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Profit Analytics Blog
Read expert articles with insights about e-commerce profitability from analyzing thousands of e-commerce businesses' data.
6 Tricks to Use Google Analytics 4 for Product Analysis
Did you know that product analytics can be used to connect your data to your business goals? You can do this by focusing on user engagement and ensuring you have a comprehensive understanding of the entire user journey. You may be wondering why you should care about your data aligning with business goals. The simple answer is that your data tells an important story that should be used to create your goals in the first place. The customer interactions and journey will tell you where and why your customers leave your site. Below we discuss six Google Analytics 4 (GA4) tools you can use to analyze product metrics, which will enable you to optimize your site and drive conversions. » Dissatisfied with your conversion rate? Follow these tips to increase your marketing efforts 1. Examine Customer Behavior With "Behavior Flow" The behavior flow tool is a feature on Google Analytics that will highlight the journey your customers take while they're on your site, including all their interactions with your pages. It can tell you where they entered your site and where they exited. This information will indicate which sections of your website are performing well content-wise and which sections may be problematic. To find the tool, click on Behavior > Behavior Flow. You can then choose how you want to view your data: site section, automatically grouped pages, events, or pages and events. 2. Identify Popular Features Using "All Pages" The "All Pages" tool measures which pages on your site have been viewed the most, thereby telling you which pages are more popular with your customers. It goes without saying that those are the pages that are working. You can use the information from your popular pages to improve on the pages that are getting less traffic. To find the tool, click on Behavior > Site Content > All Pages. » Need to increase your organic traffic? There are 8 easy strategies you can try 3. Leverage "In-Page Reports" to See What Users Click on This tool tells you what your users are clicking on within each page. It gives you a good idea of how your customers are interacting with each of your pages, including bounce rate, the average time spent on pages, and how well your call-to-actions are working. This function can also help you track and boost sales via Google Analytics. To find the tool, click on Reporting > Behavior > In-Page Analytics. 4. Leverage Google Analytics 4's Data Segmentation Tools A segment is a subset of data, which you can use to analyze your users and gain valuable insights. In GA4, you can create segments through comparisons, explorations, and audiences: Comparisons: This is the simplest form of exploration and is only really used to guide you to deeper insights. It's a quick way to gather ideas and highlight trends.Explorations: Automated anomaly detection picks up unusual behavior. This will help you to get insights into user behavior that's different from normal.Audiences: This is the most useful tool out of the three. Audiences collects rather than calculates data. This means that it will include users from the day your site was officially up and running. To find the tool, click on Explore > Exploration. You'll see that there are already several Explorations. You can use those or build your own new segments. 5. Determine Where Users Leave With "Exit Pages" Exit Pages is a critical tool for your e-commerce store, because it tells you which page your customer was on when they decided to leave your site. This feature can help you detect any patterns in customer behavior, therefore allowing you to implement a strategy to combat exit rate. To find the tool, click on Behavior > Site Content > Exit Pages. 6. Conduct A/B Tests via "Experiments" A/B testing, also known as split testing, is a randomized experimentation process where two or more versions of a web page or page element are shown to different users. These visitors get to view the different versions at the same time so that you can establish which version works the best and has the biggest impact. This includes testing elements like your headline or your call to action. To find the tool, click on Standard Reporting > Content > Experiments. Alternatively, click on Behavior > Experiments. » Need help navigating your sales funnel? Try one of these apps Conclusion Now that you know more about the handy analysis tools and features in GA4, you can leverage these tricks to improve your sales funnel with your GA4 micro and macro goals. You can also enhance your overall customer satisfaction and drive innovation with new product design and development initiatives.
