E-Commerce: Starter Guide To Analytics
So you have got your shop up and running, and you’re making sales. Now you need to know how profitable you are and figure out what’s working and what’s not. You need to know things like:
- Which product’s sell best
- Which don’t sell at all
- What channels provide the best conversion
- Total refunds and taxes
- How profit relates to revenue
With this data, you can optimise your site, discover trends and tweak store merchandising. This information will also give you the ability to adapt and get ahead of the competition.
Tools such as Google Analytics are a good starting point. However, you will need something to work out things such as tax, refunds and shipping expenses, something Google Analytics doesn’t offer. You can use things like spreadsheets and import raw data and spend hours sorting and analysing.
The two solutions outlined below are two of the most useful analytical platforms in our opinion for e-commerce.
SavvyCube is a SAAS(Service as a subscription) e-commerce analytics for medium sized Magento stores. It gives you more insight to how your online business is going. SavvyCuve is great in that it’s easy to set up and doesn’t require a lot of technical know-how.
Data can be pulled from some sources such as Google Analytics, Paypal, Magento at this stage. SavvyCube as at writing this has plans to expand support to Shopify and Stripe(see our last article about Stripe). All this information is then amalgamated in one easy to decipher location. You will be able to see how profitable your business has been over a given period. The reports will provide you with a breakdown of revenue, net profit, total refunds, taxes and more. You will see what sells best and who is buying the most.
SavvyCube will also allow you to analyse your customers and their behaviours. With this information, you can segment your customers to offer customised loyalty programs and discount coupons. You will be delivered a report of all referring channels that results in a conversion. On top of that, you SavvyCube will allow you to compare you online sales periods previously.
Savvycube allows you to trial their platform with a 30-day trial. Once your trial has expired, you will be charged $9/month for the basic package, up to $99 for the advanced depending on the volume of orders you process.
Jirafe just like SavvyCube is a SAAS based product; that integrates with e-commerce platforms like Magento and Shopify.
Jirafe is not a product targeted at entry-level businesses; it is an enterprise solution. With that said it’s able to be used for small and medium e-commerce stores, but some solutions would be better suited. Jirafe will collect data from multiple sources and then places it into an easy to use dashboard. You can pick and choose the information you wish to see in the dashboard with the simple widgets.
Jirafe allows you to do more than analysing how your business is doing, and it allows you to plan a more efficient marketing and sales strategy. You can see what marketing channels are driving the most traffic and what sources are converting best. Dig deeper and you can see what social platforms, email campaigns and keywords are performing best for your store.
Jirafe sends daily emails that give a summary of the best selling products from the previous day, allowing you to make any changes to adapt to buying patterns. Beyond this, you will be able to see which customers purchase the most, return to your site frequently and request refunds often.
Jirafe is by no means a budget friendly product for starting businesses. Subscription to Jirafe starts at $499 a month, once you start making some profit this may be an option to consider.