Revenue analytics is a broad term to define data analysis that eventually leads to a revenue-related decision. Revenue data typically goes beyond simply sales, and includes marketing, and operations. But let's see what we mean when we say revenue analytics.
The first step to any revenue decision is understanding your customers. Eventually, customers drive decisions around which products to stock, what price-points to focus on, and where to invest marketing dollars in.
Once you understand your customers, decisions around the products to stock becomes easier. Determine the right price, inventory levels, suppliers, and product variants to focus on.
Setting up the right operating processes are key to ensuring customer happiness and eventually revenues. Review your operations data frequently to assess if you are on track.
Marketing analytics is a massive industry, but most players focus on helping you spend more on marketing. It is essential to periodically review your efforts to assess if you are getting the most out of your marketing investment.
We collated twenty-two metrics that you need to track for your online store. Learn more about these metrics and compare your performance against peers.