In today’s hyper-competitive digital retail environment, getting enough web traffic is not the sole option for retailers while looking for new growth opportunities. Of course, you need to adopt a data-driven approach to succeed. Some of the businesses often end up in frustration while undergoing a complicated process of analyzing customers via cluttered formats and data sources. To sort this issue, retailers need BI (business intelligence) to analyze not only customers but also products and promotions while sharing insights across the business.
Customer data matters a lot to the retailers as its collection and analysis is important to make better-informed and swift business decisions. But often, they are not well-informed on which KPIs to use. Even when you are using different data with one business, business intelligence is a perfect option to choose. That said, Magento offers its business intelligence tool that is a complete data analytics platform to help retailers extract desired value from customer data and grow their businesses.
Magento Business Intelligence and Its Offerings
Magento offers you a cloud-based data management and visualization platform that provides you with an easy-to-use and well-integrated dashboards. Additionally, Magento development agency will get reporting tools as well to enable merchants to harness their customer data.
This tool can consolidate data from merchant’s database, 3rd party tools, and Magento extensions to deliver valuable insights they need to get an idea on questions involving,
Customer lifetime value, marketing strategies effectiveness, average order value, web effectiveness, social media effectiveness, SEO optimization techniques and, finally management decision making questions related to the aforesaid areas. And, if it is a Magento BI tool, you can use it as a marketing and merchandising tool both along with analyzing customer behavior.
Now, what can you get with Magento BI?
Below is a list of some useful features that you can get with Magento business intelligence:
- One or multiple dashboards for each data source
- You can limit permissions on every single dashboard
- Email summaries
- Manage metric definitions
- Export raw underlying data to CSV and Excel
- You can create and edit reports
- 75 predefined reports
With recent updates from Magento, you will now be benefiting with new data visualization capabilities inclusive of bubble charts and dynamic scatter and enhanced email summaries.
What sort of businesses can benefit the most from Magento BI (Business Intelligence)?
This is an often asked question by merchants. Well, everyone can benefit from Magento BI. From SMEs to large enterprises running websites on Magento can leverage the power of this wonderful tool to tighten their grip on data analysis approaches for fruitful results.
Gartner predicts that the global market for business intelligence and analytics is set to reach USD 22.8 million by the year 2020. So, it is the time now to extract all the value from customer’s data. While working with Magento eCommerce, one of the greatest opportunity that you come across is customizability.
That means you will not be enforced to get a one-size-fit-all shop. You can make it whatever you want it to be, and it will provide you with all the necessary tools and features to extend the default structure.
And, talking about Magento BI essentials, any merchant can define his/her business metrics and tailor the reporting as per his/her unique needs. The retailer will always get an option to do anything out-of-the-box and even can create any number of analytics reports.
On this note, I would like to conclude this piece of writing with a positive impact of Magento BI tool on our retail business while offering merchants with a streamlined process.