Introduction
What is Magento 2 Advanced Reporting?
Why do you need Magento 2 Advanced Reporting?
Step-by-Step Guide to Use Magento 2 Advanced Reporting
Step 1: Go to Store Backend to Activate Advanced Reporting
Step 2: Navigate to Advanced Reporting from Admin Panel
Step 3: Analyze Data from Advanced Reporting Dashboard
Grow Your Business with Magento 2 Advanced Reporting
- Gross Profit Calculation
- Sales Breakdown by Products Sold
- Improved Forecasting
- Reduce Risk
- Identify Growth Opportunities
Some Advanced Features of Advanced Reporting
- Number of Reports
- Filtering
- Customization Options
- User-Friendly Dashboard
- Magento 2 Advanced Reporting Extension
Conclusion
Frequently Asked Questions (FAQs)
- 1 What are The Requirements for Using Magento 2 Advanced Reporting?
- 2 How Does ‘Configure Orders Report’ Work?
- 3 What Categories Do Metrics Data Have?
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Introduction
In this digital age, when almost every other business operates online, running an e-commerce business has become highly competitive and challenging. And attracting an audience and converting it into actual customers is just the tip of the iceberg.
High-quality data analytics is crucial for the success of both online businesses. It would help if you had a comprehensive suite to understand your target customers better, stay updated with trends, invest in the right areas, optimize the funnel, diagnose problems, identify threats and opportunities, and more.
It is when Magneto comes into the picture. A popular eCommerce platform, Magneto helps online stores attract more clients with Business Intelligence. Moreover, Magento Business Intelligence’s widely-used tool- Magento 2 Advanced Reporting, enables businesses to analyse data and gain valuable insights to make better business decisions.
This article is compiled to offer a better understanding of Magento 2 advanced reporting. You will learn what Magneto 2 advanced reporting is, its importance, how to use it, and some key features.
What is Magento 2 Advanced Reporting?
Magento 2 advanced reporting is powered by Magento 2 business intelligence. It is a cloud-based service that provides advanced reports based on your company’s products, customers, and orders. Moreover, users can access a highly customised dashboard tailored to their business needs, featuring a straightforward and intuitive interface.
The best feature of Magento 2 Advanced Reporting is that it’s accessible to Magento Commerce and Open Source users. Furthermore, this particular service is provided by integrating Magento with Adobe Commerce Reporting.
Why do you need Magento 2 Advanced Reporting?
It’s possible to run an online business, but not a successful eCommerce business, without advanced reporting.
Getting reports on your sales, orders, abandoned carts, earnings, popular products, and so on will help you determine how well your eCommerce business is doing. In addition, the insights from these reports will help you tailor your output accordingly.
For instance, you might need to discontinue selling some products, and others might need a little boost. Of course, you won’t be able to make any of these decisions without having effective reporting tools.
Moreover, businesses can use Magneto 2 without an advanced reporting solution. This platform will provide you with some reports out of the box. However, these reports will not be detailed, so insights will not be valuable enough to take appropriate action. For instance, you can know your sales figure but not get insights like sales by hour, per location, or by-product.
Therefore, there will be a considerable gap, making the platform insufficient for getting real data analytics. It is why Magento 2 developers have developed an advanced reporting tool that fills this particular gap and provides missing insights.
Magento 2 Advanced Reporting tool will help eCommerce business owners display and view detailed reports on various sales parameters, generate valuable insights into how business is doing, and identify improvement areas. These reports will be broken down into helpful tables and charts to understand better and assess the situation.
To simplify your eCommerce journey, consider using the Magento 2 Advanced Reporting and Analytics add-on launched by ZealousWeb. This user-friendly and flexible analytics suite will help you improve the default Magento reports.
Step-by-Step Guide to Use Magento 2 Advanced Reporting
Below given are the steps that you can follow to use Magento 2 Advanced Reporting:
Step 1: Go to Store Backend to Activate Advanced Reporting
Follow these steps to activate advanced reporting:
- First, visit the Magneto store’s backend.