An Essential Guide to Shopify Sales Reports: Types, KPIs, & Analytics
When you start a Shopify store, it’s important to ensure you have the right strategies in place for analyzing your store’s revenue, growth, and profit potential. Shopify sales reports are one of the many reporting solutions offered by Shopify to give business leaders a behind-the-scenes insight into store performance. This includes information about your customer’s orders, based on criteria like time, product, or channel. Sales reports are available on the Shopify, Advanced Shopify, and Shopify Plus plans for Shopify vendors, so if you have another package, you may need to upgrade. Types of Sales Reports When you log into your Shopify store, you should see all of your analytics and report options on the left-hand menu of your admin user interface. There are reports available for tracking the success of your Shopify loyalty program, understanding POS transactions, and more. You can choose either to use the pre-made sales reports from Shopify to track store success, or you can create a custom report, depending on your Key Performance Indicators (KPIs). The pre-made reports include: Overall Sales Sales over time: All the sales you’ve completed within a specific period. Average order value over time: A record of how the average order value of your store has changed over a specific time period. Product Sales Sales by product: A breakdown of all the sales of a single product (without calculated shipping costs).Sales by product variant SKU: A breakdown of all the sales for a specific variant of a product.Sales by product vendor: All the sales provided by each of your vendors. Specific Criteria Sales Sales by discount: Insights into sales grouped by the name of a specific discount.Sales by traffic referrer: An overview of sales acquired when a visitor comes from a specific location, such as an online ad, google search, or another web page.Sales by billing location: All of your sales grouped by the region or country of the consumer.Sales by checkout currency: A breakdown of all your sales grouped by the currency your customer used on the checkout page. Sales by channel: A list of your sales grouped by channels, such as your online store, point of sale system, or Facebook.Sales by customer name: A rundown of all the sales connected to a specific customer over a set period of time. Essential Sales Report KPIs Diving deeper into your sales reports provides behind-the-scenes insights into your most valuable products, social commerce campaigns, and marketing strategies. You can view KPIs within your Shopify sales reports to gain precise information about business performance and customers, so you can make more strategic decisions on how to grow. Some important KPIs to consider include: Average Order Value (AOV) AOV calculates the average amount of money a customer spends in each transaction. If your AOV is increasing over time, this shows your customers are spending more money with your brand. Gross Sales Your gross sales number is the accumulated amount of all your registered sales within a specific time period. This can be a useful KPI for determining how many sales you’re actually making in a given time, and how much money you could make. Net Sales Your net sales number is the total amount of your registered sales, with any returns or discounts taken off. This will help to highlight how much you’re earning as well as your profit when combined with gross sales. Returning Customer Rate Repeat or returning customer rate shows you how many of your customers are repeat buyers on your store. This provides an excellent insight into whether you’re driving high customer satisfaction levels and loyalty. Customer Lifetime Value The customer lifetime value of your clients is how much they’re likely to spend over the full course of their relationship with your brand. Evaluating this number in relation to different campaigns can help show you which strategies are driving more loyal customers and increasing conversion rates, such as e-commerce influencer marketing. Customer Acquisition Cost (CAC) CAC is the price associated with turning a likely prospect into a loyal client. If your CAC costs are high, you may need to look for new ways to convert customers to keep profits from dropping. How to View and Export Your Sales Reports You can easily find your sales reports within the Analytics section of your Shopify admin dashboard. To find and export your sales reports: Log into your Shopify admin account Click on “Analytics” then “Reports”In the “Sales” section, click “View All”Choose the sales report you want to seeExport the sales report in CSV format Open your report in Excel After you’ve exported your report, you can start looking for useful insights. For instance, you can track your best-selling products by downloading sales reports for each of your top products and analyzing how much customers have spent on these items in a specific time. 3 Actionable Tips for Analyzing Your Sales Reports Reporting and analytics are two very different things, as anyone who has used Shopify sales funnels apps and reporting systems will know. Getting the most out of your reports means having a strategy in place to ensure you’re answering the right questions with your data. Start by: 1. Asking a Question Decide which question you want to answer with your sales report. For instance, if you want to know which of your products have sold the most, you can download your product sales reports for insights into the top-selling items. 2. Choosing a Specific Time Frame Using time frames is a good way to measure the progress of your sales. For instance, you can compare the sales of a product in the third quarter of the year to the second quarter to determine growth. 3. Using Benchmarks If you’re not sure what a good set of results might look like, it’s a good idea to have some benchmarks in place. For instance, if you want to know if you’re generating returns from a marketing campaign, you can compare the results of your new campaign to the results of an existing advertising strategy. Conclusion Making the most of your Shopify store requires you to understand exactly how to analyze and increase the success of your website. Using Shopify apps to generate sales and provide positive customer experiences, and a Shopify profit calculator to understand your earnings can supplement Shopify sales reports to provide you with rich information about your store.
