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Magento Business Intelligence: What’s New for Merchants?

If you have an e-commerce store, then you must be aware of the Magento platform and its great popularity due to its rich features and customization options. This open source software is used by over 250,000 online retailers and that includes some big brands like Samsung, Ford and Nike. Although it can offer a rich library of features and functions, Magento development offers very limited reporting and analytics capabilities.

Modern online store owners and merchants require more than just transaction records and traffic data to remain competitive in the marketplace. In simple words, they need business intelligence. There are marketers who are frustrated and unwilling to go through the complex process of studying their customers’ behavior and formulating strategies based on the reports.

How did Magento help merchants with the benefits of Magento Analytics?

In 2016, to help merchants easily gain insights about their customers and their organizations, Magento acquired RJMetrics, which provides big data analytics to businesses of various sizes. This was called Magento Analytics. This cloud-based advanced analytics solution was integrated with the Magento development platform, so merchants could better understand their customers and sell their products smarter while increasing their ROI. Magento Analytics is a business intelligence solution, which means that it collects data from various sources and offers an intuitive interface that merchants can use to discover new insights.

Magento Analytics changed its name to Magento Business Intelligence

But today, Magento Analytics has been renamed to Magento Business Intelligence and reflects the power and depth of the software and offers a holistic view of the customer journey from various data sources. It enables marketers to collect data from multiple sources like MySQL, Salesforce, and Facebook Ads into a single source that can be accessed across your entire organization. This has helped merchants gather faster and more accurate information and save their valuable time and spend more on applying the knowledge.

Magento BI is suitable for both technical and business users and its cloud-based delivery model seamlessly solves any complex data infrastructure needs of the business. In case traders need extra help working with and understanding the data, it also offers additional professional services.

Magento BIPro

There are two main products: Magento BI Pro, which is ideal for experienced merchants who engage in advanced cross-source analytics.

  • Unlimited data source beyond Google Analytics
  • Customize referral offer
  • Provide data warehouse administrator access to customize infrastructure and gain data visibility
  • Get additional support through customer success or professional service team offerings

Magento BI Basics

Magento BI Essentials also offers access to five dashboards comprising around 75 reports at a cost effective price. All of these are best-in-class analyses.

  • Understand your store’s daily performance in terms of revenue, top customers, and AOVs
  • Drill down into performance categories and customer segments
  • Easily collaborate with the team around data and share metrics with key stakeholders
  • Get an overview of repeat revenue and customer loyalty

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