How to use your Sales Report?
The single most important task of an online store is to generate revenue. You can keep track of your sales performance here, set financial goals and see if everything goes according to plan. It is very useful if you would like to get the big picture quickly and dig into the details later.1. Sales
Why it matters: See the exact amount of revenue your store generated in the chosen time frame.
You can compare it with the previous same length time period (week in this case) so you can see the recent changes.
What is usually much more relevant is the YoY growth or the Year over Year growth.
It compares the current part of this financial quarter to the same length time period of last year. For example 2019 April 1-29 gets compared to 2018 April 1-29.
This KPI tells the story of your revenue changes in a much more accurate way since it represents changes without any seasonal distortions.
There is also a magical thing going on here. You can set your financial goals by clicking on the Set Goal button.
This function is easily one of my favorites.
You can set the desired income you want to achieve as a goal and Conversific calculates where your number should be week by week. This way you can always know for sure if your business is on track or otherwise...
Tip: Go ahead and set your goals if you haven't already done so.
- Sales is the total sum of money your customers have paid you in the given time frame aka. revenue.
- YoY growth or Year over Year growth represent the change compared to the same amount of time period, but a year before. For example, revenue coming from 2018 April vs 2019 April.
- MoM growth or Month over Month growth is the change in sales comparing this month with the previous. For example 2019 April to 2019 March.
- Net Sales is your total sales minus cost of goods sold or COGS data (taxes, shipping, product cost). Actually, this still won't be your gross profit, but pretty close to it.
- Taxes is the amount of money you have to pay as tax after your sales.
- Shipping is the cost of you delivering your product to your buyers. This money won't end up in your pocket.
- Orders are the individual requests of a product or a service started and finished (there was successful payment) by customers. A customer can make multiple different orders and an order can consist of different/multiple products. (You can only see orders with a successful transaction here).
- Average Order Value (AOV) is the average value of all of the orders made in the given time frame.
2. Breakdown by
You can select from a set of pre-defined segments like Sales Channel, New/Returning Customers, Shipping Country, etc.
By selecting a pre-defined segment you can see how your sales numbers are distributed between the different groups.
3. Yearly progress
This part of the report shows you where you are at compared to the goals you have set for the quarter. This makes it so much easier for you to keep reality in check.
It's so damn easy to get swamped with tons of high priority tasks - especially if you just opened your first store - and lose track of your income which in turn controls your spending.
Being able to react to abbreviations from your plans regarding income can make or break a business early on.
- weekly goal - shows the percentage of completion of your quarterly goal distributed down to weekly level.
- quarterly goal - the amount of income you have set as a goal to achieve during the course of the financial quarter.
Tip: Don't be afraid to change your plans if needed, but don't change the goal just for the sake of achieving it.
3. Breakdown by sales channels
Why it matters: Learn the share of income generated by your different sales channels like Shopify, Amazon or Ebay, etc.
This is vital information because since these platforms differ a great deal from each other you need to choose well which one to utilize more.
- Sales Channel - the shopping platform you sell your products at.
- Total Sales - the sum of the revenue generated in a given platform at the chosen time frame.
- Taxes - see in previous sections.
- Shipping - see in previous sections.
- Net Sales - see in previous sections.
- Orders - see in previous sections.
- AOV - see in previous sections.
You are all set to be able to take advantage of your Executive Report so don't spend more time reading.