Magento Business Intelligence: What’s New for the Merchants?
If you have an ecommerce store, you must be aware of the Magento platform and its widespread 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. Though it may offer a rich library of features and functions, Magento development offers very limited reporting and analysis capabilities.
Modern online store owners and merchants require something more than just transaction records and traffic data to remain competitive in the market. In simple words, they need business intelligence. There are merchants who are frustrated and are not willing to go through the complex process of studying their customer’s behavior and formulating strategies based on the reports.
How Magento helped merchants with the benefits of Magento Analytics?
In 2016, to help merchants easily gain insight of their customers and across their organizations, Magento acquired RJMetrics that provides big data analytics to business of various sizes. This was called the Magento Analytics. This cloud based, advanced analytics solution was integrated with the Magento development platform, so that the merchants could have a better understanding of their customers and sell their products in a smarter way while increasing their ROI. Magento Analytics is a business intelligence solution which means that it gathers data from various sources and offers an intuitive front end that can be used to discover new insights by the merchants.
Magento Analytics rebranded to Magento Business Intelligence
But today, Magento Analytics has been rebranded to Magento Business Intelligence and it reflects the power and depth of the software and offers a holistic view of the customer journey from varied data sources. It allows the merchants to gather data from multiple sources like MySQL, Salesforce to Facebook Ads into a single source that is accessible across your organization. This has helped the merchants to gather faster and accurate information and save their valuable time and spend it more on applying the insights.
Magento BI is suitable for both technical and business users and its cloud based delivery model seamlessly resolve any complex data infrastructure needs of the company. In case the merchants need any additional help to work with and understand the data, then it also offers additional professional services.
Magento BI Pro
There are two core products: The Magento BI Pro, which is great for experienced merchants and who are involved in advanced cross source analysis.
- Unlimited data source beyond Google Analytics
- Customize the baseline offering
- Ease access to the data warehouse manager so as to customize the infrastructure and gain data visibility
- Obtain additional support through professional service team offerings or customer success
Magento BI Essentials
Magento BI Essentials also offer access to five dashboards that comprises of about 75 reports at cost effective rate. These are all best in class analyses.
- Understand the daily performance of your store in terms of revenues, top customers and AOV
- Drill deep into performing categories and customer segments
- Easily collaborate with the team around data and share the metrics with key stakeholders
- Have an overview on the repeat revenue and customer loyalty
