How to use Product Analytics?
Ecommerce stores need to know how their users and customers are engaging with their products or services. You can uncover revenue driving product insights here.
Product insights that help you manage inventory, make pricing decisions, understand seasonal purchasing trends.
1. List of all Products
Why it matters: You can find your best and worst performing products with a click of a button here.
This collection doesn't contain any filtering, so you can find all of your products in it.
It's quite useful to be able to analyze your products as a whole, besides analyzing them segmented.
2. Product Segments
Why it matters: You can instantly find out which products to optimize and how.
We have created 8 predefined product segments for you to be able to easily gather insights about your products.
In the above picture you can see all of the segments and where to find them.
Your potential package offers segment contains the products often ordered together.
Combining these products in a bundle or package offer can be a quick revenue increasing trick for your store.
You can learn what a segment is about, and what you should do with the information, by clicking on a segment, in this case Potential Package Offers, and reading the definition of the segment just below the headline.
Tip: Go ahead and check out how your other segments work.
You can order the products in your segment by the click of a single button next to the desired KPI.
This way you can easily see which are your most visited products or which are your products generating the most revenue for your business.
Also, at the top of the table, right below the metrics, you can see the aggregated value of the metric specific to the segment being examined, and how it contributed to the whole.
For example, you can see that the revenue was 89 620 dollars coming from this segment which is responsible for 48% of the total revenue generated.
At the bottom of each table you can choose how many items you would like to see in a single page and more importantly you can export your products in .csv or .xls formats here.
This makes it simple for you to create custom algorithms for analyzing your data coming from your segments.
- Revenue is the amount of money your customers have paid you in the given time frame.
- Sessions are basically visits. A unique visitor can have more visits. These visits came from the same category.
- Orders in this case means the total number of orders coming from a category.
- Quantity Sold is the number people ordered a specific product.
- Conversion Rate is the percentage of the organic visitors who became customers vs. all of the visitors.
3. Product Page
Why it matters: You can see and analyze every detail on the individual product level.
In the first section you can see your main picture for the product, the SKU, the average price, the categories your product listed in, and for last but not least you can visit your actual product page directly from here.
In the second section you can analyze key metrics of the product.
You can see how these metrics changed over time. For example you could see how the order numbers have changed for an individual product.
This way you could see not only that a product is a cold product, but you could find out exactly why. Did the traffic decrease, or the conversion rate, or both? Quite important distinctions.
Year over Year Growth and Performance helps you to put product KPIs into more context.
In the third section is the list of email addresses of every customer who have ever bought the product and the list of products frequently bought together with the specific merchandise you are looking at.
You can use this information to create package offers, or to create a persona for the product, or to reach out with a specific (upsell) deal to customers who already bought this product.
In the fourth and last section of the product page you can see the sales performance of the product from the first minute it has been added to your store.
Go ahead and gather all the product insights you need for increasing income with the help of the Product Analytics.