(Enjoy Data-Driven Advanced Reporting & Analytics in Magento 2)
Magento 2 is the most recent version of e-commerce. Over 2,00,000 online retailers use the network across the world. It is assumed that Magento 2 advance reporting is used by one out of every four e-commerce enterprises.
The primary objective of Magento 2 is to improve the user shopping experience. It is known for being jam-packed with advanced capabilities that enable large-scale businesses to provide top-notch shopping experiences to their customers. Compared to Magento 1, it is easier and faster to load and has more security features. The good news is that one can get a customized Magento 2 advance report per your needs.
Look at the features of Magento 2 advance report listed below to help you scale your business globally.
Why Is Customer Data Important in Ecommerce?
ECommerce businesses use various types of customer data to make decisions regarding their business. Its primary focus remains on helping the brand stay competitive. Data allows companies to identify challenges, search for new opportunities and modify existing strategies. However, it is challenging to collect customer data, especially looking at ever-evolving technology.
Data collection will allow eCommerce companies to improve customers’ shopping experience, making a good impression of the brand on the customer and, at the same time, increasing the company’s revenue. Overall, it is a win-win situation for both businesses and consumers.
What is Customer Data?
Customer data is anything that a customer has stored. i.e., personal information such as name, phone number, and demographic information.
Why is Collecting Customer Data Important?
Types of Customer Data
It includes the customer’s name, email address, phone number, age, job, gender, income, and demographic details.
It acts as the customer’s touchpoints, such as downloads, page views, email inquiries, demo requests, and more.
It conveys the customer’s experience with the services they have received. For instance, login, deactivation, sign-ups, and user license additions.
It reflects customers’ opinions about the product. For example, online reviews, ratings, and comments.
What Type of Data eCommerce Uses?
eCommerce platforms use all the types of available customer data to make accurate business decisions. It helps them to stay in healthy competition. They will be able to identify challenges and find new opportunities to modify their strategies.
Benefits of Customer Data
The eCommerce industry benefits on various levels through the collection of customer data. One such use allows businesses to provide personalized shopping experience by knowing their likes and dislikes. Additionally, companies try to learn from their past mistakes with the help of customer data and utilize it to improve their business.
The Disadvantage of Customer Data
Consumers fear revealing any information about themselves to the business; this makes it difficult for any business to gather information. The key to this issue is that eCommerce sites should be able to assure their customers that they will use the collected information ethically, securely, and appropriately.
Big Data to Improve Strategy
The term Big Data has gained immense popularity in the eCommerce industry recently. It is used to generate massive amounts of data to find scientific solutions. It is continuously growing and irreplaceable aspect of the eCommerce business industry for multiple reasons:
1. Behavioral Targeting
The consumer’s behavior is the essential factor in deciding the success or failure of your product or service. Data related to your customers’ behavior helps you understand them better. It will help you analyze the products they like, why they fill their cart and then do not buy things, the time of the day that sees most buyers, and many other decisions.
Businesses can send personalized emails with discount coupons to customers on their birthdays or anniversaries to increase sales through behavioral marketing,
Tools related to big data are becoming popular in behavioral marketing, and ZealousWeb offers an in-depth analysis targeted to customers based on their online behavior and demographics.
2. E-Commerce Personalization
Consumers like to see discounts for the products they love. It generates a feeling of personal touch for them. Additionally, they also prefer recommendations for products. All these are not possible without having customer data.
3. Customer Satisfaction
Research has shown that around 68% of visitors leave websites because they do not have satisfactory customer service. With the help of Big Data, businesses can synchronize various communication channels such as phone calls, emails, and live chat. It helps to identify repeated issues and fix them.
Discount is a good idea, but it can only succeed when data is available. Customer data is measured for their spending patterns and on-site behavior. Once the characteristics of customers are converted into data, prices are offered accordingly to attract customers; it has been one of the most common techniques to retain customers.
5. End-to-end Analytics
Big data helps understand customers and your overall business, including sales, stocks, inventory, and shipping. It gives you an aerial view to plan future cash flows, customer acquisition rates, and many other factors necessary for a successful eCommerce business.
How can Advanced Reporting & Analytics be Beneficial to Your Online Store?
To say that data is found in various places is an understatement. Around 2.5 quintillion bytes of digital data are being generated daily, so the more accurate observation is that data is found everywhere.
It is a well-known fact that by capturing, organizing, analyzing, and interpreting the Magento 2 advanced reporting data, many companies have improved their processes and targeted their marketing efforts.
Monitoring the traffic of an eCommerce website will bring success to the business. It will convey how well your website is performing. Online business owners should know how many visitors their website is getting and how long they prefer to stay on the website; it will tell them where they are losing their business.
Components of Basic Web Analytics
- Bounce Rate The number of online visitors to your website who have left after viewing only a page.
- Unique Visitors: The number of new visitors who have never visited your website.
- Direct Traffic: People who have visited your website by directly typing your website’s name into the web browser.
- Referring Sites: Other websites that are linked to your website. Your potential buyers click on the link from the other website and reach your website.
