Thursday, April 28, 2022

Power BI Extension for Magento - Analyze Your Data

The economic situation due to different circumstances tends to change rapidly. In order to make your business more profitable, analyzing your data is a must. A helping hand is here. Use our solution to keep a strict control of your expenditures and you will see new ways on how to generate additional revenues.

Our Power BI extension for e-commerce platform Magento is the best business intelligence solution for you. Thanks to many data presentation layers, tools, and various templates for your data analysis  you can easily get the knowledge on the current state of your business. Moreover, analyzing changes in your customers’ shopping behavior will help you understand the market better, thus your profit will grow.

How Sales Trends Analysis Can Help?

Using our tool you can generate reports to learn the current situation better. Customer purchasing behavior is influenced by four major factors, namely:

1) Cultural; 

2) Social;

3) Personal;

4) Psychological.

As a result, the unstable economic situation caused by coronavirus, wars, and other governmental issues can force companies to change their approach in doing business. 

Here, the reports will help you keep track of product group sales in comparison to the previous week, month, or year. Thanks to such analytics at hand, you will be able to quickly identify a product or category of goods with an observable and significant increase or decrease in popularity. 

Be sure, after thorough data analysis, you, as an entrepreneur, may decide to drastically change your target audience, the style of your marketing campaigns, your market assortment, etc.

And What about Your Distribution –°hannels? Are They Effective?

The effectiveness of direct sales and e-commerce activity can be compared by analyzing the relationship between them. Our extension can track changes in sale values over time and adapt the business model by moving sales of given products (or their respective segments) to physical or online stores, based on where the best revenue opportunities have been noted.

Power BI Integration with Magento: Optimize Your Maintenance with Ease

In each industry, there are also certain fixed costs that are incurred, regardless of the volume of goods or services sold. Rent and maintenance costs are the best examples. However, this type of information is often stored in various registers and accounting systems, making it difficult for successful evaluation.

Power BI is great for solving this matter. The extension, integrated in your Magento e-commerce platform, can analyze these types of cases through comprehensive visualizations. To add more, the tool automatically refreshes, using the current and accurate data. You will have a clear, complete, and most recent view with all cost-associated factors.

Further to this, you can also conduct an analysis to see how the company’s financial results will alter if we change the parameters that can be influenced, such as the number of employees, working hours, salary, monthly bonuses etc.

Notifications of Critical Events

In order to react to changes on the market faster, Power BI can automatically notify you when a certain critical value is detected in the data in Magento. This could be a decrease in revenues below costs, for example, or a low percentage margin on certain products. 

By integrating Power BI with the Magento platform, entrepreneurs are able to determine important events that can be a sign for further actions to be taken. This feature allows you to immediately analyze the situation that occured and start preventative measures, if needed.

Final Thoughts

Each year, the organization’s data becomes an increasingly valuable resource. Today, business Intelligence systems and tools make it much easier to understand the overall business performance. Conclusions and upcoming actions, as well as measures and changes made based on the data generated will help the business grow. 

The advantage to analyze the data that comes from a variety of sources with eye-appealing diagrams and graphics cannot be overestimated too. All these enable you to discover new sales opportunities in the market.

Do not hesitate to try out our Power Bi extension for Magento. It is a perfect solution for your business and a reliable companion for your future growth.

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