Pre-orders are a great way to gauge product demand. In addition to offering good customer service, retailers benefit from accepting Pre-Orders to prevent missing out on valuable sales.
Besides boosting customer excitement, Pre-Order strategies are also super useful for internal teams. By doing so, businesses can figure out how much demand there is in their target market, and they can secure sales before the product even launches. However, a new product's success can be hard to predict, even with strong demand forecasts.
Omnichannel Order management systems help in managing Pre-Orders sales and their fulfillment. When taking Pre-Orders, Shopify merchants also need Shopify reports on how Pre-Orders are contributing to their business and if there are any operational or tech challenges that are hampering the Pre-Order sales process.
In this blog, we will discuss 5 critical Pre-Order reports for Shopify that will help retailers to ensure their Pre-Order sales initiative is successful.
1. Hourly ON Pre-Order and OFF Pre-Order Report:
A merchandiser wants to determine which items should be available for Pre-Orders based on purchase orders and the queue of sales orders. They use a Pre-Order management system to automatically list and delist Pre-Order products on eCommerce based on multiple rules.
Technical or operational challenges may prevent products from being available for Pre-Orders on eCommerce, or vice versa. So merchandisers want to spot-check on products that should be listed or delisted as Pre-Orders on eCommerce to avoid over-selling or underselling.
The Hourly ON and OFF Pre-Order Report help merchandisers quickly identify products that are listed for accepting Pre-Orders and products that are recently delisted for taking Pre-Orders from eCommerce. With the help of these Shopify reports, merchandisers can quickly identify gaps and take action to fill the gaps.
2. Daily Pre-order Summary Report:
We have seen retailers who have successfully executed the Pre-Order strategy using a Pre-Order management system can get up to 10% of their revenues from Pre-Order sales.
To measure the performance of the Pre-Order initiative, merchandisers like to see how much Pre-Orders are contributing to overall revenue.
Using the Daily Pre-Order Summary Report, you can see how much Pre-Orders contribute to overall revenue along with how many SKUs are sold.
3. Daily Pre-Order Product Performance Report:
Merchandisers want to measure the best and least-performing Pre-Order products to guide their future strategies. For example, if a product does not perform well after its launch, merchandisers may want to discontinue the product.
The Daily Pre-Order Product Performance Report helps merchandisers analyze the performance of products on Pre-Order. This Shopify report also helps merchandisers make better decisions at the time of product assortment.
4. Daily Released Pre-Order Report:
When inventory arrives, an effective Pre-Order management system enables merchandisers to allocate inventory for accepted Pre-Orders both manually and automatically. When merchandisers manually allocate inventory for Pre-Orders, they already know which orders have inventory; however, when the system automatically allocates the inventory, merchandisers have no idea which orders have inventory.
Therefore, merchandisers prefer a daily summary of all Pre-Orders for which inventory was automatically allocated.
The Daily Released Pre-Order Report gives a daily summary of all the Pre-Orders for which the Pre-Order management system automatically allocated the inventory.
5. Daily Promise Date Changed Report
The customer expects to receive their Pre-Order by/on the promised date. Due to various supply-chain constraints, upcoming inventory for accepted Pre-Orders may occasionally be delayed. For all pre-orders, OMS integrates with merchants' email communication platforms to notify the customers of updated promised dates.
Merchants accept Pre-Orders on multiple items every day. So, Inventory delays can impact many Pre-Orders. Therefore, merchandisers prefer a daily summary of these date changes, to verify if the updated promise dates are communicated to customers or not.
The Daily Promise Date Changed Report shows all date changes made for previously accepted Pre-Orders.
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Accepting and managing Pre-Orders is an important activity. Numerous products go ON and OFF Pre-Orders on a daily basis. In addition, a variety of Pre-Orders are accepted and fulfilled within a single day. As a result, manually monitoring this activity on a regular basis is extremely difficult. When merchants have a complete picture of Pre-Order activity, they are better able to formulate strategies and plan accordingly.
Subsequently, merchants expect that their Pre-Order management system will assist them in accepting and releasing Pre-Orders efficiently. HotWax Commerce's Pre-Order management system provides a dynamic view of the Pre-Orders by providing critical Pre-Order Shopify reports. Merchants can ensure that their Pre-Order strategy is on track by using these reports. Furthermore, these Shopify reports assist them in analyzing challenges and overcoming them.