As a Shopify user, do you avail yourself of its built-in reporting capabilities? If so, you probably know that Shopify offers a tremendous amount of sales information. Simply by going into the Reports section of the platform administration, you can see just how well your online operation is doing. By the way, tracking sales is something every Shopify user should be doing.
Here are five critical things you can learn from Shopify sales reports:
1. Sales by Hour
When you bring up the sales reports options within Shopify, you will see a number of different reports to choose from. Near the top of the list should be ‘Sales by Hour’. The information contained in this report should be self-evident. Having said that, you might be wondering why the information is relevant. One word: marketing.
Let’s say you are depending on a targeted e-mail campaign to push a new product. The best time to send out that e-mail is within an hour or so of the time most similar products are purchased from your site. The idea is to get marketing information in front of your customers at the time they are most likely to act on it.
2. Sales by Month
The information in this report can give you a good idea of how your business ebbs and flows. It helps you better understand when your busy and slow seasons are, and when you need to be more aggressive with your marketing.
3. Sales by Product
This report is the most critical in that it tells you how your customers feel about the products you offer. You need to know which products are selling, which ones are not, and which ones might be tepid from time to time. You can use the ‘Sales by product’ information to fine-tune your inventory on a weekly, monthly or seasonal basis.
4. Sales by Variant
A variant is a product that is identical to another except for one or two features. For example, two identical coats in different sizes are essentially two variants of the same product. The ‘Sales by variant’ report is your tool for tracking which variants are working in your store. On the one hand, there’s no point in offering variants customers don’t want. On the other, you want to make sure you are always stocked with the most popular variants on your site.
5. Sales by Vendor
Last is the report that generates information on sales for each vendor whose products you carry. This report can help you establish the brand names that are most important to your customers. Those that don’t see a lot of action are subject to either more aggressive marketing or being dropped from your inventory. The most popular brands are obviously the ones that will garner additional attention.
Sales reports are an important part of the Shopify platform. Learning how to use the information they contain could be the key to pushing your business to the next level.