If you are running an eCommerce store, you must be aware of the Magento platform and its huge popularity due to its rich functionalities and customization options. This open source software is used by over 250,000 online retailers and that includes some big brands like Samsung, Ford and Nike. Although it may offer a rich library of features and functions, Magento development offers very limited reporting and analytics capabilities.
Modern online store owners and merchants require more than transaction records and traffic data to remain competitive in the marketplace. In simple words, they need business intelligence. There are merchants who are frustrated and unwilling to go through the complex process of studying their customers’ behavior and formulating strategies based on the reports.
How Magento Helped Merchants With Magento Analytics Benefits?
In 2016, to help merchants easily get insights about their customers and their organizations, Magento acquired RJMetrics, which provides big data analytics to businesses of various sizes. This was called Magento Analytics. This cloud-based advanced analytics solution was integrated with the Magento development platform, so merchants could better understand their customers and sell their products smarter while increasing their ROI. Magento Analytics is a business intelligence solution, which means it collects data from multiple sources and offers an intuitive interface that merchants can use to discover new insights.
Magento Analytics changed its name to Magento Business Intelligence
But today, Magento Analytics has been rebranded as Magento Business Intelligence and reflects the power and depth of the software and offers a holistic view of the customer journey from various data sources. It allows marketers to collect data from multiple sources like MySQL, Salesforce, and Facebook Ads into a single source that can be accessed throughout their organization. This has helped merchants gather faster and more accurate information, saving valuable time and spending more on applying insights.
Magento BI is suitable for both technical and business users and its cloud-based delivery model seamlessly solves any company’s complex data infrastructure needs. In case traders need additional help in working with and understanding the data, it also offers additional professional services.
Magento BI Professional
There are two main products: Magento BI Pro, which is ideal for experienced marketers who engage in advanced cross-source analytics.
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Unlimited data source beyond Google Analytics
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Customize referral offer
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Provide data warehouse administrator access to customize infrastructure and gain visibility into data
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Get additional support through professional service or customer success team offerings
Magento BI Fundamentals
Magento BI Essentials also offers access to five dashboards comprising over 75 reports at a cost-effective price. All of these are best-in-class analytics.
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Understand your store’s daily performance in terms of revenue, top customers, and AOV
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Drill down into performance categories and customer segments
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Easily collaborate with your team around data and share metrics with key stakeholders
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Have an overview of repeat revenue and customer loyalty