Shopify is a powerful tool that helps online retailers to build and grow their businesses. Similar to Google Analytics, Shopify Analytics also has powerful reporting that helps direct-to-consumer retailers gauge their site/business performance and guide future optimizations.
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Though the standard metrics are beneficial to understanding how your store is performing, Shopify provides specific reports that give a deeper level of analysis.
The main dashboard provides quick reference points and you can export and manipulate the reports to help understand how to best optimize your store.
What does Shopify Analytics Track & Measure?
Shopify Analytics tracks the following conversions:
- Sessions Converted.
- Add to Cart.
- Reached Checkout.
Shopify Analytics collects the following metrics:
- Store Sessions.
- Returning Customer Rate.
- Average Order Value.
- Conversion Rate.
- Total Orders.
- Top Products.
- Sales by Traffic Source.
- Sales by Marketing.
- Online Store Sessions by: Traffic Source, Location, Device Type, Social Source, Top Referrers by Session.
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Now, let’s look at the five Shopify Analytics reports you can use to make smarter decisions for your e-commerce marketing strategy.
1. Sales Over Time (Business Report)
If you are using a Shopify, Advanced Shopify, or Shopify Plus plan, you will get access to 11 sales reports available within the Reports section of your dashboard.
Most sales reports are similar to payment reports and you may notice discrepancies between purchases made in one month and payments completed within the upcoming month.
You must navigate to the Finance section → Sales → Total Sales to access the report. You can save the report or export it for further analysis.
As you look at total sales, include all gross sales, taxes, and shipping fees.
If a customer returned or used a promo code, that will also be subtracted from the total.
Reviewing sales over time helps in making informed business decisions that can directly impact your bottom line.
The sales data will let you identify cash flow trends that may help as you build prediction charts and expense planning.
By knowing the ebbs and flows of your customer’s purchasing behavior, you can focus on maximizing conversion rate and also provide an exceptional experience for your customers.
Reviewing sales also lets you identify production scheduling and inventory control.
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2. Shopify Retail Sales Report
If yours is a Shopify, Advanced Shopify, or Shopify Plus plan, you can access the Retail Sales Report that focuses on sales made offline or in a brick-and-mortar store.
The Point of Sale activation is required to review this information.
You can access and download the report as needed in your Reports dashboard and it offers unique insights into your omnichannel sales efforts.
Through optimized tracking of in-store and online sales, you can offer more ways to interact with your brand.
Customers get the option to buy online, pick up in the store, or request a curbside pickup. And you get assured that sales are tracked and reported together.
This report also lets you analyze purchasing behavior and you can fulfill needs in a variety of different ways.
3. Shopify Analytics: Sales By Discount (Marketing Report)
If you are currently taking advantage of offering discount codes through various marketing channels, you will gain valuable insights through the Sales By Discount marketing report.
With the help of this report, you can track the performance of each campaign and see how profitable they were for your business.
You can also see how many promo codes you are actively running.
It will highlight if you have codes to deactivate because they are out of date or if you need to create new ones.
Monitoring promotional code efforts helps to understand what platforms and marketing efforts generate leads and conversions.
This report allows you to attach earned dollars to promotional efforts.
Influencers may ask for a discount code for their followers. Having a unique discount code for each influencer lets you assess engagement and investment quality better.
The sales by discount report also shows any discount codes that are not profitable to maintain.
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4. Shopify Analytics: Sales By Product (Product Report)
In the same category of Sales Reports, you can check on the Inventory Performance to view the Sales by Product report.
This report identifies which products are selling and which products are underperforming expectations.
With the sales product report, you can better understand your clientele and know what is important to them.
Through product analysis, you can identify what types of products resonate, and it can help predict what products you should look to invest in.
The sales by product report let you know how your products perform organically versus promoted.
You also can track how products perform without a promotion.
You can build sales marketing campaigns that prioritize the right products for your audience with this knowledge.
5. Shopify Analytics: Returning Customers (Retention Report)
If yours is a relatively new online store, reviewing the returning customer report during the first few months helps you gauge your initial influence on your audience.
You can identify who is consistently purchasing from your online store and customize campaigns, offer unique rewards, or personally reach out with a note of thanks from the owner.
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By identifying your returning customers you can convert these loyal customers into referrers.
Happy customers can lead more individuals to engage with your products.
If you are looking to save money, it is important to understand the expenses associated with attracting new business.
Thus, it’s evident that Shopify provides a variety of solutions that benefit your online business. Irrespective of your plan, all Shopify customers can access reports that generate meaningful insights for you to act on.
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Through these reports, we will help you identify trends, visualize product performance, and guide your future investments in campaigns.