What if your data became your best allies?
We're not telling you anything new... for e-retailers, tracking the performance of their Shopify store is much more than an option: it's a necessity to optimize sales, build customer loyalty and boost growth over time.
But where to start? What data to track? And what tools to use?
Why analyze your Shopify store performance?
Running a Shopify store without analyzing its performance is like flying a plane without a dashboard, with the risk of crashing quickly...
Understanding your data is essential. It gives you precise visibility on what works (or not) in your business, your processes, your purchasing funnels... By analyzing your data, you will be able to adapt your approach and your strategy according to the real performance of your business.
Here are several questions that you will be able to answer to ensure the growth of your e-shop :
Identify your flagship products : Which items generate the most sales? Which items generate the most margin?...
Understanding customer behavior : Which pages attract your visitors the most/least? At what stage do they abandon their cart? How long do they stay on your online store?...
Optimizing your marketing campaigns : Are your SEO and/or paid advertising efforts paying off? Which campaign worked best? Which keywords are driving the most traffic to your e-shop?...
Key indicators to follow to regain control
There are many KPIs (Key Performance Indicators) that every e-retailer should monitor. Obviously, this will also depend on the specifics of your business, between purchasing and supply, the type of customer, the traffic area, etc.
Also, don't just analyze a single KPI, such as your daily turnover for example. You need to analyze several KPIs simultaneously to have a real global vision of your activity and the possibilities for optimization.
Among the essential KPIs , we therefore recommend that you analyze the following indicators as a priority:
Customer Acquisition Cost (CAC) :
Budget spent to attract a new customer
This indicator is essential for measuring the effectiveness of your marketing efforts and their profitability.
So, by identifying the campaigns that boost sales, and those that are the most expensive, you will be able to determine your real return on investment.
Conversion rate
The percentage of visitors to your store who actually make a purchase.
An average rate is around 2-3%, but specific sectors can aim higher.
Also, getting less traffic with a high conversion rate can sometimes be more profitable than getting huge traffic that converts little.
Average Cart Value (AOV)
Average amount spent by each customer during an order.
This allows you to optimize your upselling (additional sales) or cross-selling (cross-selling) strategies in particular.
Cart Abandonment Rate
How many potential customers leave your e-store without completing their purchase.
A high rate (often around 70%) is common, but can be reduced with tools such as email reminders, exit pop-ups, etc.
Traffic source
Identify the acquisition channel for your visitors (SEO campaigns, paid advertising, social networks, emailing, etc.).
Allows you to focus your efforts in a more targeted manner, either on high-performing channels or to optimize a specific, less-performing channel.
Return and Refund Rates
Number and amount of returns and refunds made.
A key indicator for measuring customer satisfaction. This KPI also allows you to quickly identify potential problems related to the quality of your products or the performance of your supply chain.
Transform your data into concrete actions
Obviously, analysis is useless without action. The goal is to be able to quickly identify the weak points in your procurement, acquisition and sales processes, in order to take the necessary measures.
Here are three concrete examples of how to use your data to improve the performance of your e-commerce:
Reduce cart abandonment : If you see a high rate, offer personalized reminders or promo codes.
Improve your product pages : If some product pages have a low conversion rate, test different descriptions, images or purchase options.
Optimize your marketing campaigns : Invest more in channels that generate qualified and profitable traffic.
Shopify tools to track your performance
Shopify offers a suite of built-in tools to analyze your performance, including:
Shopify Dashboard : A global view that allows you to track your sales, sessions on your site, and your conversion rate in real time.
Advanced Shopify Reporting (available with higher plans): Access detailed analytics on products, customers, sales, and even the performance of your discounts and promotions.
The particularity of Shopify is to natively integrate numerous third-party applications which allow you to intelligently complete your analyses to optimize your processes, even financial ones.
So Shopify can be connected directly to your accounting software such as Pennylane . This allows for automatic synchronization with Pennylane your financial flows generated in Shopify. You will thus be able to recover all the financial data of your activity: purchases, collections, discounts, returns, refunds...
And if you have also connected Finthesis to Pennylane , you will be able to push your analyses into detail in just a few clicks to identify all the weak points and corrective actions to be taken.
Why choose Blendy to optimize your Shopify performance?
With more than 12 years of experience in accounting digitalization and e-commerce, Blendy, digital accountant , is much more than a financial partner: it is a strategic ally to boost your success.
We are specialists in accounting for e-commerce businesses working on Shopify and financial integrations that boost your performance, such as Pennylane , Stripe, GoCardless, Chargebee and Finthesis .
To support the growth of your e-commerce, our experts assist you through various cutting-edge consulting services:
Interpreting your data
We help you read and use your KPIs to make the right decisions at the right time. We analyze your key indicators with you to provide you with concrete and easily actionable recommendations.
Integrate suitable solutions
Every store has its specificities. We make sure that your online store is properly connected with all the tools that specifically meet your business needs. From advanced analysis to accounting management, we make sure that your tools connect to create a smooth and up-to-date financial process in real time.
Optimize your financial performance : With better visibility on your figures, maximize your margins and reduce your costs.
As you can see, analyzing the performance of your Shopify store is the key to staying competitive and seizing all growth opportunities. With the right tools and appropriate support, your data becomes a real strategic lever.
Ready to take action?
Contact Blendy today to transform
your Shopify store into a growth machine.
With Blendy , digital accountant take advantage of all the benefits of digital accounting to accelerate your financial process and develop your business.
Pennylane , Dext , QuickBooks and Stripe certified , we support digital, e-Commerce, ESN, SaaS companies in France and internationally .