Are you a successful business runner on a Shopify store? Or you wanted to become one but are usually stuck due to a lack of knowledge of managing and tracking data? Do you get the point ??? Yes, data management plays one of the key roles in understanding and improving the performance of your business. Based on data, you can make operational decisions that suit best according to the current performance of your store. This data includes ;
- Total sales projection of your store
- A conversion rate of your store
- Order rates
- Customers visited your store
- Product performance
- Revenues across multiple sales channels
- Gross profit
This is the data that must be traced and analyzed to ensure that the best actions at your store can facilitate your profit margin.
But the question is how to trace in-store data and use it best. Let me tell you. Shopify has many built-in Shopify analytics tools that analyze data. They are user friendly and only require a little expertise from users. Except that there is much other software you can use to get an in-depth and advanced overview of your data.
Shopify analytics tools provide information such as ;
- Discover and understand data.
- Describe what is happening inside the store.
- Diagnose the reason why something is happening.
- Predict what is likely to be expected based on past trends and patterns.
- Guide which decisions should be taken to maximize the key business matrix.
What Are Matrics Of Shopify Analytics
Shopify has built-in analytics that assists you in generating data that provides information about your store’s performance. Shopify analytics gives you a quick view of the dashboard and an insight into your store’s high-level metrics. The following are high-level matrics at Shopify.
- Total sales: It analyses the total sales at online and physical stores. It also shows the revenues initiated due to sales at a specific duration. Sometimes it also analyses sources of sales like social media accounts.
- Online Store Sessions: Online store session guides about the number of customers that have visited your store. It also tells about how often they visit in a specific duration.
- Online Conversion Rates: Online conversion rates inform how many visitors at your site converted into your customers and purchasers.
- Returning Customer Rate: These customers usually purchase from your store and fall into loyal and permanent customers.
- Average Order Value: It can be calculated by dividing sales revenues by the total number of orders.
Matrices like these help the users understand visitors’ behavior and what strategies they should adopt to improve the data of matrices.
How to use Shopify Analytics
If you want to get access at your Shopify store in the analytics option,
Go to analytics > Dashboard from your Shopify admin account.
You will fall into the Overview dashboard that shows your date by comparing today to yesterday. This gives you an overview of your store’s performance and customers’ activities.
If you want to check different categories of data for different data ranges, Click on the data menu and select the data range. You can also select the current range and set a custom range by selecting dates on the calendar.
Shopify overview dashboard can show you the following information
- Compare the performance of sales channels
- See the average order value
- Track the location of visitors
- Tracking sites trends over time
If you want to go into further details, Click on View Report in the graph. For example, click on the sales graph to see sales projections. You will get a detailed analysis of sales that took place most recently and show a comparison.
Another tab under analytics is Reports. It displays all the reports in different categories based on the information they display. The third tab under analytics is a live view.
It will display a world map showing your store’s live information and activities. This view is important during big shopping seasons to improve promotions and marketing strategies accordingly.
If you are familiar with these Shopify analytics features, let me tell you that analyzing your data enables you to understand your store’s performance better. After using these features, you will clearly understand where you could improve and which places you should concentrate.
Tips to Analyse Data
Shopify analytics show you different types of data. It answers the question that pops up in your mind about the performance of your online store. The most beneficial data for your online store includes,
The sales bar shows you the performance of your products, your returned products, and where you need to put ads campaigns. It shows
- Total sales
- Sales source
- Total orders
Customers Behaviour bar
It shows you the statistics of visitors coming from different websites. It shows the bounce and conversion rates for devices like tabs and mobiles. In includes
- Top sold products
- Top landing pages
- Returning customer rate
Profit Margins and finance
It shows sales, payments, and gross profit that took place most recently. It also displays which products are most profitable.
How to get the most benefit from Shopify analytics
Shopify Analytics is available for all of its users. But the way they use this information is different. This is why all people need equal benefits from these tools. Getting the right information and customers’ behavior are the keys to success.
Let me tell you how you get the most benefit out of it
Know where your store visitors come from?
Do you want to know what the sources of your audience are?
Shopify Analytics Acquisition Reports can help you to know where store visitors are coming from. Knowing this lets you see where to spend your money and time.
You can trace this in the Reports tab. The acquisition report focuses on three sub-categories .
- Session over time
It shows the number of visitors over a specific time range.
- Session by Referrer
It displays whether or referred your visitors are coming directly by search or referred by some other sources.
- Session by location
It shows the number of visitors and their country.
This report can lead you toward a better strategy for your advertising campaign. For Instance, knowing who your audience is and where they are from, it will assist you how to structure your ads according to your audience preferences.
Concentrate On People’s Behaviour at your Store
Shopify analytics Behaviour Reports will show you how people behave at your site. You can find this under the Report Tab. Analysis of the following types of reports helps to improve your site.
- Top online store searches
It gives you a glimpse of what visitors and customers are searching for at your store. It also lets you know what words visitors use when searching for your products. It will guide you on what keywords to use for products to reach customers.
- Top Online Store Searches With No Results
This report category will inform you about the titles customers search for in your products but have yet to get the results. This category will guide you on how to put descriptions for your products so that when customers search, they will get the results.
