E-commerce is a field that combines both commercial and scientific approaches. Success in the era of rivalry and competition is determined by the use of data, and above all by collecting it. Each decision that has an impact on the customer and his experience in the store should be based on data, not on intuition. Even if the scientific approach to online sales would not drastically increase sales, it certainly cannot worsen it.
Until recently, collecting advanced data about your customers and their behavior on the site was the privilege of only the largest players on the market. Those who owned entire IT teams and their time was mainly devoted to data collection and processing. However, technology has moved ahead and making changes to your e-commerce business based on collected data is available to everyone. As a result, online sales leaders are companies that are able to collect data the fastest and most efficiently, transform it into useful knowledge, and then apply it to increase the conversion rate and, as a result, sales.
What is Magento Business Intelligence?
Magento Business Intelligence is a data management and visualization service that provides access to reports and tools for collecting data. It is available in the cloud. Thanks to them, salespeople can better understand their customers’ behavior and the quality of their services. This service collects data from their own database, Magento extensions and external tools. Thanks to this, the seller will find out in which sales channels he has the most valuable customers, what is the impact of returns on loyalty or what is the cost of acquiring a customer compared to the profit that will come from him.
What are the new opportunities in Magento Business Intelligence?
The new possibilities of Magento Business Intelligence mean that you can visualize the collected data and be sure that it will reach the right employees or departments. It is important that they get into the right hands, because only then can they be used in the most effective way by persons qualified in this direction.
New visualizations and charts
Up to now, ten visualization options have been offered by Magento Business. Along with the update, three new charts will be added – two points and one bubble. A third axis (in addition to x and y, also the z axis) of data representation has been added to bubble charts. This means a new dimension of data display by the size and color of the bubbles. For example, now salespeople can interpret the correlations between the number of customers from specific sources grouped into regions, the number of orders and the profit coming from them.
New data distribution schedule
The update also includes a schedule for sending periodic emails with summaries of sales data. Because keeping up with extensive reports can be difficult, in Magento Business Intelligence it is possible to set a schedule for sending electronic messages with reports, even to specific departments or properly authorized users. Thanks to this it is possible to plan sending specific data on specific days and to designated recipients. The Email Summary Status tab displays information about the distribution of messages, their content, the frequency of their distribution and recipients.
The update is available in Magento Business Intelligence from September 12, 2019.