Shopify Analytics: A Quick Guide to Growing Your Business in 2023

Earlier, businesses relied on keeping excellent product quality and offering customers the best deal possible to strengthen their sales strategy. But today, it will take more than that.

Ecommerce businesses have to promote the right products to the right audience at the right time. No wonder it takes careful planning and close assessment of store analytics. Not to mention, close diagnosis of the ever-evolving eCommerce trends.

This can be a lot for any business. Fortunately, it is not with custom Shopify development. If you are wondering how, then the answer is - Shopify Analytics.

Here, let’s look at the ways you can grow your business with Shopify analytics.

What is Shopify Analytics?

It is an in-built dashboard of the Shopify platform that can help you check your store’s performance and metrics. You get insights about store speed, site traffic, trend performance, ongoing transactions, recent activities, and much more.

All of it can result into -

●     Better decision making skills

●     Improved profit margin

●     Optimized advertising and marketing costs

●     Better tax management

●     Better marketing through appropriate sales channels

●     Detecting bottlenecks in your process

●     Enhanced assessment of customer demands.

How Shopify Analytics Help to Grow Your eCommerce Business?

The Shopify analytics dashboard help you with numerous statistics and metrics to help assess you store’s performance.

It is to note that the data recorded here is not real time and shows performance of your store till a particular time.

List of metrics you can check from the analytics dashboard are mentioned below. You can further hire professionals from Shopify eCommerce development company to track these metrics effortlessly.

Metric	Definition	Uses
Online store conversion rate	Conversion rate is determined as the percentage of sessions taken to complete a successful order. It is represented in three kinds - Added to cart - Percentage of sessions wherein customer adds at least one product to cart. Reached checkout - Percentage of sessions wherein customer reaches to checkout from cart. Sessions converted - Percentage of sessions wherein customer makes payment for successful checkout.	Helps understand how many customers actually follow through the entire checkout process. It also help businesses understand the areas lacking optimization.
Average order value	The ratio of total order value to the number of orders. It includes shipping, discounts, and taxes.	You will learn the average amount a shopper spends on your store products.
Top landing pages	The pages from where most of your buyers start purchasing journey.	You know which of your pages are performing best and can be considered as a benchmark.
Best products	List of bestselling products based on the number of units sold.	Helps to learn which products are in demand and where you need to improve.
Total orders	Number of orders placed by shoppers in a particular time period.	Frequency of orders can be checked.
Total online store sessions	You get to know the number of online sessions occurred between a particular time period.	How many users started their journey. You can compare it with converted session to see where it went wrong.
Online store sessions by location	Representation of the number of sessions in a particular country for a particular time range.	Understand the geographical region you need to target.
Online store sessions by device type	Representation of the number of sessions by a particular device type.	Which device shoppers use mostly for accessing your Shopify store.
Online store sessions from social source	Number of sessions originated from various social media sites.	It will help you realize if you social media optimization techniques are fruitful.
Repeat customer rate	Repeat customers are the ones who have ordered at least twice from your store. This rate is calculated by dividing the number of repeat customers by the total customers.	You can track loyal customers and help personalize their shopping journey or send customized promotional messages.
Total sales	Number of sales between a particular time period.	Direct insight into your sales performance.
Sales by POS location	Number of sales from a POS origin.	It is useful to track sales performances of physical stores.
Sales by staff	For POS, it helps understand what each sales representatives handles at a particular region.	Assessing each sales representatives performance.
Sales by social source	Number of sales happened on various social networking platforms such as Facebook, WhatsApp, Instagram, etc.	You get to learn how social media is contributing to sales.
Sales by traffic source	Number of sales originating from each traffic source.	Contribution of traffic source.
Top referrers by session	Number of sessions originated from other sites - Direct - Customers landing on your site by typing URL. Email - Customers landing on your site via buttons in email. Search - Customers landing on your store from search engine.	You would be able to assess the major sources of traffic.

These are some of the things you can track with Shopify analytics. Assessing these would help you optimize your landing pages and processes conveniently.

A Shopify web development company can further help you in this venture with their expert knowledge of Shopify. Avail Shopify development services and make the most out of Shopify analytics tool.