Ecommerce businesses generally experience similar patterns of growth and decline. That means, if we look for early signs of a pattern – we can limit or catalyze the effect. These patterns gave birth to ecommerce analytics.
Having information about the health and performance of your business is crucial to keeping those graphs pointing up. This may sound complicated, but it only is if you do it yourself. Online merchants can use tools designed to make this as easy as possible.
Ecommerce analytics and reports
Let’s go through some staple reports and see how they’re useful.
The total of the inventory you own. Essential for performing stocktakes. Many small- and medium-sized businesses underestimate the importance of doing this more than just once a year. What may seem like a time sink at first, ends up saving you quite a bit of it. The preferred period between stocktakes varies from business to business, but doing one every quarter is often a good call.
The record of sales over a period of time. This is useful when measuring the success of advertising campaigns and other initiatives. With some additional data present, you can easily calculate if the marketing investment paid off. However, keep in mind – some gains are intangible!
Compares the performance between your best-selling products. It’s equally important to stay idle where action is not needed, as it is to act where it is. However, if you’re in need of a quick cash influx – these will be the products to tinker with. Be it a discount, ad campaign or some other form of marketing. Useful reminder: it’s a good idea to make your top products as visible and easy to find as you can.
These are just some of the commonly used ecommerce analytics reports. However, there’s not much merit if you can’t get your hands on these report-generating tools yourself. Multiorders is an inventory management tool that automates a grand portion of your daily tasks as an ecommerce merchant. That includes making reports.
Sometimes the staple reports don’t quite hit the spot. You need a custom report. Multiorders has taken this into account – you can easily request a custom report and you’ll have one before you know it.
If you’re not already using inventory management software – you’re playing the game at a huge disadvantage. Since Multiorders is very easy to use and is free for the first two weeks – we invite you to join the trial. You don’t even have to bring your credit card with you!