Introduction
Building growth for any eCommerce store isn’t easy, you need to make the right decisions and stay prepared with all the information about your sales, customers, market, inventory, and many other fields the list is endless, this is why you need the correct analytical tool to infer knowledge from your data and help you make data-driven decisions to grow your business and its profits. vizB is an analytical business intelligence tool that equips you with information derived from your data using machine learning techniques and state-of-the-art artificial intelligence technologies.
Top metrics to observe on any analytical platform:
- Revenue
Revenue describes the amount of money your e-commerce store is generating moreover to you need to understand what influences your sales and with vizB there are several ways that you can use to analyze your numbers, for instance, you can also monitor your revenue by month, date, or time to see when your customers will likely purchase from you. Such analysis will help you answer questions like “do your customers like to purchase on weekends or during a holiday?”
- Inventory
It is important to track product stocks and know which products are about to be stock out since such factors can lead to loss of sales, missed opportunities, and make your customers unhappy thereby losing business to your competitors.
- New and Returning Customers
With the growth in your business, you will gain new customers, these customers are users that place their first orders with you and add to your revenue, while return customers indicate being happy with your products and services thereby building support and profits to your e-commerce store.
- Average order value
Average order value or AVO describes the average amount of money a customer spends in one transaction or order. Average order value plays an important role in determining the amount to spend on advertising.
KPIs
KPI is known as “Key Performance Indicator”, it is a metric that demonstrates how a store is successfully achieving key its business goals. Many successful store owners use KPIs at multiple levels to evaluate their success at reaching targets and vizB allows you to define multiple KPIs to measure and observe your eCommerce store performance. By correctly selecting the KPIs that define your business goals you will be able to bring strategical and operational improvement to your business while allowing you to construct an analytical hypothesis for making goal-oriented decisions and help you focus attention on what is important to your business.
Guide to define KPIs for your business:
vizB provides various panels to infer deeper analytical insights from your business data.
- Once you log into your vizB platform, The application will generate and take you to the overview dashboard that offers various key metrics at a glance. By utilizing the date filter in the dashboard you can observe metrics for a different time range.
- If you haven’t set any KPIs yet, the KPI component will appear empty.
- To define KPIs, open the define KPIs section.
- Select the timespan for the KPI using the date option, select the notification period. Define the KPI you require from the Categories, fill in your goals and add the KPI to your dashboard.
Measure and monitor your sales performance metrics
vizB provides an insightful section to learn about your sales, best products, differences in sales for different billing locations around the world, sales traffic based on the time of the day, month, and many other metrics to dig deeper and make data-driven decisions and strategies.
The Sales component shows you the total revenue or gross sales in the selected filtered time period. The visualization below the metrics describes the average sales and daily sales computed values.
In addition to the revenue generated, observing the orders too is an important metric to observe hence the Orders component allows you to monitor the number of orders for the filtered time period.
vizB allows you to measure your store sales based on geographical analysis thereby empowering you to make strategies that best suit your business and help grow profits. With vizB you can learn more about your sales such as when do you gain most of your orders during the day.
Learn about your consumers to retain customers and design a consumer-centric brand
vizB helps understanding who your customers are and groups them into various segments such as loyal, most spending, about to churn, and many more.
Customer segments help in better understanding the customers and therefore you then can tailor campaigns to customer segments most likely to purchase leading to product personalizing marketing and communication based on the customer segment. This module will also help you make better use of your marketing budget.
vizB also empowers you with insights on customer lifetime value which provides a picture of your store’s long-term business and its financial viability.
Better manage your inventory
The traditional way to guess and poorly forecasting your inventory levels can lead to largely lost sales, depleted inventory thereby making customers unhappy which will lead to a loss in revenue. vizB aims in solving these issues by predicting the demand and best-discounted price for your products and allowing you to monitor and set the correct inventory levels, price your products more effectively, and helps you understand how to expand or contract your store’s future operations.
Conclusion
vizB provides features to dive deeper into your data to gain more insight and measurable metrics, analyze data based on forecasts and make better data-driven decisions to improve your strategies and customer relationships.
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