How to use your Product Reports?
Product Report provides valuable insights into how customers are interacting with your products.
With a proper understanding of these metrics and how to utilize them, you can raise your conversion rate and optimize marketing spend, category and product performance.
1. Ordered Products
Here, you can see the performance of your products via orders. Compare the number of orders with the last same length time period or Year over Year (YoY) which eliminates the distortion coming from seasonal changes like Black Friday.
Why it matters: By taking a quick look at your metrics here you can easily see your strengths and weaknesses and what describes your customers behavior best.
For example you can easily determine here if you are better at selling lower value products on a mass scale, sell high value products for a fewer quality customers, who comes back lots of times.
Understanding your customers and how they are making decisions is a huge advantage.
You can build your whole brand around it, you can create methods and value propositions which support the decision making mechanisms of your customers.
- Active Products is the number of products from which at least 1 item has been ordered in the chosen time period.
- Average Product Price is the average price of purchased products.
- Product Pageview is the total number of product pages viewed.
- Product Page Conversion is the conversion rate of product pages, which shows how efficiently your store's product pages can convert visitors to customers.
- Average Product / Order the average number of units sold in an order.
2. Best Selling
Why it matters: Here you can find the products which have earned you the most amount of money. Make sure that these products have the best product pages, the most traffic flowing to these products, they are well advertised, their page load time is the shortest, etc.
You can see the full list by clicking on the Show all button.
3. Best Converting
Why it matters: These are the products which have been able to sell themselves the most efficiently (and they had more than just a couple of views). Get more traffic for these products to boost your revenue.
4. Needs to Improve
Why it matters: These are your products which have been visited by lots of people, so they are interested in these products, but compared to the traffic they have quite low conversion rate. Optimize their product pages to boost your revenue.
These products are sexy that's one thing for sure. People are not really buying them this is an entirely different fact which you can be sure about.
Your quest is to find out why. Too expensive? Low quality? They don't trust you enough to order from you? Something else?
If you are able to find this out product by product you are going to see a steady rise in your income.
5. Potential Package Offers
Why it matters: These are your products frequently bought together. You can utilize this info by creating package offers, upsell offers in different forms.
6. Top 10 Categories
Why it matters: Categories are responsible for customers finding relevant products more easily. A good category structure's result is more products views and better conversion.
By constantly creating new, relevant categories, getting rid of the ones which are not relevant anymore and making sure that products are in the correct categories you can reach the aforementioned perks of a well set category structure.
You can see all of your categories if you click on the Show all button.
The visual shows you the revenue share of each of your categories.
The red and green percentages next to revenue shows how the revenue changed compared to the previous period.
This concludes our guide for the Product Report.
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