Magento Business Intelligence: What’s New for Merchants?
If you have an e-commerce store, you must know about the Magento platform and its great popularity due to its rich functionalities and customization options. This open source software is used by more than 250,000 online retailers and that includes some big brands like Samsung, Ford and Nike. Although it can offer a rich library of features and functions, Magento development offers very limited reporting and analysis capabilities.
Modern online merchants and store owners require more than transaction logs and traffic data to remain competitive in the marketplace. In simple words, they need business intelligence. There are traders who are frustrated and unwilling to go through the complex process of studying their customers’ behavior and formulating strategies based on the reports.
How did Magento help merchants with the benefits of Magento Analytics?
In 2016, to help merchants gain insight into their customers and across their organizations, Magento acquired RJMetrics which provides big data analytics to companies of various sizes. This was called Magento Analytics. This advanced cloud-based 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 that it collects data from various sources and offers an intuitive interface that merchants can use to discover new insights.
Magento Analytics changes its name to Magento Business Intelligence
But today, Magento Analytics has been rebranded as Magento Business Intelligence and reflects the power and depth of software and offers a holistic view of the customer journey from various data sources. It allows merchants to collect data from multiple sources such as MySQL, Salesforce to Facebook Ads in a single accessible source throughout their organization. This has helped merchants gather information faster and more accurately, save valuable time, and spend more time applying knowledge.
Magento BI is suitable for both technical and business users and its cloud-based delivery model seamlessly solves any complex enterprise data infrastructure needs. In case traders need additional help working and understanding the data, it also offers additional professional services.
Magento BI Pro
There are two main products: Magento BI Pro, which is ideal for experienced traders who are involved in advanced cross-source analysis.
- Unlimited data source beyond Google Analytics
- Customize the basic offer
- Provide data warehouse manager access to customize infrastructure and gain data visibility
- Get additional support through customer success or professional service team offerings.
Magento BI Essentials
Magento BI Essentials also offers access to five dashboards that include around 75 reports at a cost-effective rate. These are all best-in-class reviews.
- Understand your store’s daily performance in terms of revenue, top customers, and AOV
- Drill down into performance categories and customer segments
- Easily collaborate with the team around data and share metrics with key stakeholders
- Get an overview of repeat revenue and customer loyalty.