Schedule a Demo
Profit Analytics Blog
Read expert articles with insights about e-commerce profitability from analyzing thousands of e-commerce businesses' data.
Business data analysis
Business Data Analysis
How to Calculate WooCommerce COGS to Analyze Sales, Inventory & Gross Margins
As a WooCommerce store owner, there are a number of metrics you’ll need to track to ensure your business is successful. Learning to calculate Cost of Goods Sold (COGS) means you can understand how much you’re actually spending on doing business. You'll also be able to determine which products in your portfolio are the most or least profitable, so you can take steps to optimize your bottom line. Here’s what you need to know about calculating and using COGS. How to Calculate WooCommerce COGS There are various tools and plugins WooCommerce offers to enhance stores, such as sales report plugins and COGS plugins. Below are steps you can follow to calculate COGS yourself. 1. Identify Direct and Indirect Costs The costs involved in running a business can be both “direct” and “indirect”. Direct costs are those specifically associated with selling the product, such as the materials involved in making an item and the shipping fees. Indirect costs include overheads like sales and marketing strategies designed to bring people to your store. When calculating COGS, most companies will exclude indirect costs, as these are often associated with customer acquisition cost. 2. Determine the Beginning Inventory “Beginning inventory” for the year refers to the inventory left over from the previous period. You’ll need to calculate a total dollar value for all of the items you have in stock during the current accounting period, before adding on additional purchases. 3. Add Up Inventory Purchases The next step is adding up any inventory purchases which you may have made throughout the period of the calculation. For instance, you may have bought additional packaging utensils or more raw materials for high-selling products. Remember to consider the cost of shipping and manufacturing for each product as well. 4. Determine the Ending Inventory “Ending inventory” refers to the remaining sellable inventory at the end of a sales period. For instance, if you started the period with 200 products, and added another 100, then sold 200 of your products, your ending inventory would be 100 products. You would then calculate the dollar value of these products. 5. Plug the Values into the Equation With all of your values in place, you can calculate your WooCommerce COGS. The formula is as follows: COGS = Beginning Inventory + Purchases – Ending Inventory For instance, in a situation where you had a beginning inventory of 200 products equaling a value of $2,000, spent $500 on shipping and manufacturing throughout the period, and were left over with 50 products equaling a value of $1,500, your formula would look like this: ($2,000 + $500) – $1,500 = $1,000 Value of COGS Calculation for Your WooCommerce Store COGS is an important metric on any company’s financial statement, as you’ll subtract it from your revenue to determine your “gross profit”. COGS also helps you to determine whether you’re using your budget effectively. The benefits of COGS calculations for your WooCommerce store include: Indicates Efficiency of Resource Management If you discover your COGS is higher at the end of a period than the amount you spent on labor and supplies, this is a sign you’re not using your existing inventory efficiently. You may find you can cut down on the supplies you use at a later stage to increase your profits. Serves Legislative and Tax Purposes COGS can be included when calculating the taxes for a given period. COGS is a business expense, which means it can be used to offset the amount of revenue you create during the tax season. Knowing how much you spent on goods reduces your tax burden. Supports Product Pricing COGS can help you determine when to make adjustments to your products' selling price. By analyzing your profit margin, you can see whether your COGS and selling price are in relation. For example, if any of your direct costs have increased, making it more expensive to manufacture your products, you can adjust your selling price in accordance with this to ensure you maintain a healthy profit margin. Streamlines Future Planning By analyzing your COGS, you can more easily identify shortcomings in your current strategy and opportunities for increased sales. For example, it can highlight which of your products are the most popular and which aren't performing as well as they should. You can adjust future strategies accordingly to capitalize on popular products and either discontinue unpopular products or utilize one-click upselling methods to boost sales. Conclusion Calculating COGS for Shopify, WooCommerce, or any other store is an important strategy to ensure your business is profitable, because it gives you in-depth insights into your store's sales, inventory, and gross margins. You can use the same strategies mentioned above to calculate and improve COGS for Amazon stores and marketplaces too.
