Commerce is as much about science as art. Success in today’s hypercompetitive retail environment requires a data-driven approach. This means that any decision that impacts the customer experience and growth should be based on data – and not intuition or even worse, guesswork. In fact, a MicroStrategy report shows that over 50% of survey respondents said they’ve improved on efficiency and productivity, and have driven better financial performance by leveraging data analytics to inform business decisions.
In the not-so-distant past, being able to gather actionable insights from a myriad of data across various functions within a business was a privilege for large companies with an army of IT professionals or data scientists. Technology advances now enable SMBs to harness the power of business intelligence to make informed decisions that impact their customer experience and bottom line. What’s become clear is that brands that will rise to the top are those that can aggregate disparate data sources, unify them to create a single view, apply critical context and automate tasks that take up too much time.
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Magento Business Intelligence is a cloud-based data management and visualization platform that provides integrated, easy-to-use dashboards and reporting tools for Magento merchants to expertly harness their data. It consolidates data from their database, Magento extensions, and third-party tools to deliver the valuable insights they need to answer questions like: What is the impact of a returned order on loyalty? Which channels acquire the most valuable customers? How is my retention rate trending? And what is my cost to acquire a customer compared to their lifetime value?
Today, we’re announcing new capabilities to Magento Business Intelligence that lets Magento merchants not only visualize their data in meaningful ways but also ensure that the right insights are being shared with right team members. This is important considering that efforts to gather and analyze actionable data can become wasted dollars if the appropriate decision-makers don’t have access to them on a regular basis.
New capabilities to Magento Business Inteliinge include:
These new features are available to Magento Business Intelligence users globally starting on September 12
*Source: Magento.com
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