Top 5 Magento BI Essentials to Fuel Your Business Growth with Data
To find new growth opportunities, eCommerce owners need more than just web traffic data and transaction records to build successful commerce brands. Some retailers are frustrated with the complicated process of studying their customers through a hotchpotch of data sources and formats. They need business intelligence to analyze the top customers, products, and promotions and share insights across the organization.
Data matters; and companies using analytics are five times more likely to make faster and better-informed decisions. But often, we don’t know which KPIs we should use to move businesses forward. Even with one business, different teams use different data; Magento Business Intelligence is a perfect tool that gives merchants this consistency, to roll out across their enterprise.
Firstly, what is Magento Business Intelligence?
Magento Business Intelligence is a complete data analytics platform designed to help businesses extract value from data and grow their business one step further. The tool consolidates the data from the database, Magento extensions, and third-party tools to deliver the valuable analytics insights you need to drive your business forward.
Magento BI is created to inspire and empower merchants by their business data. Even if they’re not equipped with a team of data scientists or SQL experts, they should be able to gain business-building insights from their transactional data.
Key Reasons to embrace Magento Business Intelligence
Better understand the performance of your store on a day-to-day basis across metrics like revenue, AOV, and top customers.
Drill down into top performing categories and customer segments
Understand repeat revenue and customer loyalty
Collaborate with your team around data and share metrics with key stakeholders
What does Magento Business Intelligence Essentials include?
- 5 pre-built dashboards comprising 75 reports
- Email summaries
- SQL report builder and visual report builder. The ability to create and edit reports
- Data from Magento and Google Analytics
- Export raw underlying data to CSV and Excel
- 10 user accounts with advanced user permissions
These are best-in-class analyses, and the result of years of direct contact with customers. Now you can demystify your data and answer questions like: “How are my orders growing month-over-month? Who are my most loyal customers? Is my coupon strategy working?”
Benefits of Business Analytics for eCommerce
- Save Time & Money with advanced analytics insights
- Acquire, Convert and Retain Customers
- Unlock endless opportunities for enterprise commerce
- B2B businesses have specific needs when it comes to how they leverage data; Magento BI offers data-driven dashboards for B2B merchants.
Armed with this information, you can optimize and grow your business.
One of the greatest things about Magento is its customizability—and just like a commerce platform, commerce reporting solutions should not be one-size-fits-all. With Magento BI Essentials, you can define your own business metrics and customize your reporting to reflect your unique needs. You can adjust anything out-of-the-box and even create an unlimited number of reports.
It’s time to extract value from your data.
At Krish TechnoLabs, we’ve always been focused on data-driven results, and so we fully welcome this new weapon in our Magento armory, with this addition of Business Intelligence available to eCommerce businesses. We believe this feature will help Magento store owners understand their customers and how they interact with their online business on a significant level that can only help to grow results. We’ll be helping our clients get on board with Magento Business Intelligence, and we’d love to chat with you about how we could help you to roll this out in your company too.