How to Predict Business Growth through Magento?

1. How to Predict Business Growth through Magento?

2. Businesses around the world are desperately searching for tools that can feed them actionable intelligence to drive profitable business action. Businesses are not able to predict their sales accurately, due to which they end up with either slack or surplus inventory. Erroneous growth prediction can lead to issues like – surplus investment in a new facility, extra manpower, additional stock, etc. What if there was a way through which we can predict business growth? Online stores using Magento are entitled to a free Magento Business Intelligence Essentials account, which can provide insights about your business. This article is prepared by Nevina Infotech to give a brief idea about the Business Intelligence platform of Magento.

3. What exactly is Magento Business Intelligence?

4. Magento Business Intelligence is a cloud-based data analytics and visualization platform. It consolidates data from all the external databases apart from the internal Magento database to present business insights in a visually appealing format. It can pull data directly from third-party sources like Google AdWords, or Salesforce, which saves a lot of time and effort in inputting the data. It provides actionable intelligence by providing more than a hundred reports on various facets of the business. These reports can provide inputs like year-on-year growth, loyal customers, customer lifetime value, average order size, most profitable channel, and campaign impact analysis. Businesses can hire magento developer onlineto integrate Magento Business Intelligence with their Magento store.

5. What Magneto Business Intelligence does?

6. It provides a cloud-based data storage facility to combine data from multiple data sources. It acts as a data warehouse that can be accessed from anywhere anytime on the go. It supports up to five dashboards for individual data sources. The interactive dashboards include options like Marketing ROI, Merchandising Analysis, Cohort Analysis, Customer Segmentation, etc. The platform organizes the data in simple and elegant tables with the drill-down facility. The automatic process spares you from the extraction and analysis of data and lets you focus on the action part.

7. It provides detailed summary reports directly to users via email. Apart from this, it can generate several interesting reports like a report to identify the sub-segments of customer segments for micro-targeting in profitable ways. It can predict a new purchase by an existing customer through the “Predictive Buy Date” report. It can predict the target segment by the “Predictive Customer Value” report. It can also be used to track business goals set from time to time. Businesses can provide them with an option of ad-hoc reports if they hire magento developer to customize the platform. Businesses can analyze consumer behavior, reduce churn rate, or generate periodic reports with the help of this tool.

8. Who gets benefited from Magento Business Intelligence?

9. All the stakeholders of the business are benefited from Magento Business Intelligence as it speeds up the decision -making the process by providing answers to all the questions. Irrespective of the user’s role, it is a potent analytical tool that gives intelligent insight into consumers. The product managers use Magento Business Intelligence for consumer behaviour analysis that can drive product adoption. It can reveal the customer lifetime value, which aids in identifying loyal clientele. It can analyze products and vendors to expand the clientele base and increase sales. The top management can identify long term strategies by studying the insights provided by the Magento Business Intelligence tool. The platform can be customized for businesses functioning in a specific country like India if they hire magento developer in india to give insights into the local consumer’s mindset.

10. Do Businesses need Magento Business Intelligence Essentials or Pro?

11. There are two editions of Magento Business Intelligence viz. Essentials and Pro. The Essentials version is provided to Magento customers at no additional costs with certain limitations. However, Magento Business Intelligence Pro is the limitless version of Essentials. The table below compares the features of both these versions of Magento Business Intelligence.

13. Businesses need to make crucial decisions based on data analysis. Small and Medium Enterprises might prefer Magento Business Intelligence Essentials during the early days of their business to make faster decisions. Once their business expands, they can upgrade to Magento Business Intelligence Pro. It offers them additional handy features helping them to scale new heights. However, while migrating from Essentials to Pro, it is advised that you hire best magento developeronly to avoid data inconsistencies.

14. The Bottomline

15. Businesses are continuously looking for ways to eliminate guesswork and availability of on-demand information at a rapid pace. Magento Business Intelligence is the solution to all their business woes. It can reduce risks by providing you with detailed insights about the business. It enhances efficiency by providing insights about the flaws in the sales funnel. It can access the effectiveness of a promotional campaign. Magento Business Intelligence is a necessary tool to succeed in today’s competitive world.

16. Contact Us Name:-Rahim Makhani Website:-https://www.nevinainfotech.com E-mail Address:-rahim@nevinainfotech.com Contact Person:-Rahim Makhani Mobile Number:-+91 7572970470

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