Business Data Analysis
How to Track and Boost Amazon Sales Using Google Analytics
Amazon is undoubtedly a powerhouse for selling products online across continents. That's its strength. But Amazon does have a few weaknesses. One of those weaknesses is that it doesn't harness external traffic. It is so effective in harnessing internal traffic that external traffic becomes the proverbial "runt of the litter." Internal vs. External Traffic You may be wondering what we mean by internal and external traffic. Internal traffic covers the 3.11 million customers that regularly buy from Amazon. It's like rent-a-crowd, only better because they actually buy products from you—there's no act. External traffic is the world outside of Amazon. Imagine you had the best of both worlds. But how? You use Google Analytics to gain valuable metrics and insights into your sales strategies, and then you keep working on it until your internal and external traffic are both performing. Your bank balance will likely follow suit. Why Is Tracking Your Amazon Sales So Important? Tracking your sales is vital for any e-commerce company, regardless of what platform you use or the industry you are in. So, it goes without saying that tracking your Amazon sales is critical to the success of your business. Did you know that almost 40% of first-time sellers lose money on Amazon? This is because they haven't calculated their true profit. Amazon FBA calculator can help with this. Amazon offers the FBA calculator and a wide variety of other tools to help you track your sales funnel achievements. For one, the Amazon ads reporting tool measures and reports advertising campaigns, while dropshipping on Amazon can altogether remove your logistical burden. These tools are available (some for free) and can really help you understand your internal Amazon traffic and sales, so use them to your advantage. But for maximum effect, you can use Google Analytics with Amazon functionality. Using Google Analytics Can Boost Your Amazon Sales Google Analytics opens your eyes to a bigger picture—the whole picture. You can calculate COGS (cost of goods sold), promote your Amazon products, and most certainly boost your sales using the analytics provided by GA. Google Analytics: Identifies the best referral sites and then aggressively pursues them: it's targeted, not just spray and pray methods. Finds keywords and uses those keywords to drive more conversionsOptimizes your content with on-site searches that work. This will help your customer to get what they are looking for as fast as possible and supports the sale.Helps you to understand the customer journey so that you can optimize sales. It's about tracking their habits and then gently directing them to buy your products.Gives you a look into what your customers are thinking and what their interests are. If you know what their interests are, you can give them more of what they want.Gives you a path report with timelines, so you know how long it took for your customers to convert. It shows how many interactions happened before the sale and what those interactions were. This all gives you clues to removing obstacles to sales.Tells you your customer's lifetime value, as loyalty is key to retaining customers. This tells you how loyal they are and how long they are expected to stay a customer. These are just some ways that Google Analytics can help boost sales on your Amazon store. There are so many more benefits—it all depends on the products you sell and your industry. How to Track Amazon Sales in Google Analytics Step 1 Open your free Google Analytics account if you don't already have one.Step 2 Copy your Google Analytics tracking script. To do this, you need to go to Admin.Step 3 Once you have opened Admin, click on Tracking Code. Copy the script that you find under the heading Website Tracking.Step 4 The script you copied now needs to be pasted into your landing page Scripts section. You can do this for all the landing pages you want to track.Step 5 If you want to track promotions, paste the code script you copied into your thank you page scripts. Step 6 View your data and metrics to analyze sales and more. You Can Have Your Cake and Eat It Too In simple terms, having an Amazon e-commerce site and using Google Analytics to track and boost sales is the best way to grow a successful and sustainable company. It's a powerful combination that simply cannot be ignored.
Business Data Analysis
The Best Apps for Shopify Cohort Analysis
Analytics is one of the most valuable tools for anyone starting a Shopify store. The right reports and data insights can provide a behind-the-scenes look into the success of your omnichannel strategies for marketing and sales, or tell you which of your products are achieving the most sales. One of the most important forms of analysis from a marketing and sales perspective is cohort analysis. This is a form of behavioral analytics that takes data from an e-commerce platform and breaks it down into specific segments. Cohort analysis provides you with a comprehensive view of how well your website is performing and which of your customers have the highest lifetime value or engagement levels. Google Analytics for Cohort Analysis One of the easiest ways to conduct a cohort analysis is to connect your Google Analytics account to your Shopify store in the admin center. Simply go into the “Settings” page, then “Apps and Sales” channel, and click on “Online store”. In the “Google Analytics” section, you can paste your code from your Google Analytics account to make the connection. Once connected, you’ll be able to access a range of reports to help improve your Shopify conversion rate, discover your best sources of traffic, and develop opportunities to increase customer loyalty. Google Analytics has its own dedicated “Cohort Analysis” report, available to anyone using the Universal Analytics service. Simply sign into Google Analytics, select “Audience” and then “Cohort Analysis”. The report will show the behaviors of various user groups on your website, offering insights to help you increase organic traffic and increase profit margins. Shopify Apps for Cohort Analysis While Google Analytics is one of the most popular tools for conducting a cohort analysis in Shopify, it’s not the only option. In the Shopify App store, you can find a range of other valuable tools for conducting a customer profitability analysis, or evaluating customer lifetime value. Some of the top-rated options include: 1. Lifetimely Lifetimely is an analytics and reporting app that allows Shopify users to track profits and losses in real-time. This includes a custom dashboard for tracking your preferred KPIs and marketing metrics. Lifetimely has precise cohort analysis tools to help you discover your most profitable segments. The lifetime value model is even powered by AI to help you accurately project the potential lifetime value for each cohort. Plus, benchmarking tools show you how your metrics compare with competing brands. There’s a 14-day trial available for beginners, after which paid pricing starts at $19 per month for the basic package. 2. Customer Intelligence The Customer Intelligence app by RetentionX ensures Shopify users can collect valuable information about their customers and segment them based on their value or behaviors. The all-in-one platform offers deep insights into the key customer segments responsible for driving business profits, and tips for how to identify your ideal market. The tool can help pinpoint customers at risk of churn, so you can reconnect with them. It can also show your most valuable products, so you can upgrade your sales strategies. Customer Intelligence integrates with a range of other apps, so you can link it to your loyalty program for Shopify and your Facebook Ads. What’s more, you can use this app for up to 250 active users without paying anything. The advanced package for more than 250 customers starts at $10 per month. 3. BeProfit BeProfit is an all-in-one analytics application for Shopify that specializes in offering real-time profit calculations with an intuitive and customizable dashboard. You can automate reports, or access insights on-demand into order metrics, shipping, inventory, and marketing costs. The service makes it easy to analyze the profitability of different customer groups and track customer lifetime value for your most crucial segments. You can also create custom reports based on your most important metrics, and export them in a range of different formats. BeProfit offers a 7-day trial to beginners, followed by premium packages starting at $25 per month. The basic plan includes a comprehensive profit and expense dashboard, unlimited ad integrations, order and product metrics, and daily data updates. Leveraging Shopify Cohort Analysis Cohort analysis allows e-commerce store owners to understand their target audience, and which customers deliver the most value for their business. Not only can you more accurately distribute your marketing budget with these insights, but you can also improve your chances of retention by finding out exactly what each customer needs from your brand to enjoy a fantastic experience.
Business Data Analysis
Perfecting Your Sales Funnel With Micro & Macro Goals on GA 4
If you have worked with older versions of Google Analytics—such as Universal Analytics—you will know all about the Google Analytics micro and macro goals. In short, this is what Google Analytics called conversions before GA 4 arrived. So if we exchange "goals" for "conversions," you'll have GA4's micro conversions and macro conversions. All important interactions that you are leading your customers to complete are called conversions. Therefore, micro conversions are those interactions that lead your clients to finalize a macro conversion. A macro conversion is an ultimate conversion, such as the sale of a product. Let's look at an example: you have an online shoe store. A micro conversion is when your customer subscribes to your email newsletters. The email newsletters contain special discounts and deals that lead your client to a macro conversion—the sale of a pair of your shoes. How to Set Up Micro & Macro Conversions on GA4 There are three ways that you can set up micro and macro conversions on GA4. First, we will take a look at the three options, and then break each option down into step-by-step guides. Additionally, consider taking a look at our guide to increasing Shopify conversions with Instagram. Option 1: Create a New Conversion Event Using Events Already Collected in GA4 Log into GA 4Choose the propertyNavigate to the left-hand side menuClick on "Conversions"Click on "New Conversion Event"Type in the name of the eventSave, and you're done! Option 2: Set up a New Conversion Event Using a Custom Event Go to "All Events" on your propertyClick on "Create Event" Enter the name of the eventConfigure the parameters in the "Matching Conditions" sectionNavigate to "Conversions"Click on "New Conversion Event"Enter the name that you chose for the event—just remember that it needs to be the same as the name of the event that you createdSave, and you're done! Option 3: Using Google Tag Manager Click on "Tag"You'll find it in the left-hand side menuClick "New" > "Tag type" > "Google Analytics: GA4 event"In the tag, you must specify the name of the event, add your parameters and then create a trigger to assign to your tagSave the tagThe GA4 container will start to populate with the new custom eventJust remember to tell GA4 to mark this event as a conversion Examples of Micro & Macro Goals Driving Funnel Conversions Let's go look at an online store that sells kid computers as an example: Macro Conversions (Goals) This might be the sale of a kiddies' computer. Micro Conversions (Goals) Following a sales funnel order: Interaction with your landing page (clicking