In the rapidly evolving world of e-commerce advertising and shopping campaign optimisation, staying ahead of the curve is not just an advantage, it's a necessity.
Our newly developed advanced reporting system is set to redefine how businesses monitor and boost their performance across various marketing channels, including Google Shopping, Bing Shopping, Meta, TikTok, Pinterest, and more. This innovative set of tools stands out as a game changer in the industry, offering unparalleled insights, forecasts, and analytics previously out of reach for most online retailers.
Unveiling the Power of Advanced Reporting
Our system brings a suite of use cases that exemplify its capability to transform raw data into actionable insights, empowering e-commerce businesses to scale new heights. By leveraging our reporting system, users can expect to make informed decisions, optimizing their marketing strategies for maximum ROI. Here’s how:
1) Discovering Top Best Sellers
Determining your top best-selling products is an essential first step for any e-commerce business aiming for success. This pivotal report highlights the products generating the most revenue and conversions, offering a clear view of what drives your business forward. However, the crucial question is: which criteria should we use to define best-selling items?
The answer varies across industries. In fashion, the number of items sold might be a good enough metric, whereas in electronics, revenue, or even better, Return on Ad Spend (ROAS), could provide more insight. A straightforward approach might be to set a baseline for conversions, such as "conversion > X." However, as product offerings expand, this criterion may need adjustment. To ensure adaptability, we recommend focusing on the top 20% of products by conversions, allowing for a dynamic response to an ever-growing inventory.
In our approach, we've highlighted the top 20% of products with the best ROAS, tagging them as "best sellers" in our feed. This enables more strategic bidding on these items in Google Ads campaigns. Our Reporting System allows for an extensive range of criteria to define best sellers, including metrics not originally available in source reports, such as ROAS which is not available in Google Ads Reports or Google Analytics. These can be easily calculated with modifiers and then applied within reports to pinpoint your most valuable products.
2) Trends: A Powerful Tool for a Broader Perspective
Sometimes, the flat, snapshot data from standard reports isn't sufficient to understand the full scope of changes. The Click-Through Rate (CTR) is a metric particularly challenging to interpret based on just the latest results, as numerous factors can influence it and it can fluctuate significantly from day to day. It's beneficial to have access to a report that illustrates the CTR trend over time, enabling actions to be taken based on the trend's slope, representing the average daily change.
In the provided example, we observe that CTR experiences spikes over weekends. By examining the trend over the last 30 days, we can determine whether the CTR is trending upwards or downwards. If we notice the trending line ascending with a slope of 0.01, it indicates a daily increase in CTR by 0.01, equating to a 1.86% increase in the average CTR over the past month.
Such insights are invaluable, as monitoring CTR trends allows identifying patterns and the optimal timing for campaign adjustments. This deeper understanding enables businesses to fine-tune their strategies, engaging audiences more effectively by capitalizing on the most opportune moments, and ultimately driving improved performance.
3) Deciphering the Price-Clicks Correlation: A Strategic Insight
Observing a rise in clicks prompts an important question: Is this surge due to a price change, or is another variable at play? Our report highlights the intricate relationship between price adjustments and click-through rates. It reveals that a modest reduction in price, say by 2 pounds (~5%), can lead to a significant surge in clicks, in this case, an increase of over 220%.
But how can we leverage this insight? By identifying the items for which this price-click correlation is most pronounced, we can pinpoint specific variants attracting the most attention. Conversely, the report highlights scenarios where price adjustments have little to no impact on click volumes. This could suggest that our pricing is already competitive, presenting an opportunity to increase prices without sacrificing market position.
This analysis not only enhances our understanding of market dynamics but also empowers us to make informed decisions. By strategically adjusting prices based on this correlation, we can optimise our product offerings for both engagement and revenue, ensuring that our pricing strategy aligns with consumer behavior and market trends.
4) Strategic Insights: Focusing on Best-Selling Sizes
In the realm of product variations, understanding which sizes resonate most with your audience can significantly impact your sales strategy. Our analysis dives deep into product size preferences, revealing the most popular sizes based on conversion rates. For instance, we've found that sizes 10 and 13 stand out as particularly appealing, driving the highest number of conversions.
What actions can we take with these insights? A practical approach involves integrating a custom label into our feed, allowing us to allocate more resources to advertising these popular sizes. By prioritizing sizes 10 and 13 in our bids, we enhance visibility for the products most likely to convert.
Further refining our strategy, we sort variations by conversion rate and implement a rule to highlight the top 20% of sizes achieving conversions above the average. These sizes are then tagged as "Bestseller variant" in our system. This method not only streamlines our marketing efforts but also ensures that we are focusing on the product variations that truly resonate with our customers, optimizing both engagement and sales.
Transform Your E-Commerce Strategy Today!
Our advanced reporting system is more than just a tool; it's your gateway to unlocking the full potential of your e-commerce business. By providing insights that were previously inaccessible, we're empowering retailers to optimise their marketing efforts, enhance their product offerings, and ultimately, drive unparalleled growth.
If you need any help setting up the labelling process for you, get in touch with us via our contact us page.