When you enter the world of Shopify as a vendor, you gain access to a valuable resource: Shopify sales reports. These reports are the key to understanding the performance of your products within your Shopify store, allowing you to distinguish top sellers from those that may be underperforming. Shopify sales report offers a comprehensive overview of your business's total sales, shedding light on your website's customer behaviors, purchases, and spending patterns.
This article guides you on leveraging Shopify sales data effectively to foster business growth and make informed decisions for your eCommerce venture. Explore the tips and strategies to harness the full potential of Shopify sales reports in analyzing your sales data and driving your business forward.
What is Shopify Sales Report
If you are a vendor on Shopify, the best way to comprehend better and optimize your customer experiences and marketing efficiency is to analyze your Shopify sales reports. Understanding the sales data available in Shopify can be the deciding factor in the success of your online store.
You can track your data in real time with Shopify sales reports, but you may need to wait a minute for the data to update your page, and it can take 72 hours to refresh discount sales reports. The reports are accessible through different devices and software.
Shopify provides powerful reporting tools that allow them to track much more than average order value. You can learn a lot about your customers' purchasing habits, why they buy, and what you could do better for them, and then adjust your strategy accordingly to the data.
It's essential to notice that Sales Reports are only available to Shopify, Advanced Shopify, and Shopify Plus Plan subscribers.
Important Shopify Sales Report KPIs and Metrics
The best entrepreneurs understand the value of data. Metrics give a clearer picture of performance and provide critical insights for business growth, resulting in more revenue and innovative, data-backed decisions.
Here's a list of the most important eCommerce metrics for sales report Shopify to monitor for your online store:
Total Sales
Total Sales refers to the total number of sales made during a specific period, but discounts, shipping costs, and outgoing expenses do not count. You can use this metric to track your progress by comparing amounts over two months, quarters, or years. It allows you to identify critical problems in your sales pipeline and compare your results to those of your competitors. In addition, Shopify total sales or revenue is one of the key metrics for your e-commerce business evaluation when it comes to investments or exit.
Refund Rate
Returns may not result in revenue outflows, but refunds will. The refund rate is frequently used as a quality control metric because the reasons for an increasing refund rate are that the product didn't meet the client's need or the buyer was not satisfied with the quality. Many marketers need to pay more attention to these metrics when reporting, resulting in inaccurate revenue reports. In addition, this metric should be definitely taken into account when planning the assortment and working with suppliers.
Average Order Value
AOV is the average amount of money a customer spends in every transaction. If your AOV rises over time, your customers spend more money with your shop. This is one of the metrics you should keep working on by implementing up-sale offers or showing recommended products during the purchase process.
Sales conversion rate
One of the most important metrics to monitor is your conversion rate. Your conversion rate is the number of people who made a purchase out of the total number of people who accessed your website. The sales conversion rate should be examined to historical data and across periods.
Customer lifetime value
Customer lifetime value is an excellent metric to use when you have a multi-year relationship with a customer. CLV measures how beneficial a customer is to your business, not just on a purchase-by-purchase basic principle but throughout the entire relationship.
Bounce rate
The percentage of visitors who leave your shop webpage without taking action, such as clicking on a link, filling out a form, or making a purchase, is referred to as the bounce rate.
Shopping cart abandonment rate
Some customers will abandon their purchase on your page, which is called Shopping cart abandonment. It occurs when a customer adds a product to their shopping basket but only completes part of the checkout. These are potentially the most hot prospects you should pick up with sales and marketing activities.
Net promoter score
Net Promoter Score is a user experience metric that predicts business growth by measuring loyalty. NPS is estimated by asking a 0-10 rating scale survey question, and this number represents how a customer evaluates your company.
Key Shopify Sales Reports
A large amount of analytical data is generated each time a customer purchases or interacts with your store. Shopify carefully records every detail and presents it through Shopify sales reports. Some are pre-installed in your analytics dashboards, while others can be generated anytime you need. It would be a pity not to take advantage of the vast information at your disposal.
Total Sales Shopify Report
Only the Shopify, Advanced Shopify, and Shopify Plus plans can access sales reports.
It is evident that sales reports document your products' sales, and 11 of them are in your dashboard's Reports section. When the term "total sales" appears in reports, it's important to remember what it includes and excludes. All gross sales, taxes, and shipping charges are included in total sales, while discounts and returns are excluded
Shopify Daily Sales Report
Log in to your Shopify account, navigate to Reports, and then Sales to view your Shopify daily sales report. Finally, choose the Date Range for which you want to analyze your sales. Shopify export sales data is an important feature that lets you see data for specific days, weeks, months or even years for further analysis. It's a built-in reporting tool that provides insight into your store's performance.
Sales by Product, Region, Channel, Customer, and others
If you have a Shopify plan or Advanced plan, you can access the following retail sales reports:
- Retail sales report by product;
- Retail sales report by product variant SKU;
- Retail sales report by product vendor;
- Retail sales report by product type;
- Retail sales report by Point of Sale location;
- Retail sales report by staff at register;
- Retail sales report by staff at register (daily);
- Retail sales report by staff attributed to sales.
A Tax Report is a document created by legal subjects that defines their income taxes as they are recorded in compliance with the law. Although Shopify can provide tax reports, this online marketplace does not document or send your tax report to the relevant authorities; however, you can deal with your business taxes by contacting your government or tax authority. Tax laws and guidelines are complex and frequently changed. You can configure your Shopify sales tax report-generating tool to automatically deal with many basic tax estimations.
How to Make a Shopify Sales Report for Your Store
Sales reports are one of the most effective tools a company can use to monitor its progress and growth, and Shopify users can generate such reports in several ways.
Native Shopify Analytics
The most basic way is to use Shopify's built-in reporting tool to generate a sales report. Sign in to your Shopify account, go to the "Reports" tab, and choose the timeframe, product, or channel for which you want to generate a report. Following that, you will be able to view your sales data by these criteria.
Shopify Data Export to CSV / Excel
Download your Shopify data to your device in a CSV format. That is convenient for rare or even one-time exports, such as when migrating a store.
Use a third-party app for Shopify data exporting and reporting in CSV and Excel formats. This process should be automated for reporting and analysis, and Shopify data export to Google Sheets, Excel, or BigQuery is available in such cases.Otherwise, Exportier - Data Export by Alpha Serve comes to the aid.
You can benefit from Shopify reporting in the following ways:
- you are not restricted by reporting features and can generate any report they require in Power BI or Tableau;
- you can combine Shopify store data with other data sources to create complex reporting;
- you can publish and share sales reports with stakeholders.
Analyzing your eCommerce data allows you to make better business decisions to increase sales, and when you have the right tools, it's easy. To perform a successful eCommerce business, figure out how to build your complex Shopify store analytics. Shopify offers different ways to access the correct information to improve your e-commerce business conveniently. Building Shopify reports allows you to export reports correctly as you need. Moreover, you can implement Power BI or Tableau connectors by Alpha Serve to get the best data reports and generate professional Shopify reports as required.
