Shopify Analytics & Tracking For A Thriving Shopify Store
How would you feel if your team assumed that you would be fine during the space launch just because you were an astronaut? No simulation tests, no data, no analysis, nothing.
They assumed because the sky was clear. That would make you uncomfortable.
Believe it or not, most Shopify store owners try random tactics until something works. It is not the ideal way for long-term success.
Real success happens when processes, trends, and data are in place. They act as your compass. That’s the power of analytics and the data it provides.
Data helps us understand the ecommerce world. It provides the necessary insights and guidance to help us make sound decisions.
If you are a Shopify store owner, data can break your business if you don’t know how to use it. It can also lead your business to success if you know how to use it effectively.
Are you scared or excited or a little bit of both?
Fret not. Let’s dive into the world of Shopify analytics.
If you run a Shopify store, you already know that one of the biggest challenges is getting insights into how your customers are using your store. It presents a bit of a problem, right?
Even if you manage to get insights, how would you use it to improve your Shopify business?
You need to know what your customers are searching for to improve the quality of your Shopify shopping experience. And the only way is through analytics, tracking, and reports.
But before we jump into telling you why you need experts to help you with Shopify analytics and tracking reports, first, let us understand what analytics means.
Analytics provides data insights into how your customers are using your Shopify store.
- How long do they stay on your site?
- What is it that they are browsing?
- Where are they from (demographics and location)?
- What products do they like?
- What are the views per product?
- What is the number of clicks per product?
You might not be able to see your customers. But they are providing data about their shopping activities and behavior every time they visit your site. For most people, data and spreadsheets may not sound like fun. However, the ability to interpret this data and use it can open avenues to strategize ways to improve their shopping experience and boost sales conversion.
Analyzing is half the battle won.
Shopify Analytics can be intimidating. But after you have had a good grip of the fundamental metrics, it will be easier to work with data and analyze it for better performance. Remember, analytics and tracking are crucial to growing and scaling your Shopify business.
A data-driven approach with smart business decisions adds to your Shopify marketing efforts and helps meet overall business goals.
Similarly, Shopify analytics helps provide data on how shoppers interact with your content.
It can help;
- improve store interface for a better user experience,
- market products or services better,
- upsell to your best shoppers,
- create special offers, promotional deals, and
- increase the average order value of your Shopify store.
Data overload and real insights can be overwhelming and scatter your focus. Hence, sometimes less is more. The question is, how less?
With Shopify analytics reporting, start with the basics. Even a small change derived from the analysis can have a massive impact on your sales conversion. The more you track, the better you understand your business dynamics.
Shopify analytics offers unique features and benefits. But if you cannot understand its purpose and how to use it effectively, you could end up with non-valuable insights that deprive you from making informed decisions for your Shopify business.
A common question asked by most Shopify business owners is, “Are Shopify Analytics and Tracking accurate?”
Shopify analytics & tracking tools offer accurate data, including add to carts, page views, purchases, visits, and refunds at every step of your customer journey. It provides answers about your shoppers, spends, marketing efforts, and more.
Shopify Analytics and Tracking
Shopify analytics offer data about your Shopify store.
- Well-performing and underperforming sales channels.
- Paid ad campaigns to focus.
- Best-selling products.
- Most-often returned products.
- Best shoppers/customers.
- Sales rate and visits rate coming from mobile, tablet, and desktop.
- Conversion rate and bounce rate for each device.
Finance and Profit Margin:
- Most profitable product/s or variant SKU.
- Forecast report for sales, payments, gross profits, and liabilities for the month.
Shopify analytics will help you build a data-rich analytics system for your online store. You ought to be consistent with your analysis. (a) List down the key performance indicators. (b) Measure them against the performance of your Shopify store. It will help you make smarter and well-informed decisions for your business growth.
The Shopify analytics dashboard (available to Shopify store owners with the Basic Plan and those with the Shopify Plus Plan) provides an eagle-eye view of the metrics, including conversion rate, average order value, sessions by location, and traffic source, etc.
With Shopify analytics, you can;
- compare the value of sales and sales channel performance by time range,
- identify traffic by source (location, social media channels, etc.),
- track average order value,
- monitor trends of shoppers over time, and
- View any break in the system.
One of the best things about Shopify is its ability to provide a cohesive platform designed with an ecommerce business in mind. It also offers an in-depth analytics and tracking system that is in-built into its platform. Shopify owners can analyze, track and measure the success of their marketing efforts and make informed decisions on the best way to capitalize on visits and shoppers based on behavior and activity analysis.
Shopify analytics and tracking reports give you a solid ground to review your Shopify store activity, providing insights into visitor activities and helping to analyze the online speed of your store and transactions.
How to use Shopify Analytics?
You can access your Shopify analytics through your Shopify admin account and click on Analytics > Dashboards.
The Overview dashboard and financial reports are accessible to all. The Live View and many other insights are accessible only if you have a Basic Shopify plan or higher.
The dashboard features valuable metrics in numeric and graph formats where appropriate. The overview dashboard and financial reports cover general reporting for analysis for most Shopify store owners. If you need to analyze and get deeper insights into your data, you would need to get a higher Shopify Plan and the support of an expert in Shopify analytics and tracking.
How to track visitors on Shopify?
- Log in to your Shopify admin account.
- Go to Analytics > Live View.
- Tap on Live, or swipe graphs to the right from your Shopify app Home screen
- Tap on ‘See Live View’
Shopify store owners can access the ‘Live View’ for real-time activity analysis. This section features a world map that shows you where your visitors are coming from (location) and a few key metrics that provides an insight into current activities. You can also monitor sales from all channels. Live View is useful during high traffic and gives you immediate results of recent marketing activities, discounts, or other promotions.
You can customize your default Shopify reports and extract data that you want to use for analyzing and monitoring. You can filter customer data, edit columns, and select different time ranges to view activities. You can also export the reports for analysis.
Shopify reports are categorized based on the information type you are looking for, which can be accessed depending on your Shopify subscription plan. You can upgrade to a higher subscription plan and get in-depth insights and reports from the time you opened your Shopify store.
If you begin with a Basic Shopify plan in February and then upgrade it to the Shopify Plus plan in May, you can access the customer and sales reports, marketing, and behavior reports, as well as all relevant data dating back to February.
Setting up Shopify Analytics is just the first step. To run a successful Shopify business, you will need to upgrade your plan. Try the ‘Shopify Advanced’ for free during the trial period.
Shopify analytics shares information and data that you can use to improve sales conversion. The reports help uncover insights into the performance of your Shopify store and marketing campaigns. As Shopify experts, we can provide analysis and double down on the tactics that work to drive more qualified traffic to your store.
How can Website Pandas add to your Shopify analytics capabilities?
At Website Pandas, we have ramped up efforts to build a solution to improve your Shopify analysis, tracking, and reporting needs.
Shopify users cannot create analytics reports that measure relationships between internal metrics. You will have to build these analytics reports on your own. We step in to provide such solutions that help you generate such types of analytics reports.
The insights and knowledge you get can help you make informed decisions about where to send traffic. Would it be your product pages or landing page? It can also lead to improving your Shopify checkout pages and shopping cart experiences.
We can help analyze and track, and provide insights into how your marketing channels are impacting your sales.
Level up the Shopify settings for analytics and overall operations, and you get deeper insights that can lead to better decisions for your Shopify business.
Ready to use our Shopify analytics expertise to improve sales conversions?
Give us a call or drop a message in our inbox today!