- Search Engines: People who found your website via search engines like Google.
- Keywords: Highlight words that describe your page’s content and help the search engine keep your content higher whenever someone searches with your keyword.
- Pages: Concludes the number of page views for every webpage.
eCommerce companies are under tremendous competition to retain customers and understand their needs to optimize their experience; it requires Magento 2 advanced reporting and analytics so that their customers receive hassle-free shopping experience.
By sharing their data with privacy, customers allow companies to know them to form relevant interactions. Hence, companies must capture and reconcile customer data with the help of advanced reporting and analytics to deliver contextually relevant experiences.
Reduce the Business Risk
Magento 2 advanced reporting and analysis provides efficient compilation of data to deliver optimum levels of fraud prevention and overall security. It will enable companies to detect fraud and specific future actions quickly. Advanced analytics protect all physical, financial, and intellectual assets and do not allow any internal or external factors to misuse them.
Statistics and extensive data methodologies in Magento 2 advanced reporting and analytics predict fraud inclined to lead alerts and ensure a timely response. Additionally, integration and correlation of the data analysis offer a combined view of fraud across various businesses and transactions.
Delivery of Relevant Products
Products are always at the center of any company. Magento 2 advanced reporting and analytics help the product management team recognize customer trends and make a roadmap to drive strategies and innovation. Data from external sources are combined with advanced analytics to help companies survive the competition.
Improve Customer Experience
Poor operations in eCommerce companies lead to numerous issues, including the risk of damaging the customer experience, and it affects your brand image. Applying Magento 2 advanced reporting and analytics to optimize business operations and services ensures efficiency in fulfilling customers’ expectations.
Advanced analytics methods are deployed to improve field operations productivity and optimize the organizational workforce per your business needs. Optimum utilization of Magento 2 analytics ensures continuous improvements.
Advanced Reporting & Analytics in Magento 2
Running an eCommerce business and surviving it is challenging, and bringing conversion is just the tip of the iceberg. When the competition is so intense, eCommerce companies must go the extra mile to stand apart from the competitors.
That is where Magento 2 advance reporting helps you attract more customers with business intelligence. It is an analytics system that enables enterprises to harness the power of data for better decision-making.
Default Magento Reports
Sales Report: Includes tax, invoice, refund, shipping, coupons, and PayPal settlement report.
Marketing Reports:Magento 2 offers various marketing reports with information about the shopping cart from the online store, providing insights about products in the cart, search items, and more.
Review Reports: Offers information or product reviews written by customers.
Customer Reports: Includes the entire order report and orders per customer. It helps to gain an understanding of the conversion rate.
Product Reports: Magento 2 includes five components in this report: report views, orders, bestsellers, low stock, and downloads.
With the above listed Magento 2 advanced reporting, users can access different dashboards for each type with over 25+ built-in reports and create new customized reports. Additionally, admins can filter results based on various fields and view the information in graphical form.
Monitor Your Data Better and Quicker for Decision Making
Collection of Data
There are various ways that help the online store collect customer data. However, eCommerce platforms have to be careful in collecting the data. Here are a few ways to obtain customer information:
- Offer inventive: Discount to the customer who shares their personal information.
- Explain the benefits Survey to offer more personalized recommendations.
- Give them freeform to opt-out: Allow your users to opt out of email subscriptions and let them control their information to feel more comfortable.
Use of Magento 2 Advanced Analytics in eCommerce
Magento 2 advanced analytics opens up new opportunities for eCommerce platforms, and they use it to make better decisions to increase revenues, offer customer support, and conduct targeted promotions for marketing campaigns.
Here are points explaining how the eCommerce companies use the data available to them:
- Magento 2 advanced analytics helps predict trends through customer data and decide the best-selling thing based on predictions.
- With the help of analytics, you can develop innovative pricing strategies in your business for each product rather than simply relying on competitors’ prices.
- Magento 2 advanced analytics boosts product forecasts of eCommerce platforms through customer data, resulting in precise demands by eliminating overstocking and understocking.
- Customer data received through Magento 2 advanced analytics accelerates conversation rate, allowing businesses to optimize their customer service, better customer experience, and customer satisfaction.
- Overall, Magento 2 advanced reporting collects customer data to generate more sales and provide solutions to business problems.
Now that you have gained insights into the importance of Magento 2 advanced reporting, you can have personalized and data-oriented services offered by ZealousWeb.
Magento 2 advanced reporting plays a vital role in determining the success of your business, especially when the digital world is at the forefront. To lead in the market effectively, tracking, reporting, and graphical analysis are essential in each phase of your business.
If you own a Magento Store it is vital to know where and how to properly utilize the customer’s data to help your visitors find what they are looking for, such as lifetime sales, average orders, last five orders, last five search terms, top five search terms, and competitive sales statistics.
ZealousWeb’s Magento 2 advanced reporting is a powerful tool that helps to list and increase your sales online. We provide essential information about your site’s visitors to help you grow your conversion ratio.
Get in touch with ZealousWeb to learn more about how data-driven advanced reporting and analytics can help you in your business.