When you’re managing your own business, the last thing you should do is make decisions based on your best instincts or “gut feelings” alone. Your best guesses might prove to be correct once in a while, but if you want a long-term strategy that can reliably increase your company’s success over time, collecting and analyzing data is crucial. However, gone are the days when you had to sift through data and spend countless hours translating the information; instead, small business owners can rely on Magento Business Intelligence (BI) to simplify and streamline their data. Here’s how it works:
What is Magento BI?
Magento BI is an intuitive, cloud-based platform that provides users with helpful dashboards and tools to easily transform data into graphs and reports in a snap. Magento BI integrates seamlessly with any Magento extensions or third-party applications you may have in order to give you a full overview of your store’s performance and answer important marketing questions such as:
- Is loyalty impacted when a customer returns an order?
- Which channels attract the most valuable customers?
- What is my store’s retention rate?
- What is my average cost of acquisition, and how does this compare to the average lifetime value of my customers?
Along with answering these common business queries, Magento BI has plenty of additional features that will make it easier than ever to track your company’s performance, trends, and more. Right out of the box, it will be capable of organizing, storing, and displaying your data in ways that work best for you and your business. Just a few of its unique features include:
- Direct integration with Magento database.
- Cloud-based storage.
- A whiteboard for visualization.
- Sharing tools to make collaboration a breeze.
- Access to pre-designed reports.
- Unlimited dashboards.
On September 12, Magento BI users around the globe gained access to brand-new features that were added to the platform. These dynamic updates included:
- Three new visualization options. Along with the ten types of charts still available, retailers can now display their data using bubble charts, scatter plots, and scatter plots with trend lines. Merchants can also add a third or fourth dimension to their current graphs for richer information.
- Enhanced email summaries. Keeping stakeholders updated on your business performance can often take a backseat compared to your other responsibilities. With the recent September BI update, retailers can now schedule emails to automatically send reports, summaries, visualizations, and other relevant information right from the platform.
To learn more about the capabilities of Magento Business Intelligence, check out this link for further details!