on sections)Viewing a video that explains how the computer can benefit childrenSigning up for your marketing emailerReading reviews from customersAdding a computer to a wish listAdding a computer to the cart Selecting the Best Micro & Macro Conversions for Your Business Choosing the right macro conversions will depend largely on what industry you are in and your platform for selling—dropshipping in 2022 is vastly different from running an in-store bakery. However, micro conversions are generally common in all industries. Let's look at three examples of macro conversions per industry: E-commerce The finalization of a sale using, for example, Google Ads conversion trackingSocial media platforms The opening of an accountBrick and mortar stores Signing up for a newsletter So, Which Should You Choose? There is no one-size-fits-all solution for selecting the best micro and macro conversions. It's important to remember that they need to work together to give you insights into building a successful sales funnel. In other words, your micro goals should follow your customer journey to reach the main goal of macro conversions. This will tell you what is catching your customer's attention and what is leading to an interaction, and that's where you need to focus your attention. It also means that your micro goals will change organically over time, while your macro conversions are not likely to change. Just remember to check out the best Shopify sales funnel apps for optimum results. To set your conversion goals, you need to plot the full customer journey. Once you have a typical journey of your website, you will need to decide which touchpoints or milestones may lead to macro conversions. Remember, this is not set in stone. As you analyze your metrics and data, you will set new micro conversions because they are developed over time. Concluding Thoughts It's never a walk in the park to optimize the data and analytics of an e-commerce store. The key takeaway is that you will learn over time, and it will become easier as you learn more. There is also so much information on the internet; you just need to google your questions and take the time to read up on the answers. The point is that not having micro and macro conversions is like walking with blinkers on—you will eventually be left behind. Challenge yourself, learn, grow, and give your competitors a run for their money! And always remember that goals are just one method of boosting conversions—read How to Increase Your Shopify Conversion Rate and How to Use Facebook Conversions API for Your Shopify Store.
Business Data Analysis
Beginner’s Guide to WooCommerce Analytics
WooCommerce analytics is an analysis and reporting tool that has been introduced to help WooCommerce shop owners get an understanding of and manage all the data that they generate. The most obvious question then to ask is why would you need Google Analytics if you have WooCommerce analytics? The answer is quite simple: WooCommerce analytics has some limitations, whereas Google Analytics offers far more helpful tools for e-commerce. How to Track WooCommerce Sales With Google Analytics WooCommerce will only tell you your store’s total number of sales and reports on orders that have turned into conversions or been canceled. While, on the other hand, Google Analytics does so much more—you’ll be able to track: Shopping behavior How many visitors looked at your product, put the product in their cart, and how many made a purchase. Shopping touch points can tell you an important story.Checkout behavior How many visitors went to checkout, added banking details, attempted to pay, abandoned payment, and finalized the purchase. There could be something in the process that frustrates your customer to such a point that it results in abandonment.Product performance How many products (per item) were sold, revenue made on products, and the popularity ranges. It is good to know which are your best sellers and your slowest sellers. Tweaking your ranges could be the reason for a solid boost in revenue.Sales performance You can track your customers’ transactions, tax, shipping refunds, discounts, and coupons while helping to make your balance sheet. If a certain product is being returned a lot, this could save you loads of cash that you may be paying out for returns. Every little bit adds up! How to Enable WooCommerce Analytics This is where it gets a bit tricky for some. Let’s go through the process step-by-step. You may need to skip the first step if you have already installed the necessary plugins: Install the Analytify Core plugin and Analytify PRO For easy reporting and tracking, you can use the Analytify and Enhanced E-Commerce Tracking for WooCommerce add-on. This will give you all the reporting and tracking from Google Analytics within your WordPress dashboard.Enable e-commerce tracking You’ll need to do this inside your Google Analytics account. Follow "Google Analytics" > "Website Property" > "Admin" > "E-Commerce Settings". Then enable your e-commerce reporting and add your funnel.View reporting on WordPress If you’d like to see the reporting on your WordPress dashboard, go to "Analytify" > "WooCommerce". Best WooCommerce Analytics Plugins Let’s take a look at ten of some of the best plugins for WooCommerce Analytics: Advanced WooCommerce Reporting The Advanced WooCommerce Reporting plugin enhances your in-dashboard charts for a one-time payment. It also offers a super handy profit calculator. With a few WooCommerce SEO tips, you could achieve even more!Enhanced E-Commerce Google Analytics Looking for revenue analytics, among other important analytics? This is your answer!WooCommerce Google Analytics Pro This is the plugin you’ll need to integrate Google Analytics with your WooCommerce store.Actionable Google Analytics for WooCommerce This will help you track e-commerce conversions, user IDs, ad conversions, Facebook Pixel, and other custom