- Sessions by landing page
This Report category shows the statistics of sessions on a particular website through the landing page. This will give you an insight into functional pages. You can check the performance of your pages by adding calls to action and starting an A/B Test of your sites. This way, you can get a clear idea of where to put your efforts for improvement.
- Online Stores Conversions Over Time
It is the most important category that you are looking for. It shows the percentage of conversions at your store within a specific period. In this Report session, you can track
- Add to Cart
- Reached Checkout
- Sessions converted
This information will help where you lose shoppers at the spot of conversions. At this spot, you can add the Option of Live Chat on Checkout pages. It will help you know about the queries of shoppers.
Engage your Store with Google Analytics
If you are not satisfied with the performance of your Shopify Store, Even after using Shopify analytics, You can use Google Analytics. This will track the traffic at your site and let you know where it is coming from. It can provide you with the following information about the visitors.
- Number of audiences visited your store
- Location of visitor
- Time visiter spend at your site
Place your data at Google Analytics will give you an edge. You will be able to enhance the ability of eCommerce stores. Shopify and Google analytics can be used in conjunction as both have their uses. You can get a quick insight into the dashboard for store performance by using Google analytics. You can rely on Google analytics to get in depth analysis of data and decision-making, as it guides with improved and latest versions.
These tips will let you know how to use Shopify analytics that will bring benefits in the best way. It will highlight the strengths and weaknesses of the functionality of your online store. So you will be able to make immediate decisions accordingly.
Best Shopify Tools
Shopify is the best eCommerce store that has features of data analysis. But more than a Shopify analytics Dashboard is needed for the functionality of your store. Most Shopify Store owners use Third party analytics tools to enhance the performance of their stores.
So, let’s discuss some of the top Analytic Tools that are usable for Shopify stores.
- Order Metrics
- Segments analytics
- Customer Insight & analytics
- Web state
Let’s discuss the merits and demerits of this software. What is their pricing, and how do they fall in the rating category?
Conversific is profit analytic software that traces the data of your e-commerce platform. Most importantly, it works on traffic optimization and conversions.
- It shows the following features ;
- eCommerce reports
- eCommerce benchmarks
- Data insights
- Product and Customer Analytics
- Pricing: It has different pricing plans for starters to well-established businesses. Its initial plan costs $29 per month.
- Rating: 4.6/ 5
2. Order Metrics
It is software designed for orders and revenues on multiple sites. It also tracks product performance. On this software, you can access data that will help you to make decisions by analyzing Shipping costs, transaction fees, and discounts.
- Ongoing benefits and LTV
- Complete automation
- Discover Enhancement
- Track customers behavior
- Provide daily report
- Pricing: Its pricing starts at $29 per month.
- Rating: 3.3 / 5
3 . Segments Analytics
It is a platform that provides you with in-depth details of your customers. All the actions that customers take on your side include this. It collects data from your websites and mobile phone apps and gives a unified data report to every team in your company.
- Provides personalized experience
- Increase customer’s lifetime value
- Prebuilt segments
- Pricing: Its cost is about $239 per month.
- Rating : 4.5 / 5
4. Customer Insight and Analytics
It is free eCommerce insight software that helps its users to increase revenues by retaining their customers. It provides reports of customers daily. It haunts new customers, detects them at risk of leaving your site, and returns lost customers.
- Win back customers
- Helps in conversion
- See how your store can compete with industry benchmarks
- Pricing: This software is available for free.
- Rating: 4.2 / 5
5. Web Stat
It records detailed information about visitors to websites. It also records traffic on different pages in user-friendly graphs and reports.
- Enhance the performance of the website
- User-friendly reports
- Records of visitors
- Pricing: It costs $285 per month.
- Rating: 4.5 / 5
6 . Putler
It is all-in-one software that facilitates users with multiple features like automatic duplication, Enrichment currency, and timezone conversions. You can use this app for more than one Shopify store. It also facilitates marketing strategy.
- Import data from multiple Shopify store
- Manage subscription
- Performance Indicator
- Pricing: This application offers different pricing plans. For starters, its plan is $20 per month, and it offers $50 per month for growing stores.
- Rating : 4.6 / 5
An application by Shopify that reveals details about the audience on different social media platforms of your Shopify store. It helps users decide how to start social media campaigns according to audience behavior.
- Audience Segmentation
- Traffic investigation
- Guides in creating hashtags and events
- Pricing: Its cost is about $299 per month.
- Rating : 4.4 / 5
It provides an advanced level of eCommerce analysis. It keeps a record of every action at your store and assists in making decisions for e-commerce
- Make predictions and Identify patterns
- Inventory forecasting
- Productive data analysis
- Pricing: Its cost is $399 per month.
- Rating: 4 / 5
Shopify Analytics can assist you with a detailed analysis of your customer’s behavior and the store’s current position in the marketplace. After Analysis, it can assist in making decisions about your store’s performance. It helps decide about marketing campaigns for your store, How to make conversions, profit from sales, and compete in the marketplace.
The software mentioned above is helpful for analytic purposes. All are best in their performance, features they offer, and pricing. Most of them offer very suitable starting plans, but which one you should choose depends on the current performance of your Shopify store and which plan you can afford. Analyze the features of each software minutely that suits best for your store. Please select one that is suitable for your store, use them, and make insightful decisions.