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Shopify Analytics: All You Need to Know

by Steven Brown
Shopify Analytics All You Need to Know

When it comes to selecting the layout of your store, determining the success of your campaigns, or setting earnings objectives, data plays a key role in guiding you through the decision-making process. If you’re a Shopify store owner, making the right decisions relies on having accurate data and analyzing it correctly — and that’s where Shopify Analytics and alternative analysis options come into play. To ensure a successful transition, consider migrating from Magento to Shopify using the organic solution provided by MTN Haus — https://mtnhaus.co/magento-to-shopify-migration/.

Here we will explore:

  • Detail the functions of Shopify Analytics.
  • Discuss the limitations of Shopify Analytics.
  • Distribute devices that can boost revenue and provide detailed, accurate data.
  • Demonstrate to you how to incorporate strong information instruments into your e-commerce shop.

What is Shopify Analytics’ purpose?

Thanks to Shopify’s platform, it offers an in-depth analytics monitor that enables you to gather all the necessary data about the performance of your store. This data contains general metrics such as the total visits, number of orders placed and number of returning customers, as well as the total value of an order. 

The rise of Shopify has revolutionized e-commerce by providing an easy-to-use platform for businesses to build their online stores. You can easily get an overview of the statistics regarding your store with Shopify Analytics’ comprehensive dashboard. These metrics give you an idea of how visitors are responding to and interacting with your store. Taking advantage of the information, you can identify elements that can be optimized and improved, thus raising your overall stats. 

Now, let’s examine the most popular metrics that can be found in the overview dashboard of Shopify Analytics:

  • Total Sales: This measurement shows the all out income created by your store throughout a particular time span less costs like transportation and duties.
  • Online Store Sessions: The complete number of clients who visited your site during a predetermined time span, including rehash guests, is counted by the web-based store meetings metric.
  • Pace of Bringing Customers back: Your return customer rate indicates the proportion of customers who have purchased multiple items from your store. These customers are valuable because of their loyalty and subsequent higher lifetime value.
  • Online store conversion rate: The conversion rate measures the number of visits that resulted in a purchase.
  • The average order value, or AOV, is calculated by dividing your total order revenue by the number of orders.

How to Use Analytics in Shopify

Shopify offers you incredible insight into your store’s performance with the Overview Dashboard. This handy tool also enables you to examine your data and generate basic analyses to gauge the success of your store. With the Overview Dashboard, Shopify gives you the power to stay ahead of the game.

This includes:

  • Looking at the worth of your ongoing deals to a past date range.
  • Keeping track of the number of sales you make through various marketing channels.
  • Producing your AOV.
  • Following your site patterns after some time.

If you wish to access your Overview Dashboard, simply log in to your Shopify Admin homepage and navigate to Analytics > Dashboards. The dashboard will generate data from the current day and compare it to the preceding day. Should you wish to customize your date range, you can do so by selecting the date menu. 

Businesses can leverage the expertise of Shopify experts to optimize their online stores and maximize their success.

Furthermore, you can alter the comparison period using the ‘Compare to Previous Dates’ option, before clicking on “Apply”. Once that’s done, you can choose the ‘View Report’ option to have a more comprehensive look into your selected metric. Please be advised that depending on your chosen Shopify plan, not all metrics may be present in the report.

What examination are in Shopify

The analytics report allows you to keep track of a number of important metrics if you own a Shopify Lite-based store. A comprehensive dashboard, finance reports, and product analytics are included in this report. You will need to upgrade your plan to either a Basic Shopify plan or a higher plan if you want more in-depth reports like visitor behavior analysis or marketing and sales reports.

In addition to these high-level metrics, Shopify Analytics can also compile a few other essential metrics. These can be extremely useful in optimizing your revenue, as well as helping to track the success of your marketing campaigns. Therefore, it’s important to include these metrics into your overall data strategy for maximum effect.

Sales Metrics

Shopify Analytics generates some of the most useful sales metrics, including:

  • The total amount of money you made from your online store or point of sale, if you have a physical store, is your total sales.
  • Source of sales: The sources of your sales—such as advertisements, social media channels, or direct traffic—are listed in this section.
  • The number of orders placed through both your online and offline stores is represented by the metric known as total orders.

Customer Metrics

  • Top-selling items by units sold: This measurement shows the things in your store that sold the most as far as volume, helping you in figuring out which of your contributions are generally famous.
  • Top landing pages on the site: These are the pages on your site where guests start new meetings the most often.
  • The “returning customer rate” is the percentage of customers who have purchased multiple items from you in a given time period.

Behavior Reports from Shopify

Shopify likewise gives conduct reports which record client activities on your site and permit you to:

  • Keep track of how conversions have changed over time in your online store.
  • Find out which products are searched for the most online.
  • Keep an eye on the evolution of your product recommendations over time.

Shopify Analytics’ behavior reports provide you with a comprehensive overview of how those vital metrics have evolved over the course of time. Tracking these numbers can be an integral portion of your business’ marketing technique and can aid in improving marketing attribution. 

Yet in order to secure the best outcomes possible for your company, you’ll need to make sure you’re utilizing precise data – a factor to which Shopify Analytics unfortunately has been patchy at best.

Is Shopify Analytics reliable?

I recently checked out Shopify Analytics and overall, it’s quite a good option for its purpose – a ready-made analytics tracking solution for ecommerce stores.

Shopify Analytics gives you a solid overview of the store’s performance and customer behavior by providing essential insights which make a huge difference. Though, for more intricate reports, it’s mandatory to get a more comprehensive analytics service like Google Analytics.

What is missing from Shopify analytics?

Regrettably, Shopify Analytics has a grim reputation when it comes to precision. The tracking system from Shopify Analytics has proven to be considerably deficient and inaccurate. A research conducted by Shopify Analytics discovered that, of every 100 orders tracked in Shopify Analytics, 12 are unaccounted for.

Moreover, many individuals relying on Shopify Analytics as their primary source of data have to face tough obstacles.

These include:

  • Misconfiguration of cross-domain tracking.
  • Server-derailing missing.
  • First-time purchases and recurring transactions (such as subscriptions) are not separated in sales data.
  • Not included in Google Analytics are refunds.

Many of Shopify Analytics’ drawbacks make it difficult to properly trace the origin of customer traffic and disrupt the process of attributing the success of various campaigns. Take, for instance, when a customer visits your Shopify store and makes their way all the way through to the checkout page, they’re taken to a Shopify page and their browsing session is forcibly ended – sometimes even before they can finalize their purchase. Consequently, Shopify Analytics lack of cross-origin tracking capabilities affects the accuracy of data it gives out as the last click before purchasing is not tracked.

So, is there a better way to accurately monitor referral sources, log customer behavior metrics and benefit from robust analytics performance? The answer is a definite yes: making the switch to utilizing a more comprehensive analytics platform, such as Google Analytics, can significantly improve the insights available.

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