How Deeper Analytics Can Elevate Your Shopify Store

Shopify has emerged as the leading platform for e-commerce, with approximately 28% of total websites in the US utilizing Shopify’s platform. Shopify makes the process of setting up and operating an e-commerce business simple and offers incredible technology and integrations spanning from order fulfillment to payment processing. Shopify sellers also have access to a built-in analytics platform that provides a wealth of data about a store's performance.

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However, relying solely on Shopify analytics can only take you so far. Leveraging a more comprehensive analytics platform, such as DataMetrics, can open up a world of new possibilities in gaining a deeper understanding of your store’s performance, and developing strategies to maximize profitability and growth. Some key areas where this type of platform can add value include increasing the scope of data, stronger attribution analysis, forecasting, and customization.

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Increased Scope of Data

E-commerce analytics platforms allow for reporting on data well beyond what is tracked directly through a Shopify store. Companies can get insights into critical metrics such as customer satisfaction, product performance, and marketing effectiveness. These analytics are critical to understanding a store’s performance and can help a company identify important trends and opportunities.

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Stronger Attribution Analysis

While Shopify analytics provides some attribution data for sales and conversions, it doesn't provide a complete view of how different marketing channels or touchpoints contribute to those conversions. Many e-commerce analytics platforms allow for direct integrations with marketing channels such as Facebook, Google Analytics, Klayvio, and many more. By incorporating this data into a reporting tool, companies can gain a more nuanced understanding of the customer journey and can leverage analytics to make data driven decisions for future campaigns and marketing efforts.

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Forecasting

With the rise of Artificial Intelligence (AI) and predictive analytics, enhanced forecasting capabilities are easier than ever for e-commerce companies to leverage. Platforms now allow for forecasting using far more sophisticated technologies than relying solely on past sales performance. Factors such as seasonality, SKU lifecycles, and industry trends can be incorporated into forecasting algorithms to help companies anticipate and plan for changes in the market or customer behavior.

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Customization

In addition to the previous three examples, there are endless possibilities for how companies can utilize data from additional sources to develop insights towards improving and growing their business. Leveraging a tool that can help connect these external data sources to your site’s reporting can be a valuable tool in tracking the specifics metrics that matter most to your business.

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In the intricate world of e-commerce, Shopify serves as an essential tool. However, our experience has proven that additional resources are needed to take your business to the next level. By incorporating a BI analytics platform, such as DataMetrics, you are able to utilize a wider array of data sources, harness predictive analytics, and tailor insights to your needs. This way businesses gain the ability to make well informed decisions that pave the way for enduring success in the dynamic e-commerce landscape.