further study. Total sales take into account all gross sales, taxes, and shipping fees. A customer’s total will be reduced if they made a return or used a promotional code.
Benefits of Sales Over Time report
- Making informed business decisions that may directly affect your bottom line is a benefit of monitoring sales over time.
- You’ll be able to spot cash flow trends by looking back over sales data, which can aid you in creating prediction charts and budgeting.
- You may focus on increasing conversion rates and creating an amazing experience for your customers by analyzing the ebbs and flows of their purchasing behavior.
- Reviewing sales over time can also assist you to figure out how to schedule manufacturing and keep track of inventory.
- You can use historical data to create product timelines that influence purchase and sales events, allowing you to make room for more inventory.
Report on Retail Sales on Shopify
You can see the Retail Sales Report if you have a Shopify, Advanced Shopify, or Shopify Plus subscription, which focuses on sales made in a physical or online store. To review this data, you’ll need to activate your Point of Sale. In your Reports dashboard, you may access and download this report as needed. This research provides a unique perspective on your multichannel sales initiatives.
Benefits of Shopify Retail Sales Report
- Through improved tracking of in-store and online sales, you can provide new methods for customers to interact with your business.
- Customers can order online, pick it up in-store, or have it delivered to their door, and you can rest easy knowing that all transactions are recorded and reported together.
- You can also use this report to examine purchasing patterns. You can track purchase activity if, for example, you send out an email reminding customers of new items just stocked at your physical store.
- Another advantage of this method is that it allows you to meet needs in a variety of ways. Let’s say you have a consumer who wants to buy something in your store, but you’re out of stock in their size. You may order the proper thing online and have it delivered right to their door.
Shopify Analytics Report on Discounted Sales (Marketing Report)
If you currently using multiple marketing channels to give discount codes, such as influencers, email marketing, direct mail, and so on, the Sales By Discount marketing report will provide you with useful information. You’ll be able to track the performance of each campaign in this report, as well as discover how profitable they were for your company. You can also view how many active promo codes are there. This will show you whether you have any codes that need to be deactivated or if you need to create new ones.
Benefits of Sales By Discount report
- Monitoring promotional code efforts is crucial for determining which platforms and marketing activities are most effective in generating leads and conversions.
- You can use this report to link earned money to promotional initiatives.
- Influencers frequently want a discount coupon for their fans.
- You can better analyze engagement and investment quality by having a unique discount code for each influencer.
- The report on sales by discount code also shows any discount codes that aren’t lucrative to keep.
Sales by Product on Shopify Analytics (Product Report)
You can examine the Sales by Product report by moving to Inventory Performance within the same category of Sales Reports. This analysis can assist you in determining which products are selling and which are falling short of expectations. The sales product report can assist your team in better understanding your clients and what they value. You may begin to understand what types of items resonate through product analysis, and it can also help you forecast which products you should invest in.
Benefits of Sales By Product report
- Your sales by product report can show you how your products perform naturally versus when they’re promoted.
- You can also monitor how products perform in the absence of a promotion.
- You can start designing campaigns to increase the visibility of a high-quality product that sells well on its own.
Returning Customers in Shopify Analytics (Retention Report)
If you’re an online retailer, examining the returning customer report assists you to gauge your impact on your target market. It helps you to figure out who buys from your online store on a regular basis. Knowing who makes frequent purchases allows you to tailor campaigns, offer special rewards, or individually reach out with a thank-you card.
Benefits of Returning Customers report
- Identifying your repeat consumers might assist you in converting them into referrers.
- More people will engage with your products if your clients are happy.
- If you want to save money, you should be aware of the costs connected with acquiring new customers.
- Returning consumers can make a big difference in your revenue.
- According to studies, boosting client retention by 5% might result in a 75 percent increase in profitability.
Shopify offers a number of services to help you grow your online business. Regardless of whose package you choose, all Shopify clients have access to reports that provide actionable information. The Shopify analytics report will assist you in identifying trends, visualizing product performance, and directing your future campaign investments.