Shopify retailers need to track ongoing sales and demand data. This data is then analyzed to accurately evaluate if they are on track to meet sales targets. When retailers find themselves off track to meet sales targets, they rely on comprehensive data insights to take corrective action.
Shopify already provides retailers with out-of-the-box Shopify sales reports. But these reports often fall short in meeting the needs of retailers who are focused on growth, optimization, or regional expansion. Omnichannel order management solutions can provide additional demand and sales reports for Shopify that can help retailers better analyze performance.
In this blog, we will discuss supplemental Shopify sales performance reports that can help Shopify retailers stay on top of their sales numbers and meet their goals.
Top Supplemental Shopify Sales Performance Reports for Retailers:
1. Monthly Sales by City and State
Retailers need a quickly accessible breakdown of the sales contributions made by each geographic region to easily identify over and underperforming regions. Additionally, this information enables retailers to identify regional demand trends and create more effective sales and marketing plans.
The Sales by City and State reports provide a detailed breakdown of sales by city and state. Likewise, this Shopify sales performance report can help retailers monitor daily sales activity in new expansion regions to optimize marketing efforts and improve sales results.
2. Monthly Sales by Order
Similar to the Monthly Sales by City and State reports, retailers often need a bird’s eye view of sales by order. Retailers use this information to analyze the contribution of various orders and their order items to monthly sales.
The Monthly Sales by Order report for Shopify gives a detailed breakdown of all sales orders. Retailers can use this Shopify sales performance report to forecast future demand and develop more effective sales strategies.
3. Daily Demand Tracking
Every day, retail businesses receive a high demand for orders. But out of all the orders received, not all orders are fulfilled on the same day because:
- Some orders are pre-orders that will be fulfilled later.
- Some orders remain unfulfilled due to inventory errors.
- Some orders are brokered at a facility, but the fulfillment team did not begin the fulfillment process.
- Some orders also get canceled by the customers.
As a result, the total daily demand metric does not give a comprehensive view of earned revenue.
The Demand Tracking report breaks down demand based on status and fulfillment factors, such as unfillable units, brokered units, canceled units, and more. Retailers can use this Shopify sales performance report to track what percent of revenue is distributed in all order processing activities and gives a comprehensive view of earned and unearned revenue. This will in turn work to improve and maximize earned revenue in the long term.
4. Daily Sales Summary
Retailers must continually analyze changes in daily sales revenue and use this information to improve sales strategy and increase future revenue. For in-depth analysis, retailers can use the Daily Sales Summary report to break down revenue into:
- Daily Demand sales revenue: Expected revenue from all the orders received in a day
- Daily Shipped sales revenue: Revenue earned from all the orders shipped in a day
- Daily Net sales revenue: Daily Shipped sales revenue - Daily Expenses.
*Note: Daily expenses may include return processing expenses, operational expenses and other expenses varying from retailer to retailer*
The Daily Sales Summary gives a detailed view of daily demand sales revenue, shipped sales revenue, and net sales revenue, providing a holistic view of daily sales for more accurate and impactful analysis.
5. Annual Demand Performance Report
Retailers compare annual demand to determine business growth and decline in demand. For example, if your 2022 Christmas demand is lower than 2021, this reflects a decline in demand.
The Annual Demand performance Report compares demand yearly demand levels and helps paint a clear picture of demand trends at the aggregate level. In turn, retailers can then use this information to improve demand-generation initiatives.
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Increasing consumer demand and overall sales is always a priority. But it can be difficult to drive growth if you don’t have visibility into the right metrics. While Shopify provides general reports for their retailers, many of these fall short of providing comprehensive data. Supplemental Shopify sales performance reports are the most effective way for retailers to gain more insight and optimize sales and marketing efforts.
HotWax Commerce helps Shopify retailers increase sales and speedy delivery by offering solutions for same-day BOPIS, same-day and next-day delivery, and pre-order initiatives. HotWax Commerce downloads all orders from Shopify, routes these orders to the optimal fulfillment location and updates the Shopify system once orders are fulfilled. HotWax Commerce provides detailed data on all the sales orders and when they are captured, brokered, and fulfilled or canceled. HotWax Commerce also offers in-depth analytics and reporting modules for all Shopify orders. All the reports discussed in this blog are available in HotWax Commerce.