metrics.Glew This plugin combines insights from Google Analytics, Facebook, Instagram, Amazon, and a variety of other platforms.MonsterInsights This plugin gives valuable insights on customer behavior on your entire website and also reports on e-commerce events. You can even access your reports from your WordPress dashboard.Jetpack This plugin is for anyone who would like to integrate Google Analytics with their website.Metorik Reports are instantly accessible on an app—making it much easier to get important insights as quickly as possible.Metrilo This plugin gives you a funnel analysis tool that lets you analyze three different funnels: shopping cart, product, and content marketing.ExactMetrics This plugin is popular when it comes to analytics and reporting. It is an all-in-one tool that integrates with Google Analytics so that you can instantly set up event tracking. You even get to track real-time visitor counts straight from your WordPress dashboard. Data is rich with valuable insights—insights that, if you are serious about your business, simply cannot be ignored. Google Analytics and WooCommerce Analytics will give you the best of both worlds. The more you know about your customers, the faster your business will grow.
Business Data Analysis
Best SEO Tips for WooCommerce to Rank #1
Even though social media has taken the world by storm, search engine optimization (SEO) continues to play a critical role in marketing campaigns. In short, SEO refers to strategies that businesses put in place to help their sites rank higher in the results pages of search engines like Google. In 2022 and beyond, it will remain one of the most effective ways to drive more traffic to your online store. In this article, we’ll share some practical tips for how you can tweak your SEO, including a few apps for WooCommerce that can help you give your SEO a boost. Why SEO Is Important for E-Commerce While SEO can get quite technical, the reason for its importance is pretty straightforward. If done right, it can help drive more traffic to your website to make selling in a saturated market easier. And, the more website visitors you get, the more opportunities you have to turn your target audience into paying customers. In addition, it can also help make your online store appear more credible as consumers and Google both typically view the websites that rank the highest as the most authoritative. The Different Types of Onsite and Offsite SEO When it comes to SEO, you can optimize your site’s individual pages (this is referred to as onsite or on-page SEO) and concentrate your efforts on link building (aka offsite or off-page SEO). A big part of onsite SEO is the use of keywords. In addition to adding the relevant keywords to your website content, you should also include them strategically in your page URLs, meta titles, meta descriptions, and image alt-text. Offsite SEO can be more challenging as less of it is in your control. As mentioned, link building plays a key role. Other examples include guest blogging, influencer marketing, and social media marketing. 3 Ways to Boost Your SEO 1. Use the relevant keywords in your product descriptions All products should have product descriptions. Since these don’t have to be long, you don’t have any excuse for neglecting this critical element. The most effective product descriptions are engaging, well-written, and incorporate the relevant keywords for extra audience optimization. While you can use the descriptions provided by the manufacturer, search engines don’t like duplicate content. So, it’s best to write your own from scratch and only use the manufacturer’s descriptions as guidance. 2. Use an SEO theme If you’re wondering what's better for SEO – WooCommerce vs. Shopify – know that a WooCommerce website can be SEO-friendly too! To optimize your WooCommerce store for SEO, you should use a theme that’s created for that purpose. For example, a theme like Divi has built-in SEO optimization to help you to make sure that your e-commerce site is optimized for search engines. 3. Improve your navigation If it’s easy for potential customers to find their way around your website, you can decrease your bounce rate (customers leaving your page shortly after arriving) and improve the time spent on your website. This is key if you want your site to appear on the first page. To simplify your website’s navigation, there are two main strategies. Firstly, the main navigation should include links that go to all the main web pages. Secondly, you should use breadcrumbs. In short, breadcrumbs show at the top of pages and make it easier for website visitors to return to the previous product category. The best way to do this is to use a WooCommerce SEO plugin, which brings us to our next section. The 2 Best SEO Tools for WooCommerce 1. Yoast SEO Yoast SEO is an excellent tool for WooCommerce. Its goal is to make SEO-ready site structure accessible to all. In short, it can help you with basically every facet of SEO, including meta description optimization. Price: $89/year 2. All in One SEO All in One SEO is one of the best SEO plugins for WordPress. One of its most useful features is that it will give you recommendations for including key phrases, making it a great tool if you need to optimize your WooCommerce site for onsite SEO. Price: $49-$299/year depending on the package Will SEO Still Be Important in the Future? In the foreseeable future, SEO will remain important for the e-commerce industry. With the increasing number of stores taking their business online, the space will only become more crowded with tougher competition. While posting on social media can be an effective way to increase brand awareness and drive more sales, you'll need other ways to stand out – something that SEO can help you with. With the help of these best SEO practices and plugins for WooCommerce, climbing your way to that top spot has become a whole lot easier and cheaper.
