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For many merchants, running an online store can be a complicated balance of priorities, with daily tasks ranging from product sourcing and customer management to marketing and operations. Often lost in that shuffle is one of the most important activities a merchant can do to grow their business — stepping back and looking at what and who is actually driving sales. With that in mind, today Bigcommerce is introducing a tool that makes analyzing your store data faster and easier than ever before.
Bigcommerce Insights is a brand new premium report in Bigcommerce Analytics that automatically interprets your product and customer data, and then delivers actionable recommendations you can use to improve your business. Like your very own data analyst, Insights works for your store, helping you to identify opportunities to drive more revenue. After all, data means nothing unless it is actionable.
Within the new report you’ll find four main categories of Insights:
- Products to Improve: Among your most visited products, these are your worst converters.
- Rockstar Products: These are your most visited, best-converting products.
- Non-Sellers: These products are not selling at all.
- Most Discounted Products: See the performance of your discounted products.
- Hot Products: These products had the most revenue growth from the week prior.
- Cold Products: These products had the largest revenue drop from the week prior.
- Products Purchased Together: For each of your top-selling products, this shows the related product with which it is most frequently sold.
- Best Customers: These recent customers purchase often and spend the most.
- Customers at Risk: These are high-value customers who last ordered between 30-365 days ago.
- Repeat Purchase Rate: The percentage of customers who made a repeat purchase, and how long in between orders repeat purchases take place.
- Best Products for Repeat Purchase: Customers who purchased these products were most likely to purchase again.
- Viewed But Did Not Purchase: These customers viewed the same product more than once but didn’t purchase.
- Customer LTV (Lifetime Value): This is the average amount the customer has spent by a certain point after registering.
- Best Full Price Customers: These are your customers that buy even without discounts.
- Low AOV Customers: These are customers who are in the top 20% for orders but lowest 20% for spending.
Abandoned Cart Insights
- Most Abandoned Products: These products have the most associated abandoned carts.
- Customer LTV By Channel: This report shows which marketing channel brings customers with the highest lifetime value.
Armed with these insights, you can now make informed decisions about which products you should feature more prominently or invest in more heavily, what customer relationships you should nurture and where you should be spending your marketing dollars. Insights will help you zero in on the levers you can pull to grow your sales and stay a step ahead of your competition.
“Big retailers invest in advanced software that collects and analyzes volumes of shopper data,” says Tim Schulz, chief product officer at Bigcommerce. “As shoppers move through their sites, their advanced data tools track every click, customer and conversion to understand behavior, discover obstacles, optimize marketing campaigns and forecast inventory needs. These sophisticated analytics enable them to take the guesswork out of running their online business so they can increase conversions and drive sales.”
Here at Bigcommerce, we believe in the democratization of ecommerce and that all online stores regardless of size should have access to the same data-driven intelligence that allows online managers, owners and entrepreneurs to successfully scale their businesses and provide premium customer experiences that improve our collective physical and digital lives. Insights is immediately available across all Bigcommerce plans for an additional monthly charge, and pricing is based on your monthly order volume.
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