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Managing Your End-of-Year eCommerce Reporting and Analysis

Managing Your End-of-Year eCommerce Reporting and Analysis

Now that the end of the year is upon us, it's time to see how well your eCommerce site did in terms of sales and marketing. Magento makes reporting easy with built in sales, product, and customer reports.  You can access all of the reports in the admin section.  You will see a variety of options to choose from.

b2ap3_thumbnail_Magento-Reports.png         

Consider taking a look at the following:

Total online sales - What portion of your total business income came from eCommerce sales? 1

New customers - How many new customers registered and bought something from your eCommerce site?  

Best selling products - Plan for next years product offerings and inventory levels by finding out which of your products are best sellers.

Coupon usage statistics - Are your promotional campaigns successful?  Do you need to revamp your strategy?

* Did you know that Allegro has an optional custom extension that supports coupon use back to the ERP?  If you'd like to learn more about this and other available extensions, visit http://allegroconsultants.com/erp-applications/extensions.

You can set up a report in just a few simple steps and the process is basically the same for all reports.  You may remember that we went over this in the first blog in this series - Using the Abandoned Carts Report.

I'll quickly review it here using the sales report as an example.

Running a Sales Report in Magento

Step 1: Select the report.

b2ap3_thumbnail_Sales-Report---Orders.png

 

 Step 2: Select reporting options.

View combined data for totals across all sites or select a singular site.  Select filters.

b2ap3_thumbnail_Sales-Report---set-up_20161228-155934_1.png

Step 3: View or export the completed report.

To simply view the report, either for quick analysis or to ensure accuracy before exporting, choose "Show Report".  When ready, choose the desired format and "Export".

  Sales-Report---View-or-Export_20161228-155955_1.png

Noggin nugget: e-Commerce-driven mobile revenue will surge by at least 50% by the end of 2017 2 

Following up on last months blog -

3 Essential SEO Elements that Should Never be Overlooked

Did you know that optimizing images can also contribute to quality SEO?  It isn't just about choosing the right image for your product or article, but also giving it a good title tag and alt text.

The title tag is shown as a tooltip when you hover over the element.  While not required, it can prove useful in certain situations.  For example, let's say that your image is actually a "Buy Now" button. Your title tag could contain, "Buy my new cookbook now for only $9.99!"  The tag offers and additional call to action.

The alt text describes what’s on the image and the function of the image on the page.  Used by screen readers, the browsers used by blind and visually impaired people, alt text will tell them what is on the image. So using the button example from above, the alt text could read, "button to buy new cookbook".

There is much more to know about selecting, using and optimizing images for SEO.  If this is something you would like me to dive deeper into, let me know by leaving a comment below.

 

1. The online sales report will only show sales through the website.  OneSource ERP customers will need to check their ERP for a complete sales picture.

2. Think Tank Gartner via https://reviewsquirrel.com/ecommerce-trends/

 

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Using the Abandoned Carts Report in Magento

Abandoned cart

 

When you are running an e-commerce store, inevitably you will experience shopping cart abandonment - customer adds items to their cart but leaves your site before checking out.  In fact, the average shopping cart abandonment rate is 68.63%.There are a number of reasons for this phenomenon. Customers experience unexpected costs at checkout, the checkout process is too complicated, found a better price elsewhere, etc. No matter what the reason, they all equal the same thing - lost sales.  The good news is that you can use the abandoned carts report to identify the customers in question and try to win them back!

Where do I find this gem of a report, you ask?

Log in to your Magento admin.  Click on Reports->Shopping Cart->Abandoned Carts

Abandoned cart report screenshot

The report display will show you the following:

  • Customer Name
  • Email
  • Number of Items
  • Quantity of Items
  • Subtotal
  • Applied Coupon
  • Created At
  • Updated At
  • IP Address

 

In this example you can see that "Bob Smith"  has abandoned his cart.  If we now visit Bob's Customer record, we will see exactly what was in it when he left the site.

Click Customers->"Customer Name"->Shopping Cart

 Abandoned cart report screenshot 2

 

 

Now, what to do with all of this new found data?

There are few ways to approach your abandoned cart data.

1. Analyze the amount of abandoned carts your site is experiencing then take a look at where you can make improvements.  Is the checkout process lengthy or complicated?  Should you offer a wish list for convenient "saving" of items the customer is interested in?  Is your site optimized for mobile devices?

2. Seize the opportunity to "remind" the customer that they have left something behind. Many successful online businesses use remarketing campaigns to bring the customer back to their cart and encourage the completion of the sale.  Often times the emails will include an incentive in the form of a coupon or free shipping.

3. Use the product data to learn about trends in popularity.  Are there certain products that are consistently left in carts?  Are certain products most likely to be part of a completed sale following an abandoned cart email?

 

Noggin nugget: Studies show that in 2015, $4tr of merchandise was left in abandoned online shopping carts - the largest amount of cart abandonment ever seen!3

 

 

1- Baymard Institiute, http://baymard.com/lists/cart-abandonment-rate 

2- Statista, http://www.statista.com/statistics/232285/reasons-for-online-shopping-cart-abandonment/

3- Supply Chain Brain, http://www.supplychainbrain.com/content/general-scm/quality-metrics/single-article-page/article/despite-record-e-commerce-sales-69-percent-of-online-shopping-carts-abandoned/

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