Business Data Analysis
Best Sales Report Plugins for WooCommerce
One of the most important aspects of running a successful business is knowing which products are selling where and how much you are making from them. This is not always as easy as it sounds, especially if you have hundreds—or even thousands—of products. I know what you’re thinking—"I know sales reports are important, but I really don’t have time to make them myself.” Well, we’re here to tell you that with the right WooCommerce sales report plugin, you won’t have to. This post will look at how the right WooCommerce reporting plugin can produce sales reports, giving you a better idea of your site’s overall performance. What Are Sales Report Plugins? The best WooCommerce sales report plugins allow WooCommerce merchants to gain invaluable insights into their store. In particular, sales report plugins help with analytics by providing insight into how customers interact with a company’s website. This information can then be used to improve the website and increase sales. In addition, these plugins can track different types of conversions, such as email sign-ups or product purchases. They also allow businesses to see where their traffic is coming from and how it is changing over time. WooCommerce Sales Analytics Dashboards WooCommerce sales reports help you see your download, order, product, and shipping reports in a single dashboard. In this dashboard, you can see stats and information about how much money you are making with the products you are selling. Types of WooCommerce Analytics Reports There are four types of WooCommerce analytics reports: download reports, order reports, product reports, and shipping reports. Let’s explore how merchants can use each report to their advantage. Download Reports This report shows you how many files were downloaded from your site, as well as which files were downloaded the most. This information can be helpful in understanding what content is popular with your customers, and can help you tailor your product offerings accordingly. Order Reports The order report shows you how your orders are performing. You can see how many orders you have, how much revenue they generate, and what the average order value is for each order. Product Reports The product report shows you how your products are performing. You can see how many products you have, how much revenue they generate, and what the average order value is for each product. Shipping Reports The shipping report shows you a list of all the orders that have been shipped, along with the date they were shipped, the shipping method used, and the status of the order. This report can be helpful for keeping track of your shipping progress, and ensuring that all customer orders have been received and shipped in a timely manner. Benefits of WordPress Plugins When it comes to WooCommerce analytics, plugins can provide a wealth of data that can benefit the improvement of a store’s performance, including the following: Plugins can help you gather customer reviews, while the Google Analytics for WooCommerce plugin provides detailed insights into how your store is performing.Plugins can help you track customer behavior and measure the effectiveness of your campaigns. Ultimately, this information can help you boost your bottom line.Certain plugin features like site stats and security monitoring, and the WPForms plugin, facilitate the creation of custom forms and surveys.Using plugins can give you a much deeper understanding of how your store is performing and help you identify areas that need improvement. 4 Recommended Plugins for WordPress So which are the best plugins to enhance WooCommerce? Let’s take a look. 1. BeProfit The BeProfit report plugin for WooCommerce allows users to pull together and present all of their company information in a convenient, simplified way. By merely linking up their WooCommerce CMS account, users can access data regarding profit margins, customer retention rates, competitor pricing, and a bunch of other factors. Key features: Integrates with Shopify, Wix, WooCommerce, and AmazonKnow exactly how your store is performing and what areas need improvement with actionable insightsStay on top of your game and make data-driven decisions with the application’s easy-to-use dashboards Pricing: Basic plan—$20/monthPro plan—$60/monthUltimate plan—$120/month Pros: Variety of third-party integrations One-time integrations with Shopify, Wix, WooCommerce, AliExpress, and soon, Amazon.Social media integrations Syncs with all major social media platforms, including Facebook, Instagram, TikTok, and Snapchat.Store optimization Helps users create a store that stands out from the crowd, is profitable, cost-effective, and easy to manage.Time-saver While speeding up the profit-generating process, this software application can save you and your employees a lot of time and effort. Cons: Shipping As of yet, the our package isn't compatible with third-party shipping platforms. 