Are you making full use of your e-commerce solutions?

Over the years, businesses have gradually learned to harness the power of e-commerce. With the COVID-19 pandemic, almost 75% of businesses in Singapore were forced to accelerate their digitalisation and go online.

However, it can be incredibly challenging to stay on top of both your sales figures and marketing campaigns, especially if you are a small business. That’s where e-commerce solutions like Shopify can help ease your burdens. These platforms give you a bird’s eye view of your business and streamline your processes.

We’ve mentioned Shopify before, and talked about how it can give you a more comprehensive overview of your business’ performance. But how familiar are you with its various tools offered? Find out how you can better utilise Shopify with these tools.

#1 Inventory tracking and report system

Shopify’s in-built inventory tracking system lets you know when a product is running low or when you need to replenish stock. Additionally, its ABC inventory analysis can give you a closer look into the performance of each of your products. This function also categorises your products into different groups according to how well they sell, and gives you an indication of which products to prioritise.

#2 Marketing metrics

It’s important to know how well your sales strategies are doing. That’s why Shopify also helps you track your sales performance. Metrics recorded include the number of sales as well as orders that can be attributed to shoppers that have been directed from marketing campaigns.

To fill in the gaps in Shopify’s analytics, you can even enable Google Analytics on your Shopify page.

#3 Customer reports

Gain invaluable insights on your customers with Shopify’s customer reports. Not only will you be able to know how many first-time, returning and one-time customers you have, but you’ll also be able to identify the number of customers who are loyal and “at risk” — those who have a low probability of returning.

With these insights, you can create campaigns and strategies to target these “at-risk” customers. For instance, you could use email marketing to reconnect and draw them back to your business.

Using this information, you can also shape and make adjustments to your sales and marketing strategy. For example, if you’re seeing more “at risk” customers than loyal ones, then you may need to work on building customer loyalty, which can be influenced by customer experience.