5 Reasons Why Reporting Is Important To Your E-Commerce Business

5 Reasons Why Reporting Is Important To Your E-Commerce Business

Most e-commerce business owners would agree that reports can sometimes overwhelm them and it’s a pain in the neck to sort through all the data.

In reality though, most organizations that achieved success in e-commerce uses reporting to improve their performance. They endured the pain and the long-hour of data management and compiled into reports that help them to thrive their business.


So, if you think that reporting is not important, the following will resonate why you can’t miss out on reporting:

1. Customers’ behaviour monitoring

Customer Behaviour Monitoring

Believe it or not, the key to a successful e-commerce business lies in knowing your customers, especially on how they behave.

By identifying this, you can get the clear idea about the types of customers, the average time they visit your website and what they usually look for while they are on your website. Other than that, you will also find out why they bounce from your website to your competitor’s.

With every adjustment you do according to these data from the report, you are expanding the potential of your business. This is because you are acknowledging them as your customer and act upon what the customers should receive at the first place.

 

2. Know your website

E-commerce Business

Usually, every e-commerce business has their own websites, so do you. Website is a very crucial element is every e-commerce. However, having a website means you will have multiple pages. Do you believe if I say that some of those pages are unnecessary that it can lead you to profit loss?

It happens and that is why some of those pages chase customers away. For whatever reason it is, customers seem to be uninterested when they come to the page. Here is why browser report is important. It helps you to identify the problematic page and you can solve it before it damages your website.

 

3. Social media traffic

Social Media Traffic

It is only natural that social media plays a role in your e-commerce business especially when you have a website. For the past 10 years, it has become a major contributor to e-commerce world.

Safe to say that every e-commerce business will have its own social media platform. With that, comes the traffic of the customers and potential customers.

The report of this traffic is very crucial for a business in order to determine which social media that do them the most good. This report will not only identify it but also allows you to channel your focus efficiently.

 

4. Product/service reports

Report

While focusing on customers, you must not forget that you are not selling air but you are selling product/service that need constant supervision. You need to have a report on that too.

Generating insights into the performance of your products/services can help you juice up your revenue and raise overall performance.

With this report, you can identify which products/services is the most, average and the least popular. You can also group them according to SKU (unique product ID number), name and category.

Keep in mind, from this report, you can save yourself from a lot of troubles such as shortage of stock, the continuation of ‘dead’ products/services and also stock management failure.

Sounds handy right? Indeed this report is very useful and not to mention all the information you can gain:

• Total revenue • Total quantity • Average quantity
• Average price • Conversion rate • Number of visit on product/service page

 

5. Tracking payment report

MOLPay Dashboard

If you have integrated your e-commerce with a payment gateway, you will have the access to your merchant portal and you can start tracking the transactions. You can also compare the current and past number or volume of transactions, which will also complement other reports that you have in hands.

Other than that, you can also look at each customer’s segments on what methods they use to pay. This is important for you to track all successful, failed or pending transactions and respond to your customers quickly.

After you compile all the reports from every aspect of your e-commerce business you will have a bunch of it and it will be the ultimate guide for you to improve your business and improve how you run it. Those reports can provide you with all the answers you want and how to present your business better to your customers.

 

To discover how MOLPay can help you expand your payment options and increase sales, schedule a free appointment with our team today.