- Next, navigate to Stores, Settings, and then Configuration.
- In the last, expand the General section and click on Advanced Reporting.
Now, you will need to configure some settings for the Magento 2 advanced reporting, and these include
- Set Advanced Reporting Service to ‘Enable’ (Default Setting).
- Time of day to send data: You must set the specific time in the ‘hour/minute/second’ format. That time must be set when the Advanced Reporting receives your eCommerce store’s updated data. By default, this particular field is usually set up at 2:00 am.
- Industry Data: Here, you must select the industry where you operate the online business. The industry is to be selected in the drop-down list. It will enable the Magento 2 advanced reporting to be more personalized.
- Lastly, tap on the Save Configuration button once you are done.
Always check your subscription’s status and ensure the installations meet all necessary conditions.
Step 2: Navigate to Advanced Reporting from Admin Panel
Now that you are done with the step allowing Magento 2 Advanced Reporting to collect and analyse your eCommerce business’s data, it’s time to access the results.
Go to Reports > Business Intelligence > Advanced Reporting to see the advanced reporting dashboard.
The dashboard features three primary tabs:
- Orders: From Revenue and AOV to Shipping fees and Tax, it offers 12 different types of reports.
- Customers: Here, you can access four reports on Unique Customers, Top Coupon Users, New Registered Accounts, and Customer KPI Table.
- Products:This tab displays four different product reports on the Quantity of Product Sold, Best Selling Products by Quantity and Best Selling Products by Revenue, and Products Added to Wishlists.
Click on the tab to see the full report on the desired sales parameter. Moreover, Magneto provides a Filter feature located in the upper-right corner. It offers users a better view of the data by allowing them to set the wanted period and the store view for including the report.
Step 3: Analyze Data from Advanced Reporting Dashboard
In addition to viewing all dashboard reports from the eCommerce store’s backend, Magneto allows you to access the Magneto Data Resources.
It provides helpful information via three primary sections:
- Thought Leadership
- Support
- Magneto Business Intelligence
Tap Additional Resources in the dashboard’s upper-right corner to access Data Resources.
Grow Your Business with Magento 2 Advanced Reporting
The Magneto 2 Advanced Reporting offers significant advantages and, thus, helps eCommerce businesses grow. Here are some key benefits of advanced reporting in Magento 2:
● Gross Profit Calculation
With the Magneto 2 advanced reporting tool, you can determine your online store’s significant performance indicators. For instance, the product performance report shows you the profits and margins of different products. Going through this report, you can define your store’s most profitable items and improve the products’ profitability.
● Sales Breakdown by Products Sold
The new report breaking down sales by products allows business owners to generate and track sales by item attribute combinations. The report constitutes two areas- a chart and a grid. The grid will display the sales volume and products filtered by allotting items sold over a particular duration. In addition, it will provide transparent sales patterns, allowing you to determine ups and downs in sales due to promotional and advertising activities.
● Improved Forecasting
ECommerce businesses use Magento 2 Advanced Reporting to predict future outcomes in detail rather than traditional methods. For instance, companies can deploy advanced reporting and analytics to determine the possibility of specific customers purchasing certain products or services in the future.
● Reduce Risk
Risk is an integral part of a business. Whether it’s about launching a new product or developing a digital marketing campaign, Magento 2 advanced reporting can aid online companies in mitigating risk. This reporting tool does the same by providing predictive analytics and prescriptive knowledge to essential stakeholders of the business.
● Identify Growth Opportunities
Every eCommerce platform must find ways to grow businesses. Magento 2 advanced reporting and analytics can help business owners identify growth opportunities and business partners with the help of big data.
Some Advanced Features of Advanced Reporting
The following given are the advanced features of Advanced Reporting:
● Number of Reports
A user should always determine how many ready-made reports he expects to get before selecting a specific Magento 2 Advanced Reporting and Analytics add-on. Ensure the number aligns with your business model and its particular requirements.