2. Metorik The Metorik analytics plugin empowers WooCommerce users with rich data and insightful reports that can help them improve their sales, marketing, and product strategy. With the click of a button, merchants can see which products are performing well or not. Key features: Track your social media, website, and marketing data in one place with the application’s KPI dashboardWith customer segmentation, users can collect, understand, and take action on data to improve an online business’s marketing and outcomesIncrease lead generation with the application’s easy-to-use email marketing automation system Pricing: $20/month for 100 orders$50/month for 500 orders$100/month for 2500 orders$500/month for 25000 orders Pros: Easy to install The plugin can be easily installed with only a few clicks.Accurate reporting The Metorik plugin provides you with accurate sales reports so that you can improve and grow your store. These sales reports are easy to use, helping you compete with other e-commerce stores.High compatibility Metorik is compatible with most other third-party WordPress sale plugins. Cons: Pricing Metorik offers a 30-day free trial but doesn’t offer a stand-alone free plan that could be pricy for smaller stores. 3. Divvit Divvit is a WooCommerce reports plugin that provides useful data on your store's performance. It gives users the ability to get real-time sales reports and gain insights on how to optimize their WooCommerce shop. Key features: With monthly projections, users can easily see what's coming up and plan accordinglyUnique order views allow users to see their sales data in a whole new lightThe tool’s analytics explorer allows users to quickly and easily find trends, outliers, and correlations in their data Pricing: Contact Divvit for tailored pricing options Pros: A/B testing and sales reporting Sales reports and A/B testing help you to make more informed decisions.Transparent reporting Detailed reports on your store's performance including sales, conversion rates and tracking, and more.Conversion rate optimization Identify the best converting landing pages, products, and e-commerce ads. Cons: Untested Although the feedback is very positive, Divvit is not a widely used tool as of yet. 4. Metrilo Metrilo is a WooCommerce reporting plugin that provides advanced reporting and analytics for your online store. It's the only solution in the market that combines product sales data with actionable insights so you can make data-driven decisions and boost and track your WooCommerce revenue. Key features: Monitor a store’s progress and make changes as needed with real-time KPIsThanks to the application’s powerful email engagement tool, users can automatically target and segment their email lists for maximum engagementWith the application’s lifecycle monitoring, users can see exactly when their customers are most engaged and keep them coming back for more Pricing: Essential plan—$99/month when billed annuallyPro plan—$165/month when billed annuallyPremium plan—$249/month when billed annually Pros: Ergonomic dashboard Provides you with a clear and concise overview of your store’s performance from a single dashboard.Ease of use Easy to use and highly customizable, allowing you to create custom metrics and reports.Wide range of functionalities Use it to compare and contrast the performance of store sections, products, and categories. Cons: Lack of CRO No conversion rate optimization functionality for website landing pages. How to Choose the Best Plugin for You There are a lot of factors to consider when choosing the best WooCommerce sales report plugin that's right for you. Any of the WooCommerce inventory report and sales plugins mentioned here will be suitable for most online stores depending on their budget, business model, and size. Customizable WooCommerce Reports Plugin Since there are quite a few WooCommerce advanced reporting plugins available, it can be difficult to choose the best one for your business requirements. To find the right one for you, it’s really important to break down the features of each option. Consider the number of reports available to you per price plan and look at the ease of customization and overall compatibility with other third-party applications. Free WooCommerce Reports Plugin Also, if you are planning to use only a few reports, then it may be unnecessary to opt for paid plugins, as most of them come with free plans. However, if you are looking for additional features like scheduling and exporting, then a paid plan will probably be a better option. For example, if you are running a local business that is not yet ready to scale, then the free WooCommerce sales report plugin will be a great choice. On the other hand, if you are running a sizable online store that has a large audience, then you will need to consider a premium option that provides more features. Although, if you’re looking for a great all-rounder that is sure to boost and track the profitability and functionality of your store, you simply can’t go wrong by choosing the BeProfit WooCommerce plugin.
