Shopify is ranked among the top e-commerce platforms globally, with a market share of 20%. However, this does not mean that if you run a Shopify store, you are on a better end than the rest. There is so much that needs to be done to skyrocket your business’s performance from one level to the next.
Besides, trends and patterns are constantly changing within the business industry. There is a need to work in accordance with the changes in order to grow your online store. Initially, companies were mainly focused on offering first-class products and services to attract more customers from different localities. But do you know that you can use Shopify analytics to grow your online store? Read this blog post to learn how this can be made possible.
What is Shopify Analytics, and Why Do You Need It?
Shopify analytics refers to an inbuilt dashboard that is specifically made for reporting all the operations that take place across the store. The store owners use the dashboard to monitor the general performance of their businesses and identify holes that need to be covered to enhance the business’s success. You can collect insights from visitors and identify your areas of weakness to elevate customer satisfaction.
The Shopify analytics dashboard works the same way as the google analytics dashboard. This means that you don’t need to switch between different platforms to monitor your business’s performance. It gives you a chance to make better business decisions that impact your business’s continued growth. Also, it gives you a chance to market your business brand within the right channels giving you a competitive opportunity in business.
In addition, it allows you to manage your inventory in a better version. This gives you a chance to control all the financial operations in a better manner. The Shopify store involves lots of data analytics features that ensure that all data has been tracked to monitor all the processes that occur within the store. The tools aid in the following:
Optimization of the Marketing Efforts
Despite that you are getting real-time reports regarding the activities that take place within your Shopify store, you can optimize your marketing campaigns to ensure that everything is perfectly aligned with the business objectives. Remember that you need to capitalize on the areas where you record significant traffic to capitalize on the opportunities that you secure in business.
For instance, if you realize that most of your marketing traffic comes from the United States, you need to tailor strategies that capitalize on the market opportunities from the respective region. This will give you a chance to secure a good market audience that will increase your chances of success in the long run.
Inventory Planning
Once you have collected data from different corners of your Shopify store, you involve the power of data visualization month-to-month comparison excel chart to gather insights that guide you on the decisions you make going forward. If you realize the kind of products that are highly consumed within the store, you can manage your inventory by stocking more of the similar product to ensure that every customer that matches the business gets whatever they want.
This gives you a good foundation to monitor your stock to ensure that all the best-selling products are available all the time to enhance customer satisfaction. There is no need to stock products you don’t sell or those that are less consumed, yet you have a clear report of the products on demand. You should capitalize on every opportunity you get to enhance the growth of your business.
Improving the Conversion Rate
The Shopify analytics dashboard gives you a clear picture of all the activities that take place within the store. You can utilize this data to enhance the conversion rate as well as minimize the bounce rate to ensure that your store records an awesome conversion rate to make more profits. In addition, you can utilize the data you generate to improve the customer buying journey to ensure that everything is outlined in a presentable manner.
You can only get the job done if you perfectly outline your call to action button and make it visible for visitors to access and take the desired decision easily. Once customers realize that something needs to be done after visiting your store, they will automatically get it done, especially if they are impressed with whatever you offer.
Enhances Customer Engagement and Retention
When running a business, you should understand that customer retention is important compared to the conversion rate. When you retain customers in the long run, you stand a chance to benefit more from the respective customers for a long time compared to the one-time customers. Currently, the competition is extremely high within the business industry.
The only way to mitigate and adapt the situation within the industry is to ensure that you do everything possible to retain those customers that come your way. This is only possible if you offer first-class services and ensure that all the customers are satisfied. The products you offer help them solve the problems they encounter in their daily activities.
Identify all Your Ideal Customers
Analytics presents a lot of data that enables you to depict all the customer behavior. This data gives you more room to identify your ideal customers on whom you should always focus. Getting to know who are your exact customers plays a vital role in ensuring that you offer tailored services that can automatically impact the well-being of your business brand.
Besides, knowing your customers gives you a chance to understand how to tailor your products and services, thus increasing your chances of making profits. Also, it gives you a competitive advantage since you know exactly whom you are dealing with, and you can do everything possible to ensure that they are all satisfied.
Conclusion
According to the research done by Statista, Shopify houses companies that generate significant amounts of revenue of approximately $11 billion. It’s evident that you can make a kill from your Shopify store, especially if you properly use the Shopify analytics section. You need to make proper use of the data you generate from your Shopify dashboard to capitalize on the market opportunities you secure. This article has clearly outlined all the important variables that you need to consider in order to get the best out of your online store.