Why BeProfit Is the Best OrderMetrics Alternative
eCommerce sellers, we can’t stress enough how important it is for you to track profit margins. This is your most accurate way to estimate long-term profitability and vulnerability. In order to make wise decisions and stay on the right track, it is extremely important to monitor and analyze your data. However, with so many data points that stream from endless sources at once, it’s almost impossible to keep track. Ad metrics, shipping costs, gateway fees, and taxes, just to mention a few. Already feeling lost? That’s why profit calculators are a game-changer. There are many tracking and analysis tools out there, one of which is OrderMetrics, a platform for analyzing eCommerce data and reporting profit margins in real-time. Unfortunately, OrderMetrics will shut down its services on June 30th, and many of its users are now looking for an alternative. So if you’re in need of a new profit tracking tool, read on! Features of Great Profit Tracking Solutions Having a deep understanding of your data is essential to the success of your business, so you must already know the importance of a good profit tracker. Here’s what you should look for in your next solution: 1. Ease of Use A profit tracker should simplify your data to help you make better decisions. Therefore, it’s crucial that the solution is user-friendly, easy to set up, and lacks complexity. All data must be aggregated in one dashboard so you can have a quick understanding of your most important metrics. 2. Seamless Integrations In order to make your data analysis accurate and reliable, the profit tracker should easily integrate with top ad platforms, shipping services, order data, and sync expenses. That way you will be able to get up-to-date reports to make data-driven decisions. 3. Customizations To support your business goals, it is important to choose a profit tracking app that is adaptable and flexible. Look for a solution that allows you to control your dashboard’s preferences, enter variable and fixed expenses when needed, create & export custom data reports, and customize your store's data. 4. Accurate Data It’s important to ensure that you’re viewing the most accurate profit calculation and data reporting. Your profit tracking app must use the most current currency exchange rates, but also keep past rates to convert historical orders and expenses accurately. Your app should cover the most important business metrics, such as orders, products, inventory, marketing ad spend, shipping profiles, payment processing fees, taxes, COGS, and overhead costs. 5. Reliable Customer Support When managing your business income and expenses, you want to make sure you’re in good hands! A support team that responds quickly and is willing to address your issues, is key to valuable usage and great experience. The #1 Profit Analysis App for Online Merchants Now that we’ve drilled down into the most important features of a profit tracking app, say hello to the best profit calculator out there! BeProfit is an all-in-one profit tracking and analysis tool for online merchants. Rated by many as the best profit tracking solution, no wonder this app was staff picked on Shopify. When thinking of ease of use, think BeProfit! With a quick and easy onboarding process, you will be all set in a matter of minutes. The app offers automation and integrations with many platforms. You only have to sync them once and are good to go! The intuitive profit dashboard is what you need to get your finances in sync and scale up for growth. You get all your data in one place and can easily make sense of your finances. Calculate and track profits, locate profitable marketing channels, and much more. BeProfit seamlessly integrates with top Email Marketing and ad platforms to provide marketing insights that translate into more profits, as well as top shipping platforms like Shippo, and ShipStation. So, here’s some of what you can do with BeProfit: 1. Get an in-depth understanding of your profits. Graphs and visuals help users get a 'daily snapshot' to stay on track and see all core metrics organized intuitively. 2. Turn data into valuable and actionable insights. Case in point: BeProfit breaks down your bestsellers and most/least profitable products. 3. Keep track of your ads and monitor them. BeProfit presents the effectiveness of ad platforms, campaigns, and ad sets, and even drills down into individual ads. 4. Customize reports to better support your goals. You can choose from the preset report templates and schedule their frequency, such as: Weekly Profit ReportDaily Product ReportMonthly Other Expenses ReportMonthly Sales Tax Report Customize the reports that best suit your needs and have them sent to you at a time of your choice. 5. Analyze Lifetime Value (LTV) by cohorts. As keeping existing customers costs less than acquiring new ones, this metric is extremely important. It helps sellers strategize their long term success by identifying successful cohorts. Wrapping Up Thanks to its ease of use, accuracy, and many great features, the BeProfit app is the #1 profit analysis app for eCommerce sellers. Users who have benefited from OrderMetrics in recent years will surely appreciate the amazing benefits it has to offer.