Business Data Analysis
Be Profitable: Why You Should Care About How Your Data Fits Together
Your ad analytics and other profit-driving data shouldn’t live alone. Comparing ad spend and software tool performance across platforms is just as critical as watching each one grow separately over time.Instead of thinking of your customers as belonging to one large group, experiment with segmentation: Create a list of cohorts, then track them. Contrast customers based on when they buy, how much they spend, how long they stay on your site, and other behavioral factors to support your next big marketing move. eCommerce is a seasonal industry and your sales may fluctuate predictably. The answers about what to do in your next peak season lie in data from previous years. Don’t shy away from analyzing historical numbers, ideally using a tool with a multi-platform dashboard like BeProfit. At some point, all business owners have to learn to sift through numbers and find meaning. For an online business owner, data is both more important and easier to ignore than it can be for brick-and-mortar entrepreneurs. When you’re used to having analytics calculated for you, it’s easy to think nothing much needs to be done beyond logging into an account and taking a glance. But if you want to stop guessing and start making data-driven decisions, it’s time to have a clear strategy for analyzing your store’s most meaningful numbers. Kobi Melamed, Product Manager at BeProfit, spoke about the importance of knowing your business’s data inside and out, across all platforms, with Shopify’s Steve Hutt on an episode of the eCommerce Fastlane podcast. Below are three key takeaways from the conversation. Be sure to listen to the entire episode to dive deeper into the data you should pay attention to and how to use it to increase your profitability. 1. Aggregate and cross-reference your data As the market for tech tools to serve eCommerce flourishes, you have a smorgasbord of helpful operations, shipping, and marketing tools at your fingertips. Most offer some amount of built-in data. You might be in the habit of logging into your Facebook or Google Ad Manager and taking a look at each campaign’s performance or glancing at your daily shopping cart analytics. And that’s where your data discovery ends. What’s wrong with that? Each software presents the numbers its creators think you’ll care about, not necessarily the numbers you need to pull to make better decisions. Even if a number is helpful on its own — e.g., an 81% cart abandonment rate indicating a problem — it won’t necessarily lead you to the source. But if you were to combine this with data showing that a large percentage of those visitors drop out of the checkout process on a particular page, you’d be able to determine that your hidden shipping costs are largely responsible for those abandonments. The combination of two or more pieces of data will always be more powerful than a singular stat. Ideally, you’ll be able to see integrated data in one place rather than having to search for it all separately. A centralized dashboard is especially critical when you’re running multiple shops or advertising on multiple ad platforms. Important! If you want to use it to draw instrumental conclusions, your data needs to be accurate. While we’re big fans of automation, we understand you’ll sometimes need to tweak your numbers for an order that doesn't quite follow the general rule. Or, you may need to convert currencies to accurately track international sales. It’s essential to have a system in place to take care of these contingencies so you don’t make the mistake of relying on inaccurate numbers. 2. Engage in cohort analysis Sometimes, the value of data lies in who it represents, not what. From a marketing perspective, you may think of your audience as one big group of shoppers. However, even if you’ve developed a singular buyer persona, consider that your customers can be broken down into smaller groups. Segmenting your audience into cohorts based on purchasing behavior can help you draw more context from your data. For example, after the Black Friday (BF) run, you could narrow your analytics down and ask questions like: How did our BF customers compare to the customers who took advantage of a similar one-day sale earlier in the year?How do our repeat customers compare to one-time buyers (i.e., new site visitors who converted on BF)? How much more revenue did we earn from customers who converted from a Facebook ad versus those who came directly to our site? Piecing together data in new ways can help you steer your business in the direction of higher profits without having to make significant (and expensive) changes. Instead, you can pay attention to what’s already working and do more of that. 3. Compare seasonal data year-over-year In addition to drilling down on the story your data tells you about your customers’ behavior, it’s important to keep an eye on what it says about your company’s growth over time. Use your ad and email conversion rates, website analytics, dispatch and delivery times, and other key performance indicators (KPIs) to analyze more than just a linear timeline. Sure, it’s great to see continuous upward movement in many areas, but you could uncover a more useful picture by looking at specific KPIs year-over-year (YoY). You might consider comparisons like: Which ad platform performed better for your brand this year: TikTok or Instagram?Was email a higher-converting marketing channel during the holidays last year or this year?How did your peak season store traffic change YoY — by category, by page, and by referral source? When you complete a direct historical comparison, you can figure out which strategic decisions were responsible for better numbers. Instead of dedicating resources to all the platforms you’ve always used, you’ll be able to streamline your efforts by focusing on the ones that work. As Steve says on the podcast, targeted data analysis can help you change your marketing flow cadence and messaging to drive profitable results.Feeling a bit lost about how to compile and analyze your shop’s data? BeProfit is here for you. We’re currently expanding our app to encompass more shipping integrations, advanced cohort analysis, and multiple users with different permissions. Next step: Get BeProfit and start taking control of your business finances as easily as it gets.