You’ve heard it over and over again: as a business owner, you need to know how your business is doing financially. Broadly speaking, financial metrics capture information indicating your business’s financial health. It’s important to track these measures so that you can make informed decisions about the future of your business. Ecommerce is a fast-paced and ever-changing industry. As a Shopify seller, you must have the right tools and resources to keep up with the latest trends and developments in your niche. These tips will help you understand each metric’s meaning, why it matters, and how to track it for your business.
What are the most critical Shopify sales metrics?
You can use dozens of different business metrics to evaluate your business. However, there are a few that are absolutely essential, as well as a few that are useful to track depending on your business type. These are
- Revenue – Revenue is how much you’re bringing in from sales. Revenue is usually tracked over time, like monthly or quarterly. It can also be helpful to track revenue by channel to see which marketing channels drive the most revenue for your business.
- Cost – Cost is how much it costs you to run your business. This includes all the costs associated with your products, the cost of supplies, and the cost of running your office. You may also want to track costs per unit or customer acquisition if you sell a high-volume product.
- Profit – Profit is the difference between revenue and costs. If revenue is greater than costs, then you have a profit. You want to ensure that your profit margins are healthy and that you’re making money.
- Cash flow – Cash flow is how much money is coming into your business compared to how much is going out. You want to ensure that your cash flow is healthy so that you can pay your employees, suppliers, and other bills on time.
How to track your Shopify metrics?
Start by identifying the most important metrics for your Shopify store business. Once you know what metrics are relevant to your business, you can start tracking them. It is an old practice to keep a journal or spreadsheet of your metrics over time to create a historical record for your metrics. But that’s not an easy task, especially in this day and age where there are many metrics to track and cull out insights from them.
Did you know that Google Analytics gives you ~200 metrics and Facebook ads give you 350+ metrics? Now, if you add other data sources, like Google ads, Tiktok Ads, and Shopify, you will have at least a thousand metrics to deal with. And then think about joining all the data and handling all platform discrepancies (at times, Google Analytics doesn’t record all orders because some users use a VPN or have an ad blocker).
Hence, based on our experience (which spans more than 100 years combined in our small team), we have created SuperCEO, our Shopify analytics superstar. The newly revamped app will send you an accurate Shopify sales report to track your venture’s growth, from the total number of sales to the average order value on your mobile & email every day.
SuperCEO will give you REAL-TIME insights into your business no matter where you are. You’ll be able to see your business metrics on your phone, laptop, or desktop. This app is FREE and made for EVERY entrepreneur who has built their store on Shopify!
A powerful visual snapshot of your business with SuperCEO
With the SuperCEO app, you’ll get a detailed visual representation of your business metrics via email every day for free. With just a glance at your phone or computer, you’ll have a pulse of your company’s health and can take the appropriate steps to improve it.
- One-click setup
Get up and running instantly with our one-click setup and witness the power of insights.
- Crucial sales metrics to track
- Total sales
- Gross profit
- Number of orders
- Average order value
- Cost of Good sold
- You can also have a segregated view of metrics by category, region, top products by profit, etc.
- Deep dive into data
You can compare sales metrics by days, weeks, and months to understand the numbers better and develop insights and trends for your store.
- Updates on Mobile
Get notifications on your mobile for sales metrics like top-selling products, total sales, gross profit, COGS, etc.
- Manage multiple stores
You can toggle between various stores to check the sales metrics – no need to hop on different platforms or re-login again & again.
- Sync with team
You can invite your teammates to view the sales metrics – It’s a one-click process.
What will you get after installing?
- Daily Shopify sales report on your mobile and email
- Understanding of user buying behaviour
- Understanding of bestsellers by product, category, region etc
- Better understanding of what products to boost up inorganically.
- Weekly Shopify sales report and business comparison to the previous week.
In a nutshell, SuperCEO is your new 24×7 active data scientist that monitors and analyzes every customer’s purchase and provides you with accurate insights & sales metrics.
Make sure to follow our blog for more updates on SuperCEO!
Checkout the SuperCEO app here –> https://bit.ly/3cNyzZE