Analyzing ecommerce data can be an overwhelming prospect for online retailers. But without insight into your store’s performance, you’ll be flying blind when it comes to growing your ecommerce store. Performance reporting allows you to make informed decisions, spot trends and ensure your business is on the right track, giving you insight into:
- The most profitable marketing channels
- New opportunities for growth in products, marketing channels and buyers
- The cost of acquiring customers relative to their value
- Customer behavior and trends in buying
- Cost and sales volume of each product
Understanding product trends, shifts in consumer behavior and which marketing channels are profitable allows you to maneuver as a business to improve Return on Investment and avoid damage to your bottom line. For example, based on performance reports, ecommerce stores may decide to drop unprofitable products, adjust marketing spend, fine tune pricing and make other strategic changes that will result in big gains and expanded growth. Key Performance Indicators (KPIs) should be regularly monitored and acted on if they fluctuate from an optimal range or the goal your business has set.
Performance Reporting with Glew
For many online retailers, understanding store performance is a time consuming, messy process that involves cross checking multiple dashboards and tediously combining data into excel spreadsheets. In the competitive and fast paced ecommerce market, store owners who want to stay ahead of the competition and grow revenue need a fast and accurate approach to analyzing store performance. Glew’s advanced ecommerce analytics platform is the answer. It transforms the labor and confusion of spreadsheets and multiple reports into easy to read, real-time dashboards that combine all the information in one place. No logging in and out of other sources, no aggregating data. Glew does the work for you. You can see the money coming in and out of your store, especially as it relates to marketing channels. Glew’s Performance Dashboard combines data from your ecommerce platform with data from major advertising channels to provide insights into the effectiveness of channels and marketing campaigns. Performance Reporting in Glew begins with a snapshot of your most important Key Performance Indicators, including Gross Revenue, Sales Margin, Gross Profit, Advertising Spend and Net Profit.
The major features of of Glew’s Performance Dashboard include:
Ability to Tie Revenue to Each Channel
Quickly view which channels are effectively driving Revenue and which channels are driving traffic that yields few or no sales.
Understand Net Profit by Channel
Glew gives you a clear picture of profitability by channel with a Net Profit by Channel with a Net Profit by Channel Chart. You can see the money coming in and out of your store, especially as it relates to marketing channels. The chart starts with channel level revenue, then cost of goods sold, gross profit, gross margin, advertising spend, net profit and profit margin. This is an important report for ecommerce stores as they plan budgets, which should not be based solely on revenue. Net profit by channel will help you take into account how much it costs to produce a product and sell it on each channel. Then, you can funnel your budget to the channel that has strongest returns.
Insight Into the Cost to Acquire Customers
This prevents you from spending large sums of money acquiring new customers through channels that produce low lifetime value customers. Glew’s Overview Dashboard also gives businesses an accurate view of how key metrics of their online store are performing. Glew pulls together the strongest indicators of performance from your ecommerce platform, Google Analytics, and advertising dashboards. Quickly view how you are performing in the areas of Revenue, Orders, Products Sold, Average Order Value, Visits and Conversion Rates and more. Glew also provides historical comparisons for specific time periods so you can benchmark recent performance compared to historical data. These are all important performance indicators for ecommerce stores who want insight into how to grow their store.
Focus on Key Performance Indicators You Care About
Glew focuses on KPIs tied to your bottom line and provides succinct explanations of your data to help you understand how to interpret performance. These metrics can be filtered to provide specific information about Sources, Days of the Week, Devices, Channels, Metros or Campaigns.
Performance Insights in Glew include:
- Gross Revenue
- Sales Margin
- Gross Profit
- Net Profit
- Advertising Spend
- Shipping Revenue
- Sales Tax
- Revenue by Channel
- Cost of Goods Sold by Channel
- Gross Profit by Channel
- Net Profit by Channel
- Sales Margin by Channel
- Advertising Spend by Channel
- Profit Margin by Channel
Every day, ecommerce stores have mountains of data at their fingertips. With so much information available, it’s easy to get buried under multiple reports, spreadsheets and statistics while losing track of what’s most important. By identifying the most relevant KPI’s for your retail business and using an advanced ecommerce analytics platform like Glew, store owners can uncover their most profitable merchandise, customer segments and channels. Start your free trial today!