The analytics in Magento has always been a pain point for merchants. However, in August last year Magento acquired the analytics platform RJ Metrics which is now offered through Magento as Magento Business Intelligence. In our opinion this has been a fantastic acquisition for Magento but most importantly for all of their merchants, and therefore you!
Magento Business Intelligence is a cloud hosted analytics platform which integrates with your Magento store. It allows merchants to pull data from multiple sources to make data driven decisions. It can pull data from absolutely anywhere, for example, Magento, Google Analytics, ebay, spreadsheets, Salesforce amongst many others including being able to do custom integrations. This means there is no data that can’t be tracked within your company.
Having been a Head of eCommerce for 5 years myself one of the most difficult obstacles we faced was not being able to easily pull the required data from all of our different data sources and on top of that not being able to easily interpret the data we had.
It’s a monstrous task, which in reality most of the time is not carried out correctly and/or consistently because of the lack of resources within businesses.
How often have you asked some of the following questions in your company and not easily been able to access the required data to answer the questions:
- Which customer segments are performing best?
- What is the Average Order Value of the company and for which channels?
- What are the most successful channels offline and online in terms of revenue, traffic, conversion rate?
- What is your customer churn rate?
- What is the ROI for each marketing campaign and how does it compare against others?
- Revenue by customer segments, marketing channels, demographics and products?
At objectsource, we’ve seen so many businesses suffer from wasting money in the wrong areas or spending money in right areas but at the wrong time (click here for a previous article which talks about this problem) and this is down to not having the correct data at hand and being able to easily interpret it.
Magento Business Intelligence provides businesses of all sizes with deep analytical data that a Global Enterprise company would have without the need to recruit a whole team of analysts. It allows companies to make faster and smarter decisions because they are able to:
- Easily understand their company’s pain points
- Find customers, products and orders that drive Customer Lifetime Value (CLV)
- Be more agile through being able to easily access and interpret your company’s ‘big data’
- Gain deeper analytical insight
- Optimise their spending and customer retention during certain busy periods in the year
Comparison between the two levels offered by Magento:
Merchants really need to understand the power of this business intelligence tool and what value it can add to your business. Allow yourself to mitigate risks and make better informed decisions to help drive business growth. The companies that have these capabilities are far apart from the rest in terms revenue, conversion rate but most importantly the speed at which their company grows by.
If you would like to find out more about how about your business can benefit from it feel free to speak to one of our consultants today!