Everything to Understand About Magento Business Intelligence in 2022
The competition between e-commerce platforms has reached to next level. We can see different e-commerce tools and updates are released on a regular basis. This is exactly what is encouraging most popular platforms to provide latest features that change the way to run an online store. As we know, Magento business intelligence is designed to make remarkable transformation in the online sales market.
In the world of technology, ‘business intelligence' is highly popular term. At its core, it applies to the comprehensive analysis of data gathered. As you can imagine, there is an important role for business intelligence in the e-commerce industry too. Thanks to its introduction by Magento, every online merchant can take advantage of this innovative technology. On top of that, this has made BI as simple as it can be.
Introduction to Magento Business Intelligence
It is a cloud-based platform for data management and monitoring of overall business health. The solution gathers all the eCommerce data from database, as well as extensions and third-party integrations. In the end, Magento business intelligence analytics solutions delivers insightful reports that are accessed in the form of reports. This one-of-the-kind analytics eCommerce solution helps with finding answers to both day-to-day and global questions. These include retention rates, average order and customer lifetime value, and through what channels does your business acquire the most loyal clientele.
Merger of Business Intelligence & Big Data
Being a Magento user, we are sure you know powerful analytics tools. After all, it is an important reasons for the popularity of this amazing platform. But these tools basically exist in different realms. It is important for you to Hire Magento Developer to combine those numbers and visualizations and make relevant decisions. Different analytic tools are available from the following categories:
1. Website Traffic Analytics
There are multiple tools present, where most of them are available for free. One of the most popular one is Google Analytics. This allows access of who is visiting your website, where they come from, how long they stay. In turn, this data is used to implement design changes and ensure Search Engine Optimization techniques are giving visible results.
2. Sales and Inventory Analytics
They allow you to explore which ones are popular, if there are any problematic variations, and they also allow you take a look at the financial parameter of your store. This data is used to enhance the products you offer, customize their prices or ways they are showcased to visitors.
3. Marketing Analytics Tools
This tool present valuable information regarding the effectiveness of different marketing channels. The most popular ones comprise of different channels, including Facebook and Google Ads, as well as promotional banners on the website. Since marketing is a significant cost, keeping this side of your business in check is of significant importance.
Magento Business Intelligence can be divided into definitive areas:
1. Single data storage space
The space is integrated with the Magento database and can be connected with other systems your eCommerce runs with. It is empowered with an automatic and full-stack technology for data replication and works as cloud storage of the online business data.
2. Space for analysis
This is where the B2B eCommerce platform reports are created and built based on the collected information. The tool offers creates join tables and calculated columns and can either standardize or customize your business metrics.
Wrapping Up:
Earlier, business intelligence was utilized by established brands. Thanks to Magento, every online store owner can leverage this remarkable technology. Remember that the end goal of Magento BI is to boost your revenue and business performance. Hence, consult an experienced Magento development company or spend some time learning how to take complete leverage of this beneficial technology.
Magento business intelligence
