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Shopify's E-commerce Report: Key Findings

Published on: June 3 2023 by pipiads

Shopify's 2022 report on the Future of Ecommerce highlights important trends for businesses to stay ahead in the game. Here are the top three trends:

1. Rising acquisition costs are forcing brands to foster long-term relationships with their customers. This means that businesses need to focus on brand building and invest in strategies that attract and retain customers, such as creating personalized experiences and advertising in new channels.

2. The death of third-party cookies is making it harder for businesses to track customer behavior and serve targeted ads. To succeed in this new landscape, businesses need to build communities and offer personalized experiences that foster trust and loyalty.

3. Social commerce is on the rise as more customers flock to social media platforms for their shopping needs. To succeed in this space, businesses need to focus on creating live commerce experiences and leveraging video to connect with customers on a more personal level.

In conclusion, businesses need to adapt to these trends by investing in brand building, community building, and social commerce strategies that prioritize customer relationships and personalized experiences. By doing so, they can stay ahead of the competition and thrive in the rapidly changing world of ecommerce.

5 Advanced Ecommerce Reports (Shopify + BigQuery)

In this article, we will discuss why we recommend using Google BigQuery as a cloud warehouse for analyzing e-commerce analytics data. We work with a number of Shopify stores at CodingUs for Losers to build these types of BigQuery data pipelines. From the five charts we will present, you will quickly see why doing this in BigQuery is much easier than trying to do it in a spreadsheet or anything like that.

Reasons to use BigQuery:

1. Cohort analysis: BigQuery allows you to quickly tag orders with whether they are coming from new versus existing buyers and what cohort did those buyers come from. This makes it easier to analyze the data and get insights.

2. Retention modeling: Doing this math in BigQuery makes it much easier to calculate your rolling retention rate over time. This can be tough to do in a spreadsheet, especially when dealing with a large volume of orders.

3. Buyer segmentation: BigQuery allows you to calculate segment types, such as whales or loyal customers. Once you name your segments, you can then calculate transition rates between segments. This is something that is really difficult to do in spreadsheets.

4. Forecasting: We find that most businesses we work with will actually pull their data from BigQuery back into spreadsheets or Excel to make forecasts. This is because forecasts are dynamic, and you want to be able to dial assumptions, play around with them, and share them.

5. Basket analysis: Doing this type of analysis is really helpful to have your data in a cloud warehouse so you can join every order to every other order and make that chain of order behavior for each of your customers. This unlocks some really interesting analysis that you can do in Data Studio or whatever your reporting tool is.

Using Google BigQuery as a cloud warehouse for analyzing e-commerce analytics data is highly recommended due to its ability to make complex analysis much easier. If you are interested in implementing this type of BigQuery analysis stack for your team, feel free to reach out to CodingUs for Losers.

2022 ecommerce trends pt 1: the future of ecommerce and social commerce

The Future of Ecommerce: How to Win in 2022

- Buying and selling online is easier than ever

- Ecommerce sales continue to grow despite in-person shopping resuming

- Competition is increasing, making it harder to win

Competition:

- Competition is the biggest obstacle to growth in 2022

- Digital marketing is more expensive and less lucrative than ever before

- Creating a remarkable brand can help overcome advertising costs and build sustainable growth

- Develop a brand measurement methodology to demonstrate impact

- Invest in short-term performance marketing and long-term brand building

- Diversify advertising and sales channels to lower acquisition costs

- Highlight unique differentiators and values at every touchpoint

Personalization:

- Personalization is getting harder due to new data and privacy regulations

- Consumers are more privacy aware than ever

- Brands must use personal information in a way that builds trust and fosters a healthy community

- Invest in a community manager to help grow a strong community

- Tie community back to business results

Social Commerce:

- Sales from social media are expected to nearly triple by 2025

- Social commerce is more than just running ad campaigns

- Shopping is entertainment and social commerce should bring the interactive elements of offline shopping online

- Use elements like chat, video, and livestreaming to create a tailored and interactive experience

- Design a social commerce experience that converts

- The future of ecommerce is bright but competition is increasing

- Creating a remarkable brand, fostering a healthy community, and utilizing social commerce can help overcome obstacles and build sustainable growth.

Shopify Analytics Tutorial: How To Use Shopify Analytics (Understand Shopify Analytics and Reports)

Without analyzing your Shopify analytics, your efforts to improve your store and marketing plans are similar to gambling. You need to start building your decisions on data to ensure you are doing the right thing to improve your business. In this video, Rehab from a YouTube channel related to e-commerce entrepreneurship shares how to read and analyze your Shopify reports.

