Magento Business Intelligence – Magento is a great platform for not only selling products, but also a great tool for learning more about your audience, their tastes, and their behaviors.
Although Magento is not a dedicated analytics platform, it uses a decent Magento Reports system that collects, analyzes, and displays the most interesting data about who your customers are, what they do on your site, and what they buy.
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Magento metrics reports provide a decent amount of data. They are by no means prettier. Nor do they create visually appealing graphics for you. But even though Magento 2 almost exclusively shows bare numbers, this data still offers information for curious Magento store owners.
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From average order size to seasonality, order statistics provide an interesting overview of the times your customers are most active, which products they look at most, and which ones they actually buy.
Take a closer look at what your customers browse the most and what they buy. Compare these two groups with each other. Are there many similarities? Make your bestsellers more visible. Move them to the places that are currently occupied by the most viewed items.
You should also take a good look at how customers search your store. Do they find what they are looking for quickly? Are there famous items that you see over and over? Make it more prominent and place it closer on the page.
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These are the most impactful changes that Magento Reports can help you with. However, when we’re done with the simple reports, let’s move on to the advanced reports to understand all the Magento metrics out there. Magento Business Intelligence provides you with the ability to see all of your data in one place. But is it worth the money?
For starters, business intelligence is full of buzzwords and marketing hype. For someone new to this area of knowledge, Customer-Centered Optimization Analysis doesn’t explain much what BI does and how it can help your Magento store sell and grow.
If you feel lost in the nonsensical jargon in these business intelligence tools, we know how to help you. Business intelligence is basically three things: technology, process, and people.
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BI technology can be as simple as Microsoft Excel spreadsheets, hand-filled workbook entries, and homemade reports, or as complex as R-based data visualization, master data warehousing, and predictive modeling.
When we look at business intelligence processes, they range from simple data management tools to single truth solutions, data-driven decision-making suites, enterprise-wide KPI-based performance appraisals, and employee feedback systems.
One of the cornerstones of business intelligence is getting the business intelligence staff right. Without the necessary data scientists, designers, visualization developers, and business analysts, it is difficult to analyze and use the collected business intelligence data for the benefit of your business.
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At the top of this business intelligence pyramid are real-time reporting, web streaming, predictive analytics, and machine learning. Therefore, despite the marketing hype, business intelligence consists of real tools and skills that experts have accumulated over 50 years. In the past, business intelligence was simply known by different names. The most common names were Decision Support Systems (DSS) and Management Information Systems (MIS), which described the same idea of BI: collecting data and using it to make decisions based on real knowledge rather than intuition.
Well, let’s say we convinced you that business intelligence isn’t just a buzzword, maybe you should give it a try. Let’s take a look at what Magento has to offer business owners who really want to put their hard-earned customer behavior data into practice.
Magento Business Intelligence is a rebranded toolkit from RJMetrics. The general public may remember the RJMetrics team for their famous analysis of Airbnb, Crunchbase, and the ALS Ice Bucket Challenge and Chat, which appeared in The Wall Street Journal and other popular resources from 2012-2014.
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In 2016, Adobe acquired RJMetrics to complement Adobe Experience Cloud with a powerful business intelligence tool. At that time, Adobe was already competing with Salesforce, Microsoft, SAP and other business giants, who were frantically collecting related tools to create a complete package containing everything a business needs: from ERP to customer relationship management to customer service and analytics to provide Chain management.
Adobe just didn’t have time to develop a very complex analytics system on its own. So in order to compete, they had to buy something from the market. RJMetrics was a good choice. It was integrated into Adobe – and later into Magento Advanced Analytics – and renamed Magento Business Intelligence (also known as Magento metrics).
Magento BI is now available as a free add-on for Magento Commerce Edition customers or as a paid subscription for Magento Community store owners. It’s a powerful analytics, business intelligence, and reporting tool that provides insight into what your store needs to improve to sell more.
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The Magento Business Intelligence package isn’t cheap. Magento BI Essentials starts at a flat fee of $100 per month, but increases quickly based on your GMV or monthly gross merchandise volume. However, in the $5 million GMV range, you pay $100.
The important question is whether Magento BI is the right tool for you. First of all, MBI is not the same as Google Analytics, although Magento BI uses Google Analytics data to supplement its Magento databases.
Compared to Magento BI, Google Analytics acts as a powerful filter (especially when configured correctly) that can tell you a lot of valuable high-level data:
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Magento BI shifts the focus from user behavior to a purely business perspective. Instead of users, Magento Business Intelligence will show you different online buyers, help you understand and segment them based on several new segments, and even give you tips on how to manage your campaigns:
Where Google Analytics works with only its own data, Magento combines Google’s BI, ERP (Salesforce, SAP, Microsoft Dynamics 365, etc.) and CRM, and integrates with accounting and marketing tools, either using native extensions or through third parties.
MBI does things for e-commerce that Magento Metrics or GA can’t. The benefits will largely depend on the size of your business, however:
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In addition, MBI uses complex filter logic to generate detailed reports – down to the individual level.
Unlike Google Analytics and other Internet trackers, which strictly prohibit any raw analysis of data (such as individual records or customer habits) and user identification, Magento BI can use any data to show you interesting information or even build personalized email lists for small groups of customers. .
You have to do some work to get some data. There are other parts on the surface waiting to be seen. Still others are hard to find and difficult for a human being to parse. Unfortunately, the reports section of your Magento store doesn’t exactly show things.
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You either have to export and create the reports manually, or you have to look at dozens of individual data and build a meaningful picture in your mind.
Any business needs data to make informed decisions. The more data you have, the more difficult it is to do this. This becomes especially difficult when you need to work with data in batches. We’ve helped dozens of stores set up and configure Magento BI in a way that allows us to see more and act on this new knowledge. Contact Magento 2 Development Service for support!
Magento BI offers good segmentation options. They provide insightful data – particularly when based on key store events such as placing an order or viewing a product.
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One of our clients, a smartphone shop, uses this data as a good source for audience segmentation in their Google Ads and email remarketing campaigns. With the help of a third-party extension, the store was able to target customers more precisely and improve the effectiveness of Google Ads while staying on the same budget.
A large client has started integrating data-driven store performance metrics into their business. The store tends to do a lot of sales during the holiday season. The holiday season is traditionally the most profitable of the year in the United States. From autumn to winter, Halloween gradually turns into Thanksgiving and then directly into Christmas.
The store’s traditional strategy is to lure customers in with huge deals and discounts. Under conditions of intense competition, some discounts have gradually reached zero margins.
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So even though the volume was there, the actual revenue was down to zero. To avoid this vicious cycle, the shop needed our help to figure out:
Magento Business Intelligence is a good opportunity to supplement Magento Reports with more data sources.
Additionally, as Bob Moore, Head of Magento BI, said during Magento Imagine 2017, the top 3 KPIs for growth are customer acquisition, customer retention, and customer lifetime value. This is what you need to focus on.
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Whether you use Magento Business Intelligence or prefer the good old Google Analytics and Magento reports, always keep these 3 KPIs in mind. This is possible even if you don’t want to invest in Magento BI Essentials. MBI will simply give you a more detailed picture. Offers free resources for finding and selecting software for professionals like you. Our service is free because software vendors pay us when they generate web traffic and leads from users.
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