Is it possible to cook without the ability to see? Can you think of taking up an exam without studying? No, right? The basics of the business run on the same principles. Without being prepared for the unforeseen risks and opportunities your business plan might fail.
Remember, a business plan is more than just shaping the layout of an eCommerce web design. The online stores need to be monitored for their performance. So, when can this evaluation take place? When all the data is available on hand the journey of analysing the consumer performance, website traffic, and conversion rate begins.
Each passing day has an impact on the growth of the business which increases the need for carrying out analytics. This where Magento Business Intelligence is highly critical to make the all the aforesaid processes easy.
MBI (Magento Business Intelligence) is nothing, but, a data analytics tool that is swooped in to inform about comprehensive insight pertaining to customer metrics, product demand, etc.
The Association of MBI with eCommerce
- One of the basic practices of the analytics tool is to oversee the performance of the business. MBI brings in advanced tools to conduct robust research on the performance.
- While creating business reports you need to compare the data with other organizations. MBI lets you integrate such 3rd party data and other APIs at a running pace.
Tools that Tag along with Magento Business Intelligence
Reports from the Dashboard
MBI has already integrated a set of 5 dashboards, ready to provide all the reports way before you ask for them. Each dashboard comes with a significant report. For example, companies dashboard provides customer performance report and catalog dashboard is showcased to analyse the conversion of differently ranged products.
Building Report Metrics
Magento Business Intelligence is equipped with 2 types of report building. One is SQL where the queries drafted by the users are directly report to the store. The second is Visual Report Builder where the owner can see through their store data in the form of charts.
As you can see, BI is a very useful tool and can add value to your business. Let us go one step further by proving it to you in the form of perks listed below.
- Improves your Marketing tactics
The marketing questions are answered with the integration of Business Intelligence. Which medium of the ad campaign was a successful traffic driver? Where is the maximum amount of sales conversion coming from? Once you answer such questions the immediate effect can be seen on your marketing strategy.
- Management of Store Inventory
The metrics represented on the analytics chart are used for more than just observing the consumer behaviour and marketing campaigns. It helps you to address the pace at which sales are being converted. You can even determine how long the inventory will last. Simply answer this question and you are set to go: Which products need to be restocked in order to fulfill the demand and when?
Consolidating the Need of MBI
Magento business Intelligence is all about using the business data and representing the necessary information in the form of charts and graphs. The reason you can rely on the analytics report is that they have been generated from the store data itself. Such factors and tools of MBI makes the reports of a Gold Coast Web Design reliable.