Best OrderMetrics Alternatives for Profit Tracking and Analysis
In the world of online business, in order to make sound decisions about the future of a website, it is crucial to track and analyze profits. While many profit tracking and analysis tools are available, not all are created equal. To see how it stacks up, in this post, we'll compare and contrast OrderMetrics against some of the best profit tracking and analysis alternatives. What Is OrderMetrics? The OrderMetrics tool is a web-based application that enables businesses to manage and analyze their order data. It allows users to view order information in a variety of formats, including tables and graphs. The tool also includes several filters that allow businesses to track orders by country, product, and date. Unfortunately, OrderMetrics will shut down on June 30th, so we’ve rounded up the best alternatives. The Top Alternatives to OrderMetrics BeProfit It’s extremely important for any business to track profit margins since it accurately reflects long-term profitability and vulnerability. If you haven’t used BeProfit so far, it’s high time that you do! Awarded a staff pick by Shopify, the BeProfit app is an all-in-one profit tracking and analysis tool for online merchants. It helps sellers calculate and track profits in just a matter of minutes and locate profitable marketing channels. With BeProfit, you can: View profits with extreme accuracy in a dynamic dashboard.Convert data into valuable and actionable insights.Track and monitor your ads.Create custom reports to support your goals.Easily analyze LTV by cohorts. The BeProfit app is also a fan favorite, with hundreds of top-rated reviews. Check it out for yourself! Pros: Presents key business metrics in intuitive charts and graphs.Seamlessly integrates with top ad platforms to provide marketing insights that translate into more profitsFeatures customized reports and predefined report templates to move faster, including P&L reportsFeatures Lifetime Value cohort analysisEasily integrates with top shipping platforms like Shippo, ShipStation and more Cons: While BeProfit is mobile-friendly, it has no dedicated mobile application Conversific Conversific is a data analytics platform that provides end-to-end customer experience and growth solutions for Shopify stores. Pros: Conversific allows you to experiment and analyze e-commerce benchmarks, reports, and customer analyticsEasy-to-use interface allows you to quickly and easily add updates to your websiteTrack taxes, profits, revenue, expenses, and other key metrics Cons: With so many adjustable settings, Conversific can feel overwhelming, particularly for those users that are less technically proficientConversific’s custom reporting options can feel limiting for some users TrueProfit TrueProfit pulls data from a variety of sources to facilitate automatic and real-time tracking of metrics like COGS, ad spend, and handling and custom costs. Pros: TrueProfit is a powerful tool to track your business and optimize your workThe app is easy to set up and can save you hours of work every dayGoogle Ad Spend integration available Cons: One of the less affordable profit tracking and analytic tools currently on the market Lifetimely Lifetimely helps online sellers calculate and project their profit and customer lifetime value. Pros: Lifetime Value Report answers how much are your customers worth to your business over timeThe app makes it easy to look at the key statsLifetimely helps users to scale up campaigns and products that customers love Cons: Some users may find the data to be too basic Profit Calc ProfitCalc is a one-click accounting software and profit calculator dashboard. Pros: Profit Calc offers usable features and you can adjust it to your own needsThe app integrates multiple stores with multiple currenciesReduces a whole lot of manual workload Cons: Profit Calc doesn't automatically convert your Facebook Ad Spend with a real-time exchange rate
Keeping Track of Your E-Commerce Business Expenses
For a business to stay competitive, the importance of tracking finances cannot be overstated. By keeping track of key financial indicators such as revenue, expenses, and profits, business owners can make informed decisions about where to allocate their resources in order to grow. If you’re ready to take control of your e-commerce business’ finances, let’s look at how to keep track of business expenses and income. Importance of Tracking E-Commerce Expenses A business must track its financials in order to make sound decisions about where to allocate its resources—whether that be scaling back strategies that aren’t working or scaling up ones that do. In particular, the ability to track tax-deductible expenses is imperative to receiving the best possible return. Tracking these expenses can be complex, but it is worth the effort to save money. By taking advantage of all deductions, e-commerce businesses can improve their bottom line and remain competitive in a fast-growing industry. Typical E-Commerce Business Expenses Like any business, operating an e-commerce store comes with running expenses. These include, but are not limited to: Product and cost of goods soldMarketing costsSecure payment methodsShippingWebsite hostingWarehousing and storageAdministrative costs External Expense Tracking Assistance Bookkeepers Professional bookkeepers can help a business track its finances by creating and analyzing financial statements, recording and paying bills, and providing other consulting services. By using complex accounting methods and tools, bookkeepers can help businesses make sound financial decisions to improve their overall profitability. Expense Trackers The use of an online business expense tracker, like BeProfit's profit and expense tracking tool, can help businesses track their finances by providing a comprehensive view of expenses over a given period. By recording all expenses as they are incurred, businesses can better understand where money is being spent and identify areas for cost-cutting. Additionally, businesses can use historical data from profit tracking to create reports