First, Shopify reports are divided into three types: acquisition reports, behavior reports, and marketing reports. We focus on behavior and acquisition reports in this video.

Acquisition reports include sessions over time, sessions by refer, and sessions by location. You can use sessions over time to see which days bring the most traffic and analyze the spikes and drops. You can also filter by source to see where the traffic is coming from. Sessions by refer helps you to see which source of traffic performs the best, while sessions by location can help you to find potential countries to advertise to.

Behavior reports include the conversion rate, top online store search, top online store search with no results, product recommendation conversion over time, and sessions by landing page. The top online store search report shows you what your customers are searching for on your store, which can help you understand your customers more and optimize your store. The top online store search with no results report shows you the keywords your customers type that return zero results, indicating potential gaps in your product offerings.

The sessions by landing page report shows you where the traffic is directed to, while sessions by device shows you the sessions depending on the device. If most of your visits are coming from mobile devices, you need to optimize your store for mobile.

In conclusion, analyzing your Shopify reports is crucial to making informed decisions about your business and improving your store's performance. By following the tips and strategies discussed in this video, you can optimize your store, attract, convert, and retain customers, and boost your revenue

Shopify Reports / Analytics Walkthrough

Shopify reports, also known as Shopify analytics, are a set of reports that provide data on various aspects of your online store. Depending on your plan, you may have access to different types of reports.

Dashboard:

The dashboard is a quick way to view the health and data of your website. It provides widgets that show data such as total sales, online sessions, and conversion rates. You can view the data based on a time frame and compare it to a previous period.

Reports:

Reports provide more detailed information on various aspects of your online store, such as sales, products, discounts, refunds, and channels. You can customize the columns and filters to view specific data and save the report for future access.

Categories:

The reports are divided into categories, such as sales, acquisition, profit margin, and retail sales. Each category provides different KPIs and data.

Shopify reports are a valuable tool for analyzing and improving your online store. By understanding the different types of reports and categories, you can gain insights into your sales, customers, and marketing efforts.

How I Read My Shopify Reports / Analytics For Beginners! 2020

Analyzing Your Shopify Analytics: Key Data Points to Look At

Starting an online business with Shopify requires understanding how to read your Shopify analytics. The data collected by Shopify can provide valuable insights into how customers are interacting with your store. In this article, we'll explore the key data points to look at and what they mean.

Key Data Points:

1. Total Sales: This figure represents your net sales, which is gross sales minus discounts and returns.

2. Online Store Sessions: The number of times someone enters and leaves your store, whether or not they make a purchase.

3. Online Store Conversion Rate: The percentage of sessions that result in a purchase, which can include actions beyond just a sale.

4. Return Customer Rate: The percentage of customers who return to make another purchase.

5. Gross Sales: The total amount of sales before discounts and returns.

6. Merchant Fees: Fees charged by payment processors for processing transactions.

7. Net Profit: The amount of money you make after deducting all expenses, including product costs, shipping, taxes, and merchant fees.

Analyzing your Shopify analytics is a crucial part of running a successful online business. By paying attention to key data points such as total sales, conversion rates, and return customer rates, you can make

How to do Shopify Competitor Research (eCommerce Competition Analysis)

Competitor Research: How to do it Right

In this article, we will discuss how to do competitor research the right way. It is important to know who your competitors are, what channels they use for marketing, and what potentially works for them. We will give you an example of what our coaching program members have to go through to get all the information they need to do proper competitor research.

Steps to Follow:

1. Find Your Competitors:

- Go to Google and search for a specific term related to your business

- Check the listings and see other companies targeting the same products and target group

- Make a Google spreadsheet or any other spreadsheet where you list all your competitors

2. Don't Copy Your Competitors:

- Keep in mind that your competitors are in the same boat

- Don't start copying what your competitors do

- Do competitor research to find out what channels are they testing

3. List Your Competitors' Information:

- Make a spreadsheet with a column for competitor name, website URL, blog URL, and landing pages

- Capture information on rewards programs, referral or affiliate programs, and email newsletters

- Add social media links and find out how many likes, followers, and group members they have

4. Compare Numbers:

- Go back once a month and compare the numbers

- Check growth in subscribers, visitors, and pages visited

- See how often they publish new content on social media channels and newsletters

- Use tools like SEMrush to find out if they are running Google ads

Competitor research is essential for any business to stay ahead of the competition. By analyzing your competitors' marketing channels and activities, you can find new marketing channels that you haven't thought about. Don't copy your competitors, but use the data that you find as inspiration to re-engineer your own marketing strategies. With this approach, you can see the results quickly and stay ahead in your industry.

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