5 Most Important Analytical Reports for eCommerce Businesses
We all are always thinking that we are running your eCommerce businesses. But most of the times, the truth is, our eCommerce businesses are running us.
The main reason behind this is, not having proper handles to get hold of the business and drive it in right direction.
It’s been observed that many eCommerce business owners tend to ignore the need of intuitive analytical reports. While they are using some out-of-the-box platforms, they keep themselves limited to the simple analytics that are provided by the platforms.
Here we are trying to give you a list of 5 most important reports according to us, which will help you take charge of your business and take it in the right direction in a “Data Driven” mode.
1. Sales Conversion Report
A store conversion report is a must for any eCommerce store owner. This report gives you insights into the number of visitors of different types, geographies, age-groups, visit times etc and how many of them completed a purchase on the website.
Having these details can help you grow your business in multiple ways. Simply put, this report gives you the opportunities for creating optimization and retention strategies, as well as improving your marketing tactics.
Similarly, you can also use the report to remarket to prospects who were close to buying from you but didn’t. How? By getting a list of visitors who didn’t purchase (find their names in the second last step in your conversion report). Then re-engaging those people by sending them a promo code, for instance.
2. Abandoned Cart Report
There are a lot of instances when website visitors add items to cart, reach the checkout stage and abandon the process. Having a lot of abandoned cart instances and details about at what point did they quit, give you very strong inputs for bringing improvements in the checkout experience.
This makes it very important for you to have this report in your eCommerce website and keep a watch on it almost on a daily basis.
3. Order fulfillment report
This one of the most important eCommerce reports which is crucial for keeping a constant eye on customer order statuses.
Essentially, the Order Fulfillment Report provides information about customer shipments, including tracking numbers for individual packages. Through this report, managers know when they have been shipped off and how many items were included in a particular shipment.
Having this information at hand is critical for solving any customer queries related to shipping and returns that may come in.
Not only this, but as we are aware, shipping costs play a big effect on the profit margins, this report also gives the owners an opportunity to see if and how they can optimize the shipping process to expedite the delivery and possibly decrease the costs.
This report is also important for those of you who are aiming to improve customer experience by offering reliable and fast delivery – something that 79.3% say is important to them with 28.6% admitting delivery dates influence their buying decisions.
4. Purchase Funnel Performance
On any eCommerce website, it’s very important to get to know the leakage location and reasons of customers.
The purchase funnel is very nicely elaborated in the illustration below.
This report aims at giving you the exact number of customers reaching at every stage in this funnel. And with this insight, you can take right decisions on bringing improvements at various steps.
5. Combo sales report
This is another clever report that helps you in improving the upsells.
This report simply gives you the list of products that were bought together most times. With this, you can decide on creating these as a products bundle and sell separately, may be at a little discounted price.
There are a LOT of reports that you can keep a close watch on. But the above are a few that are missing from many eCommerce portals and the business owners are missing the emmense power they bring in terms of decision support.