Having the power to analyze your revenue is crucial when it comes to making informed decisions about your business strategy. The first step towards good analysis is having accurate data and easy-to-use reports.
In Metrilo, you have on your disposal the Revenue & Trends tab for that very reason. We want you to have all the right numbers that matter to your ecommerce store so that you can run adequate analysis.
What is revenue analysis?
Revenue analysis actually tells you where your money comes from. It points out which are the channels that bring revenue to your store, what kind of people actually buy from you or where those people come from (cities, countries, etc.).
Luckily for you, Metrilo has an incredibly rich set of tools for Revenue analysis. The software breaks down revenue within seconds based on any of the following criteria:
New / Returning customers
Now let’s take a look at some of these breakdown filters and see how you can benefit from them.
Breakdown revenue by Order Status
This is the first break down available once you open the drop-down menu. As soon as you press on it, you will be able to see all the current order statuses for your ecommerce store for the selected period.
What matters here is to have as many completed orders as possible because that’s when cash has been transferred to you and the product is in the hands of his happy buyer.
An order can be cancelled, failed, or refunded, though. Well, those statuses trouble every ecommerce entrepreneur.
But now you can actually do something about that.
You can click on the order status and open a separate window that allows the same breakdowns, but on a second level only for the customers within that order status this time.
This is an amazing opportunity to actually discover some behavioral patterns. For example, you might discover that most of your failed orders are coming from a specific city (this might be due to bad delivery services for the region) or that there was a coupon you offered that actually was cancelled by most of your customers in the last moment. These give you the opportunity to find out the reasons behind the cancellations and the refunds!
But apart from getting statistics on the different statuses, you can simply see the list with the real people behind all your complete orders.
You might want to send them a “Thank you” email or simply check how their experience with their new purchase is. On another hand, you can follow up on cancelled orders again by simply sending an email to all the people within that list.
Breakdown Revenue by New/ Returning
The question is the same: “Where your revenue is coming from?”, but this time you can explore if new or existing customers give you more business.
Metrilo divides all your customers for the selected period based on whether they are new customers for your web store or first-time buyers. This is important since it’s better to have more returning (meaning happy) customers than constantly struggling to acquire new ones.
Again, all second-level breakdowns are available if you want to know where those new customers come from.
Of course, you can still check who those people are by opening the list with their profiles.
Breakdown Revenue by Coupons
Most of the Ecommerce businesses offer different coupon promotions in order to boost sales.
Now you see revenue broken down by coupons, average orders, and number of customers (if anybody used it more than once), and you can evaluate the performance of each coupon. This way, you will be able to do better campaigns in the future, offering promotions, more relevant to your customers.
The second-level breakdown gives you an advanced set of possibilities. You see whether each coupon attracted new customers or returning ones.
Breakdown revenue by Traffic Source
This one is another must-have breakdown. Having the information which digital channels bring your revenue is crucial when you are planning where to spend your marketing budget – on advertising or organic search optimization.
As soon as you choose to breakdown your revenue by Traffic Source, Metrilo displays your revenue for the selected period divided by the channels it comes from. Say it can be organic search (Google), Facebook, or some website where you have your ads running.
You will have visual information of the average orders per channel and the total revenue coming from it right away.
It doesn’t make sense to invest $100 in Facebook ads and make less than that, right?
By carefully planning your next marketing investment in the right channels, you should see higher returns.
Breakdown by Country/ Campaign
Another important breakdown can be dividing your revenue by countries or cities it comes from (depends whether you are local company or international one).
You can discover whether there are big groups of people coming from specific cities/ countries and improve your targeting there. At the same time, you might find out that while you are investing a great deal of resources into a specific location, you are not actually receiving the adequate return out of it. Concentrating on profitable places is the right choice. Of course, you don’t have to abandon cities that simply don’t convert well, you might have to make changes in the approach. It is all about communication and your targeting may need to differ for different groups. The good thing is you will be able to test new approaches and see immediately if they work.
Breakdown by Campaign
If you use campaign tags (which we suggest) in your links, Metrilo can easily identify those and break down your revenue by every digital campaign you had for the specified period.
What could be better than knowing the exact performance of all your campaigns? Even more, you can peek into the list of customers of the campaign, study their behavior, and find patterns there to use for targeting the right customers.
You can constantly monitor and improve your campaigns. Any slight change you make in your communication with your target groups will reflect into the revenue you generate from them.
Breakdown by Device
The last breakdown that might be really important for you is the one by Device.
More and more people start using their mobile devices for online purchases. But is this the case with your clients?
Having complete overview of your revenue spread across different devices can be crucial for discovering problems with your website and the behavior of your customers.
If it happens that you are selling a lot to people only through their mobile phones, that’s great! It means your website is mobile-friendly and customers feel really comfortable and safe purchasing from you.
You can again get the list of your customers by device and send them the next email optimized for their device. Mobile-adapted emails do miracles and you can be sure that those people won’t hesitate to purchase again via their device if they have done it before.