Today we will talk about how tracking your WooCommerce store numbers can build a successful path for your business.
Although there are several ways to get the maximum out of your marketing efforts we know that without data we can’t market a product or a brand. It helps us know where to invest our time and budget.
If you are planning to start an e-commerce brand, the first thing that pops up into mind is growth. You will think about how to convert more prospects into loyal customers to thrive over the long haul.
However, within this journey, WooCommerce analytics is your true friend. It doesn’t only help you gain data but also shows you how to use it effectively.
You can know about the demographics, psychographics, sales, and stocks. In short, you can get a complete overview of the store.
Therefore, today, we will discuss how to use WooCommerce analytics to make business decisions based on real numbers and facts.
We will open up an in-depth guide about the Woo’s built-in data tool.
I don’t know how you feel about numbers but I am sure you’ll love the way we can use to learn and achieve more with your online business.
Keep reading and let’s discuss.
A Short Overview of WooCommerce Analytics:
Whether you have successfully launched an e-commerce brand or you are planning to start one, learning about analytics is important.
You might not know much about ecommerce analytics but you don’t have to worry because we have set up this beginner-friendly guide to help you understand and use it.
So, what’s ecommerce analytics?
Analytics is all about tracking and analyzing data about your online store. It contains various types of metrics that help you know about sales, customers, percentage of returns and refunds, and much more.
Such a huge amount of data can be overwhelming for beginners to absorb. However, fortunately, we can use a sophisticated tool to gather and arrange data for you.
This way, you can understand it well even if you are a beginner.
Why Tracking is Important for E-commerce Stores?
The data you extract from the data and analysis combine to help you optimize your store.
It helps you get valuable marketing, operational, and sales data to tune up your strategies accordingly.
These metrics and data are pretty easy to understand. Therefore you don’t have to be a data scientist to understand it.
For example, you don’t know which product is appealing to your customers. To learn about it, you can track your highly-performing products and check out their returns. It will reveal which products are customer’s favorite and which ones are being sent back.
You can tweak your strategies and inventory once you know these metrics. You can adjust now. It allows you to sell products to your audience and that will finally lead to more conversions and happy customers.
Moreover, you can track the performance of your promotional campaign which is based on free shipping coupons and percentage discounts.
Once you know which campaign performs better, you can spend more on that to get maximum sales and conversions.
Lastly, you can also pay attention to data points like AOV abbreviated as Average Order Vale to start up-selling and cross-selling products.
It guides your marketing campaigns to boost customer retention, satisfaction, and loyalty at a lower customer acquisition cost.
Key elements of WooCommerce Analytics:
WooCommerce is a perfect ground to play for those sellers who want to use the power of e-commerce analytics. It has some highly helpful web analytic features to help you understand the key metrics. Fortunately, you don’t need an additional plugin for it.
Follow the instructions below:
Go to the Analytics → Overview inside the WordPress admin panel to understand the Analytics Dashboard completely.
This section contains three main sections.
- Performance
- Charts
- Leader boards
You can customize the display of the data through the Data range.
In our example, we’ve chosen a week’s worth of data. But you can easily expand the Date range drop-down menu to select a different option.
The Performance Section contains three additional sections.
- Total Sales
- Net Sales
- Orders
Moreover, you can check out and see the visual representation of the data by moving to charts. It has a set of line graphs by default. However, you can also select the bar graph to change the lines to bar chart symbols. It’s an incredible way to show data more user-friendly and accessible.
You can check these graphs on a further and larger scale once you have enough customer data.
The last option is the Leaderboards section to view your top-performing products, categories, and much more.
Benefits of WooCommerce Analytics:
- Gain comprehensive insights into sales performance
- Understand customer behavior and preferences
- Track individual product performance
- Access real-time data for quick adjustments
- Monitor stock levels to avoid stockouts and overstock situations
- Use historical data for revenue forecasting
- Evaluate marketing campaign effectiveness
- Segment customers for targeted campaigns
- Create customizable reports to focus on key metrics
- Export analytics data for further analysis or integration with other tools and platforms
Wrapping Up:
As the discussion about WooCommerce Analytics has finally come to an end, it’s clear that data is the heartbeat of an online business.
You can get valuable insights about your customers, their demographics, psychographics, and inventory. It will help your business grow beyond your expectations.
It also helps you spot market trends and understand your customers better to stay ahead of your fierce competitors.
Instead of guessing, you can base your strategies on solid information.
Therefore, as you continue your e-commerce journey, let WooCommerce Analytics guide you. It will help you use data to make informed decisions and thrive in the online world.
So embrace the power of data and see your business succeed like never before.