Know Your Products’ Performance to Increase Sales, Cross-Sell, Up-Sell, and Boost AOV
The secret to increasing sales and achieving higher Average Order Value (AOV) lies in a deep understanding of your product offerings and their performance. Monitoring and analyzing this critical area allows Shopify store owners to identify areas for improvement, capitalize on successful strategies, and make data-driven decisions to sell more products.
Datma's analytics excel in offering varied reports that present a holistic view of product performance. Shopify store owners can thereby uncover top products, frequently bought together, and trending products, and understand why some items sell more than others.
Identify Top Products with Performance Ratios Report
Identifying top products in your online Shopify store is crucial for increasing sales and optimizing business potential. The Performance Ratios Report provides valuable insights by analyzing key metrics for each product like views, impressions, conversion rates (CR), margins, sell-through rates (STR), and revenue. By examining these indicators, you can identify your ABC products (products ranked based on their performance), as well as those that are viewed but not purchased, listed but not clicked, and hidden.
|Viewed, not purchased||Listed, not clicked||A Products||B Products||C Products|
|PDP Views = 0, PLP Impressions = 0||PDP Views > 0, Transactions = 0||PLP Impressions > 0, PDP Views = 0||top 70% of cumulative revenue||70% - 90% of cumulative revenue||bottom 10% of cumulative revenue|
The report makes it easier to understand customer preferences and optimize marketing efforts to increase sales. High view counts indicate strong interest in certain products, presenting an opportunity to focus on promoting them through targeted advertising and personalized marketing strategies. Metrics on less visible products provide valuable information about demand and visibility, helping you to optimize your product offerings.
With this comprehensive understanding of product performance, store owners can identify their top-performing products, focus on promoting high-demand items, and improve visibility for products that are not receiving adequate attention.
Have a better look at Datma's Performance Ratios report in our video here.
Cross-Selling and Up-Selling with Frequently Bought Together Report
Bundles have proven to be a successful method for increasing sales, offering key benefits like convenience, cost savings, and a way to cross-sell and up-sell products.
- Convenience and cost savings: Bundles provide customers with a convenient and cost-effective way to purchase complementary products together in a single transaction, offering them value and convenience.
- Cross-selling and up-selling: Bundles enable cross-selling by introducing customers to related or additional items they may not have considered purchasing individually. This tactic increases the average order value and exposes customers to a broader range of products.
- Perceived value and inventory management: Bundles create a sense of exclusivity and perceived value, motivating customers to make a purchase. Moreover, bundling slower-moving or less popular items with popular ones helps manage inventory, increases visibility, and drives sales for those specific products.
Datma's Frequently Bought Together products report enables the identification of frequently bought together products, facilitating the creation of effective bundles. This aligns with customer preferences and drives sales by introducing customers to related or additional items they may not have considered purchasing individually, thereby increasing the average order value (AOV).
|Product One ID||Product Two ID||Shared Orders||Prd. One % of Shared Orders||Pr. Two % of Shared Orders||% of Store Orders|
Additionally, the report's ability to view data by individual products, product types, and vendors empowers store owners to optimize inventory management, strengthen vendor relationships, and streamline overall business operations.
Have a better look at Datma's Frequently Bought Together product report in our video here.
Monitor Product Trends with Trends and Daily Average Sales Reports
Identifying product trends and daily average sales is essential as it allows Shopify online stores to make informed decisions and optimize their operations. Understanding which products are trending and how quickly they sell provides an instant view of individual product performance over time.
Datma's Trends report provides comprehensive insights into product selling trends, enabling store owners to identify emerging market demands and adapt their product offerings accordingly.
|Monstera||144.50 USD||346.50 USD||154.50 USD|
|(Trend)||-58.3% down||124.27% up||0%|
Get a better view at Datma's Product Trends report in our video here
The Daily Average Sales report, on the other hand, offers valuable information on the speed at which products are selling, helping store owners optimize inventory management and ensure the availability of high-demand items.
|Product Title||DAS 2 days||DAS 7 days||DAS 14 days||DAS 30 days||DAS 60 days||DAS 90 days||DAS 180 days||Trending DAS|
In conclusion, understanding and analyzing your product's performance is a critical factor for driving increased sales in Shopify online stores. Leveraging Datma's reports, including Performance Ratios, Frequently Bought Together, Trends, and Daily Average Sales, can help you identify top products, make data-driven decisions to sell more products, increase cross-selling and up-selling, and propel your businesses to new heights of success.