Benefits of Having Advanced Reporting and Analytics in Magento 2
Magento 2 is a leading open-source eCommerce software that provides data analytics techniques, such as machine learning and predictive models, used by eCommerce businesses to improve their decision-making process. Magento 2 advanced reporting and analytics provide everything from protection against fraudulent transactions to the direct development of markets.
When you open a Magento store, you can access valuable data such as sales and statistics. Knowing and understanding how these statistics can benefit your business and visitors alike is essential. Magento 2 will let you procure and analyze information about sales, searches, and more data on how people are responding to your store.
At its core, advanced analytics is a collection of data analytics methods and methodologies. In this article, you will learn Magento 2 advanced reporting and analytics, why it is essential, and its benefits.
Table of Contents
What is Magento 2 Advanced Reporting and Analytics?
It refers to various data analysis techniques used mainly to predict the future of businesses. eCommerce platforms employ Magento 2 advanced analytics and reporting to guide their decision-making and gain business insights.
Consequently, businesses use this tool for various purposes, such as identifying emerging market trends, making favorable decisions, and anticipating complex market dynamics.
Why Do We Need Detailed Reports?
Online businesses need constant access to important statistical data to analyze customer behavior, so we can make proper strategies to grow the business. Detailed reports on sales-related information will help you track your store’s process efficiently and make prudent business decisions.
The Magento 2 advanced report extension adds three detailed reports and lets you get all critical sales data in real time. Concerning individual products, a report is an invaluable tool for tracking the effectiveness of your marketing campaigns.
Why is Advanced Reporting & Analytics Important?
Magento is an open-source eCommerce application, so you can use it for free for as many websites as you want. It is continuously updated with new features and documentation to support the freely available version released to the public. It will cost you nothing, provided you use the Magento community edition.
It is flexible, and every website owner knows that it is essential to keep the shopping cart flexible enough to adapt to various payment providers. With Magento 2, eCommerce store owners can configure PayPal and Authorize.Net, Google pay, and many other payment providers. It guarantees that you can take payments from various countries per their currency. The more options you offer, the less likely you will find a customer whose payment method does not match yours.
You can customize Magento 2 advanced reporting and analytics. However, this functionality varies from custom build extensions to alternative sales models, blog tools, express checkout, customizable media, gifting options, mobile apps, social media integration, and advanced search and navigation. If you want to start a new eCommerce business, ZealousWeb can save you the hassle of having a flexible shopping cart with Magento. Our team can help you find a theme and customize it to your needs.
Magento 2 Extensions
Magento 2 extensions come with significant advantages. It helps eCommerce to gain insights into their performance through detailed reports on products, orders, and customers. It tracks, processes, and manages the business better with advanced customizable reports. Regular statistical data collection is highly informative for companies but they are not user friendly and their marketing decisions.
However, advanced reporting is not user-friendly enough. Hence, it would be beneficial to have a Magento 2 extension specializing in in-store analytics.
Features of Magento 2 Extensions
- It provides more detailed reports that advanced reporting can not offer, such as customer rates, geographic sales reports, and conversation channels.
- Most reports are represented in chart forms that help eCommerce store owners track and read their business’s statistical data.
- It offers a more active filter for various types of reports.
- Admin can customize dashboard layouts to match their needs. They can also have multiple formats to use for a specific marketing purpose.
Benefits of Advanced Reporting and Analytics in Magento 2
Advanced reporting in Magento 2 provides businesses with a tool kit of analytic data techniques that includes a range of benefits for everyday business challenges. From predicting better trends to making informed business decisions, advanced reporting guides businesses as they maneuver through market dynamics.
Some of the benefits that advanced reporting and analytics provide include the following:
Gross profit calculation
Magento 2 advanced reporting allows you to determine your store’s significant performance indicators. For example, detailed sales reports show you order-based information with grand totals, total cost, and gross profit margin, and you can quickly change the strategies for better sales with the help of arranged data.
It was a long-awaited and requested feature, and it arrived with Magento 2 advanced reporting and analytics. Businesses can see the profits and margins of certain products in the product performance report; this functionality provides you with unique data to define the most profitable items and hence improve the profitability of your products.
Sales Breakdown by Items Sold
The new sales by-product attributes report allows you to generate and track sales by product attribute combinations. This report contains two areas: a chart and a grid. The graph displays the sales volume and the products filtered by a certain allotment of items sold over a specific period. It provides transparent sales patterns and allows you to correlate ups and downs in sales with promotional and advertising activities.
The primary reason businesses are using Magento 2 to advance analytics and reporting is to predict the future outcome at a more granular level than what is possible with traditional methods. i.e., businesses can employ advanced analytics to determine the likelihood that a specific customer will purchase a product or service.
Magento 2 advanced analytics can identify the potential courses of action for businesses that face uncertain futures. By using predictive modeling and analyzing complex market dynamics, progressive analytics help businesses make more informed decisions.
Cognitive bias is a common psychological factor that can negatively impact decision-making in business. Using advanced analytics, companies can reduce the impact of these biases as AI and machine learning provides a data-driven and equitable perspective.
Risk is an ingrained aspect of running a business. Whether launching a new product or creating a marketing campaign, Magento 2 advanced reporting and analytics can help eCommerce businesses mitigate risk by providing predictive analytics and prescriptive knowledge to stakeholders.
One of the essential concerns in the eCommerce business is fraudulent transactions. While this problem is as old as the business itself, many companies are using Magento 2 advanced reporting and analytics techniques to detect fraud, such as to flag potentially fraudulent transactions when they occur.
Identify Growth Opportunities
How to grow a business is an essential part of eCommerce platforms. Magento 2 advanced analytics helps spot new growth opportunities and identify business patterns using big data.
ZealousWeb’s data-driven Magento 2 advanced reporting and analytics are determining factors for your eCommerce business’s success, especially when you have to survive in the digital world, with reports and analytics being more critical than ever.
Our team can track each phase of your business development for optimization and find an effective way to become a market leader.
You can also invest in ZealousWeb’s Magento 2 extensions, which helps you leverage data power to become successful in online marketing.
Please contact us to learn more about Magento 2 advanced reporting and analytics for your eCommerce business.