that illustrate trends in spending, which can be helpful for budgeting and forecasting purposes. Spreadsheets By using specialized formulas and functions reported in spreadsheets, businesses can get a better understanding of their financial standing and make more informed decisions about their future. That way, business owners can keep track of spending, budgeting, and revenue with minimal effort. Tips to Simplify Expense Tracking Keep Personal and Business Expenses Separate When business and personal expenses are mixed, it's challenging to determine which costs are for which use, leading to inaccurate expense tracking and incorrect tax deductions. By keeping expenses separate, it is easier to track and categorize them. This can help ensure that all expenses are accounted for and that no deductions are missed. Choose the Right Accounting Method for You The benefit of choosing an accounting method is that it can help keep expense tracking simple. For example, the cash basis method only records expenses when cash is paid out, while the accrual basis method records expenses when they are incurred, even if no cash has changed hands. This difference can mean that the accrual basis method results in a more accurate picture of a company's financial health, as it considers payments that have been promised but not yet made. Use Cloud-Based Software Cloud-based software can help keep expense tracking simple by allowing employees to access the software from any computer with an internet connection. This eliminates the need to install and maintain software on individual computers and also enables employees to track expenses from anywhere. The cloud-based software can also automatically import bank statements and credit card transactions. Keep Track of Receipts A system for tracking receipts can help stay on top of expenses and provide an easy way to keep track of what has been spent and when. This can help avoid confusion and ensure that all expenses are accounted for. Having a system for tracking receipts can also help make tax season less stressful as it will be easier to determine what expenses can be claimed on taxes. Know Which Expenses Are Tax-Deductible When tracking expenses, it's helpful to know which ones are tax-deductible. This can help keep the e-commerce tracking process simple as you only need to worry about tracking those expenses that have a tax benefit. Additionally, it can help you plan your tax strategy for the year, as you may claim more deductions if you know which ones are available to you. Managing Income and Expenses for Business Growth In order for a business to grow, it is important to manage income and expenses. Although not an attractive venture at first, when a financial tracking system has been established, tracking finances becomes much easier. This may include making strategic decisions about how much money to reinvest back into the company, how much to save, and when to make investments. Focusing on growth can be key to long-term success as it allows you to expand your operations, improve efficiency, and serve more customers.
Choosing a Profit Tracker for Wix: Key Features and Beginner's Guide
Starting a business is a dream come true for many, but not all of us have the skills or knowledge to manage an online store. This is where the Wix website builder is an excellent option as it's both easy to set up and use. The only problem is that you might be tempted to skip the boring bookkeeping details and leave them to an accountant at the end of the year. Big mistake. Tracking your finances in real-time can seriously increase the chances of your online business being successful. To help you out, here's how to choose a suitable profit tracking app for your Wix store. How to Best Keep Track of Your Profits on Wix Profit trackers are one of the most useful functions for anyone who wants to keep track of the profit of their Wix store. All you have to do is jump on Wix’s App Market, find a suitable application for your store, integrate, and you’re ready to keep a close eye on your online business’s finances. The best part? Profit trackers are easy to use, require little financial expertise, and require no technical know-how. What Is a Profit Tracker? A profit tracker is a tool for monitoring the financial performance of an online business. A well-developed profit tracker records: RevenueReturn on investment (ROI)Return on sales (ROS)Cost of goods sold (COGS)ExpensesOrdersFeesTaxesProfitabilityEarnings Profit trackers also monitor a business’s profit margin. By tracking and monitoring profit margins regularly, business owners know where to make the changes or modifications that can help them improve profitability. Key Features of Good Profit Trackers A good profit tracker should include the following features: Real-time metrics Track conversions and sales of your Wix store in real-time. Accessible UX and UI The application comes fitted with an easy-to-use interface, and no coding skills are required for implementation. Never miss an order A profit tracker application should automatically create orders for you when a customer visits your website. Success analytics Your app should be able to tell you your best-selling products, customers, and much more. Profit insights Accurate insights on where your business is and isn't performing can help you refine it and increase sales to boost profits. How BeProfit Can Help You If you are like other entrepreneurs and are interested in generating revenue with your business or website, then a profit tracker is a must-have. The BeProfit profit tracker for Wix includes all of the features listed above and will help you optimize your revenue streams through profit calculations, cash flow forecasting, and a range of insightful cohort analyses. The best part, BeProfit, allows users to automatically track spending, revenue, and profits with a simple touch of a button. Profit trackers are useful apps for any online business owner, helping you stay on top of your cash flow and safety so you’ll never run into any money problems ever again, allowing you to focus on growing your business.