Exploring Magento 2 Modules: Reports To Decode Store Performance

You've designed your online store. You've successfully launched it! Congratulation! You've taken the first step towards establishing your business. 

But how do you measure the success of your business? How do you know if you need to finetune certain things or modify your business strategies? 

That's precisely where Magento reporting features come into the picture. Magento 2 modules for reporting are designed explicitly for store owners to understand how every element of their store is performing and implement strategic measures to obtain the most optimal outcome. 

In today's blog, we're going to talk about the essential store metrics and reports that help you understand the performance of your Magento store. Let's get started! 

What are Magento reports?

Magento 2 offers a wide array of insights and custom reports to help you, as a store owner, analyze your store's performance and make insightful data-driven decisions.

Forrester Consulting reports that e-commerce enterprises leverage Magento to increase their earnings, experiencing growth ranging from 10% to 80%.

Magento 2 reporting tools are tailored to serve versatile business requirements. Whether it's deciphering sales trajectories, decoding customer insights or interpreting product performance, there's a tool for every need. 

What is a Magento Reporting Extension?

In simple terms, a Magento reporting extension is a plugin that boosts the native reporting features of Magento. Advanced Reports For Magento 2 allow store owners or managers to delve deeper into complex metrics. 

With such valuable insights, you can make your decision-making processes based on concrete data.

Now, let's take a look at some critical reports you can leverage to improve your business revenue.   

Sales Reports  

How well is your product selling in the market? What are the factors that are stopping your customers from purchasing your product? You can get answers to these questions and more when you analyze sales reports. 

Sales Funnel Analysis

This report shows how many people start shopping, add items to their cart, and actually buy. Sales Funnel Analysis helps you identify the bottlenecks - abandoned carts, confusing checkout, limited payment options - so you can fix them and watch your sales flow smoothly.

Customer Acquisition Cost (CAC)

CAC represents the price you pay to acquire a new customer. How much does it cost to get a new customer? Compare their average spending with Customer Acquisition Cost (CAC). Are you attracting profitable customers? This helps you optimize your marketing and spend smarter!

Profit Margin Reports

Sales are great, but profit matters more. Profit Margin Reports show how much you REALLY earn on each product. Find your high vs. low-margin items and use that info to adjust prices, offer promotions, or even say goodbye to products that drain your profits.

Sales by Payment Method

See what payment methods your customers prefer. Are you missing out on options like Apple Pay or Partial Payment? Expand your options using Magento 2 modules to make checkout smooth and convenient, leading to more sales.

Refund and Credit Memo Reports

Refunds aren't bad news! Refund and Credit Memo Reports show why customers return items. Uncover issues with products, descriptions, or shipping, and fix them to prevent future losses and improve customer satisfaction!

Abandoned Cart Report by Product

Drill down into abandoned carts to see which specific products are being left behind and why. This can reveal product-specific issues or abandoned checkout experiences.

Sales by Product/Category

Don't just stop at top sellers. Analyze product profitability, considering factors like cost of goods sold and marketing expenses. Identify underperforming categories and ask yourself if it's a lack of demand, bad descriptions, or wrong pricing. Revamp, reposition, or remove to make your products shine!

Customer Reports

How does your customer feel about your business or product? You can uncover all customer-related information using Magento 2 Extensions to generate customer reports: 

Customer Segmentation

Group customers based on demographics, purchase history, and behaviour. Now, you can send targeted messages and offers. Spoil high-value customers with exclusive deals while welcoming newbies with relevant product recommendations.

Customer Support Reports

See how many support tickets you get, how fast you solve them, and what problems keep popping up. Use this info to identify common problems to fix before they frustrate your customers. Proactive customer support can boost retention and loyalty.

Customer Lifetime Value (CLTV)

Calculate the average revenue/profit a customer generates over their relationship with your store. Focus on strategies like loyalty programs and personalized recommendations to keep them coming back for more, like a loyal friend (with a bigger wallet!).

Customer Satisfaction Surveys

Don't rely solely on sales data. Utilise Magento 2 Modules for surveys to gather direct customer feedback on their experience, identify pain points, and measure satisfaction with your products and services.

Product Reports

Feeling confused about which products are rockstars and which are underperformers? Now, you can use product reports to identify the best and worst performers. 

Product Search

These reports show what people actually type in your search bar. Use this intel to fill any gaps in your inventory or tweak product descriptions so customers find what they need.

Product Performance by Channel 

Sales channels are like different roads leading to your store. These reports show you which channel brings the most customers (sales) for each product. 

Are your social media campaigns not bringing enough traffic? Is organic search the primary source of your store traffic? Invest in the channels that get you the most traffic! 

Product Reviews by Rating

Don't shy away from reviews, even negative ones! These reports reveal customer sentiment, good and bad. Listen to their feedback and resolve any issues quickly. Happy customers leave glowing reviews and keep coming back!

Additional Reports

Apart from generic reporting, the Advanced Reports For Magento 2 can help you leverage various critical elements of your online store: 

• Wishlist Reports: This report shows you what your customers are eyeing, so you can offer tempting upsells and turn "wish" into "buy"!

• Error Logs: Monitor error logs for any technical issues that might be impacting your store's performance or user experience.

• Website Search Performance: Analyze internal site search terms to understand what customers are looking for. Are they missing something you offer? Make your descriptions clear and discoverable so they find your hidden gems!

• Mobile App Performance (if applicable): Track app downloads, engagement metrics, and conversion percentage to optimize your mobile app experience and drive sales through this growing channel.

• Security Reports: Don't let hackers steal your hard work! Regularly monitor security reports to identify and address any vulnerabilities that could put your store and customer data at risk.

Wrapping up

Implement Magento 2 Extensions and supercharge your store with these advanced reports. These reports are your cheat codes for happier customers and bigger profits!