Always remember that not all businesses require a vast number of reports. Sometimes, some eCommerce stores find many reports useless, but these reports might be helpful for other companies. It is why one should always opt for an extension that offers more or less the same number of reports as the business requires.
Here are some of the most crucial types of reports provided by Magneto 2 Advanced Reporting:
- Top selling products
- sales by attribute
- Sales by category
- Sales by tax rates
- Sales by payment
- Abandoned cart overview
- Product performance
- New vs. Returning Customers
- Sales overview reports
- Sales by coupon code
- Sales by the customer or customer group
- Sales by hour, day, week, or month
- Sales by location
● Filtering
Data filters are one of the critical parts of any analytics tool, and advanced reporting is no exception. The significance of data is determined based on the nature and scope of the online store. The filtering feature allows you to create custom filters and utilise the preset filters by selecting the required data range. Using filters will make the overall process more efficient and help you save considerable time.
● Customization Options
Advanced reports tool generates multiple reports and insights. However, these reports and insights can be impractical for businesses not requiring them. So, eCommerce stores should choose a fully streamlined advanced reporting platform to simplify the analytics procedure and access better insights corresponding to the business’s requirements.
You can access this feature using ZealousWeb’s Magento 2 Advanced Reporting and Analytics extension. The extension allows you to customise the reports as per your business needs.
● User-Friendly Dashboard
Merchants should have quick access to all critical functions of an advanced reporting tool. These functions allow the simple addition of widgets constituting vital metrics on your online store’s dashboard. The user-friendly dashboard tailored to the business’s needs makes it simpler for the merchants to follow their analytics. It lets them view the transparent data at any time.
● Magento 2 Advanced Reporting Extension
There is no doubt that Magento’s high-level analytics and reporting capabilities are advantageous. Retailers can gain valuable insight into their stores’ operations through in-depth reporting on customers, products, and orders.
However, an advanced Reporting must be comprehensive and straightforward enough for a proper sophisticated statistical analysis. The Magento 2 Advanced Reporting extension by ZealousWeb is a prime example of a useful add-on that can improve your store’s performance through better understanding of customer behaviour.
Some attractive features of ZealousWeb’s Magento 2 advanced reporting extension are 25+ ready-to-use reports, options for tracking customers, sales, and product data, analysing multiple sites, and more.
Conclusion
Now that you have reached the article’s end, you understand Magento 2 Advanced Reporting well, why you need it, and how to use the extension to grow your eCommerce store.
Personalisation and data-driven strategy are two crucial factors that determine the success of businesses. Especially when running a business digitally, reports, analytics, and insights will be more vital than ever. A robust Magento 2 advanced reporting extension helps companies leverage data power to grow and succeed offline and offline.
Since you may require Magento 2 advanced reporting extension for a better and comprehensive research, why not consider using the ideal one from a renowned company like ZealousWeb?
Frequently Asked Questions (FAQs)
Q. 1 What are The Requirements for Using Magento 2 Advanced Reporting?
Here listed are some requirements for using Magento 2 advanced reporting:
The website is mandated to run on a public web server.
Therefore, it is a must for the domain to have a valid security (SSL) certificate.
Install and upgrade Magneto successfully without error.
Q. 2 How Does ‘Configure Orders Report’ Work?
Magento 2 ‘Configure Orders Report’ will show a complete list of orders during a specific duration. In addition, the Magneto 2 advanced reporting extension will update the order status in real time, enabling you to see accurately calculated revenue.
Q. 3 What Categories Do Metrics Data Have?
When selecting the metrics data, you can see the following categories:
- Orders
- Order Items
- Order Transactions
- Taxes
- order Addresses
- Quotes
- Quote Items
- Invoices
- Postcode
- Customers
- Customer Addresses
- Products
- Product Categories
