Any marketing agency worth its salt appreciates the value of good data —especially when it directly contributes to their client’s bottom line. When it comes to Shopify-related eCommerce, having the right Shopify analytics metrics on hand gives your agency the means to review data from all your clients' marketing campaigns help them make data-driven decisions from their first click through to Checkout.
This article explores 12 key Shopify analytics metrics to include in your agency's Shopify reports. The goal is to provide insight into your clients' key metrics to help them successfully run their online business.
#1. Total Sales
This metric refers to your clients’ Shopify stores' total sales or revenue over a specific date range. In addition to showing you the overall sales, it also provides several other insights like:
Peak sales periods
Most successful products
Customer buying behaviour
Your clients will use this in their inventory reports. It enables store owners to analyze patterns and better prepare for peak times while letting them know which products to focus on.
#2. Net Sales
Net sales represent total sales, less discounts, returned goods, and allowances for damaged goods. This metric communicates the actual revenue of your clients' online store, and whether it has grown or dipped.
This stat influences everything from product pricing to inventory. If your clients' Shopify store's gross and net sales are higher than an industry average, they may be offering higher discounts or getting an excessive amount of returns compared to industry competitors.
#3. Average Order Value (AOV)
Tracking the average order value is essential to any Shopify report because it tells your clients exactly how much they can spend to profitably make an acquisition. (Shopify suggests these top five strategies to increase AOV over time.)
#4. Online Conversion Rates
Monitoring this metric is crucial to ensure your clients’ websites are properly designed to encourage visitors to make a purchase. On average, online stores enjoy a conversion rate of about 3%. According to a Littledata survey from January 2022, the average conversion rate among 3768 Shopify stores was 1.9%.
The conversion rate is not just about sales. Calls To Action (CTAs) might be used to encourage your clients’ site visitors to:
Click on ads
Opt-in to a mailing list
Add an item to their shopping cart
Share social media posts
#5. Returning Customer Rate
Returning customer rate is a metric that represents the percentage of your customers who have bought from your store more than once. The higher the returning customer rate, the more repeat business you get from customers. This metric can help you gauge your customer's loyalty and lifetime value. In most studies, the average repeat customer rate is between 20% and 40%.
#6. Refund Rate
Refund rate is another essential metric that acts as a quality assurance metric.
Your clients will want to know which products are not meeting customer expectations. They can either choose to remove these products from their catalogue or make pricing adjustments.
#7. Sales by Channel
The Sales by channel metric shows the number of sales for your clients’ various sales channels and whether it’s from an online store, buy button, or app. It will help your agency focus its marketing efforts on increasing sales in areas of need.
#8. Sales by Referrer
The sales by referrer metric shows your clients where their sales are coming from, like:
Social: They clicked a link on social media
Email: They clicked a link to your store in an email
Direct: They enter your store's URL into their browser
Search: They clicked your store from a search engine's results page
Unknown: The referral source isn't known
#9. Products by Type
Another essential metric to track is products by type. Which types of products are moving and which ones are hardly being sold? Knowing this will help create a marketing strategy that will help sell the slower-moving products.
#10. Top Products Sold
This metric tells you which products are most popular by the number of products sold. While it doesn't necessarily mean that they generated the most revenue or had the most orders, it helps your clients know which products are most popular and avoid going out-stock.
The shipping metric tracks how much your clients are spending on delivering products to customers. Shipping equates to shipping charges, less shipping discounts, less refunded shipping amounts.
Track how much your clients’ Shopify store is spending on taxes. This metric tracks the total amount of taxes based on the orders.
How to Build Shopify Reports to Wow Your Clients
AgencyAnalytics automates the process of tracking and reporting these key metrics with feature-rich dashboards that show live sales for each client's Shopify account.
#1. Highlight Your Clients' Shopify Performance
Monitor and share Shopify data alongside other tools and integrations, all designed to showcase your agency's marketing efforts across channels. AgencyAnalytics has robust features and an intuitive drag-and-drop interface to help clients instantly understand your agency’s contribution to their bottom line.
#2. Simplify Your Shopify Accounts
Whether your clients have an advanced Shopify account or basic Shopify plan, AgencyAnalytics provides a robust overview dashboard that can be customized with easy-to-use widgets. With AgencyAnalytics, you don't have to keep logging in and out of different Shopify accounts. Organize each client's Shopify data into separate campaigns and customize exactly what you see in feature-packed dashboards and reports.
Want to know what landing pages are getting the highest number of orders? Done. With the Google Analytics integration, your agency provides advanced insights on metrics such as:
Gross sales from points of sale
The number of visitors or number of sessions over a period of time
#3. Interpret Key Insights
AgencyAnalytics allows tracking of every store owner's Shopify sales, customers, referrers, and more. This enables you to see top products and instantly view sales breakdowns. You can also uncover trends across time and spot opportunities to maximize your client's Shopify profits.
#4. Track Key Metrics in Real-Time
With AgencyAnalytics, you benefit from feature-rich dashboards that show live sales of each Shopify customer account. Your team can monitor the eCommerce store performance, and clients can log in at any time.
Choose from hundreds of drag-and-drop widgets to build custom Shopify dashboards, including notes, images, and data from all other integrations.
Summary: Use Shopify Reports to Highlight Clients’ Areas of Need
Clearly communicating your clients’ Shopify analytics allows them to run a successful business by making adjustments. Knowing how their Shopify store is performing at any given moment allows your agency to drive marketing efforts that will ultimately increase sales. By automating your clients’ Shopify analytics with a dedicated reporting dashboard, change your agency’s focus to more high-value tasks like improving conversion rates, driving more traffic, and ultimately improving your client’s bottom line.