Magento 2 Advanced Reporting Guide (2023 updated)
Running an eCommerce business these days comes with several challenges in enticing customers. And convincing customers to make purchases is just the iceberg’s tip.
When the eCommerce competition has become intense day by day, it takes an e-retailer to go the extra mile to stand out from the pack. And people have started talking and considering more about differentiation and personalization.
That’s why it’s understandable when a popular eCommerce platform like Magento attracts more clients with Business Intelligence. An analytics system enables enterprises to harness the power of data for better business decisions.
Still, in this post’s scope, we will talk about one of Magento Business Intelligence’s widely-used tools - Advanced Reporting.
Table of Contents
- What is Magento 2 Advanced Reporting?
- Magento 2 Advanced Reporting Requirements
- How to use Magento 2 Advanced Reporting?
- Access Data resources from the Advanced Reporting dashboard
- Scale up your business with Magento 2 Reports extension
- The bottom line!
What is Magento 2 Advanced Reporting?
Advanced Reporting is provided as a part of both Adobe Commerce and Magento Open Source. This functionality offers the ability to utilize a range of dynamic reports generated from your product, order, and customer data. The personalized dashboard offered by Advanced Reporting is specifically customized to suit your unique business requirements. Despite Advanced Reporting utilizing Business Intelligence for its analytics capabilities, it is important to note that owning a Business Intelligence account is not a prerequisite for utilizing Advanced Reporting.
Magento 2 Advanced Reporting Requirements
As mentioned above, Magento 2 Advanced Reporting comes with no charge to use. And it’s available for only Magento installation (quite obviously).
Still, there are some prerequisites you should be aware of in order to use Advanced Reporting for your Magento stores, particularly:
The need to run on a public web service
Make sure your Magento store has been installed or upgraded with no error
Most importantly, Advanced Reporting is available to only the Magento installations that have used a single base currency since the installation time. If you have orders processed with different base currencies, it won’t work
In the Magento configuration, your settings for the Base URL are correct. It means that the store view needs to point to the secure URL. Plus, remember to set Use Secure URLs on the storefront and Use Secure URLs in Admin = Yes
The Magneto crontab is created successfully at the store’s backend, and there’s nothing wrong with cron jobs on the installed server
Note: It can take you a day for Advanced Reporting to collect and analyze data.
One recommended solution is to set a preferable time of a day for data collection. This action can help you avoid system overload during its prime time.
How to use Magento 2 Advanced Reporting?
Step 1: Activate the Advanced Reporting from the store’s backend
Go to your Magento store’s backend, then navigate to Stores > Settings > Configuration
Expand the General section and tap on the Advanced Reporting
In this area, you need to configure some settings for the Magento Advanced Reporting, including:
Set Advanced Reporting Service = Enable (Default setting)
Time of day to send data: Here, you can set the specific time (hour/ minute/ second) that the Advanced Reporting receives your store’s updated data. By default, this field is set up at 2:00 Am
Industry Data: Select your industry in the drop-down list so that the analytics of Advanced Reporting can be more personalized
Finally, click on the Save Config button when you’re done
Don’t forget to check your subscription’s status and ensure that your installation meets all the conditions.
Step 2: Access Advanced Reporting from the Admin Panel
Now, you have completed the step that allows Magento Advanced Reporting to collect and analyze your store’s data. It’s time to see the results.
To see the Magento 2 Advanced Reporting dashboard, go to Reports > Business Intelligence > Advanced Reporting. The dashboard of Advanced Reporting comes with 3 primary tabs:
Orders: Offer 12 different types of reports, from Revenue, AOV to Tax and Shipping fees
Customers: Coms with 4 reports on Unique Customers, New Registered Accounts, Top Coupon Users, and Customer KPI Table
Products: Display 4 product reports including Quantity of Product Sold, Products Added to Wishlists, Best Selling Products by Quantity and by Revenue
You just need to click on the wanted tab and scroll down to see its full report. Magento provides its users with the Filters feature placed in the upper-right corner to better view the data. It allows you to set the wanted period and even the store view to include in the report.
Access Data resources from the Advanced Reporting dashboard
While viewing all dashboard reports from the store’s backend, Magento enables users to get quick access to the Magento Data Resources. This is where you can get helpful information through 3 main sections:
Magento Business Intelligence
To access Data Resources, just click on the Additional Resources in the upper-right corner of the Advanced Reporting dashboard.
Scale up your business with Magento 2 Reports extension
It’s undoubtedly that the Advanced Reporting of Magento does come with great advantages. Merchants helpful information about their stores’ performance through detailed reports on customers, products, and orders.
However, in terms of advanced statistical analysis, the Advanced Reporting by default seems not to be comprehensive and user-friendly enough. Thus, it would be best if you had an extension specializing in-store analytics like this Magento 2 Reports extension by Mageplaza.
Outstanding features which make it a go-to analytics module for Magento 2:
Advanced Reports: In addition to the reports that come standard with Magento 2, the Mageplaza Advanced Reports extension offers the following additional reports: Sales report by Location, Conversion Funnel, Repeat Customer Rate, Extra Card reports (Pro version), and Extra 8 Sale By reports (Ultimate version)
Personalized Report Periods: The data collection period can be tailored by store administrators using the Mageplaza Magento 2 Reports module. The period of time can be a day, a week, a month, or any others. Particularly, store owners can compare two distinct periods with ease. Taking the sales this month as an example in comparison to last month. This makes it crystal evident if the change is for the better or worse.
Reports Displayed in Charts: Reports on the percentage of repeat customers, transactions, overall sales, average order value, tax, and shipping will be shown as line charts . Giving them these visual makes it simpler for store owners to follow, compare, and understand the statistics data. Every graph will also display the rates between figures, with red denoting positive statistics and green denoting negative ones.
Customizable Dashboards: This innotivate feature allows store owners to easily customize the Magento 2 admin dashboard layout. You can drag and drop report cards, or arrange figure sections without any concern. Besides, the report board’s size can also be change by pulling the double arrow. These two elements can be used to create a tidy and well-organized dashboard interface.
Multiple Report Dashbroads: Emails will be automatically sent to customer to give them discounts and remind them about thier shopping carts. Moreover, thanks to built-in report tools, the store owner may keep track of statistics like the recovery rate, transmitted error, and cart abandonment rate.
The bottom line!
You might have heard this a lot - Still, personalization and data-driven strategy are 2 determining factors for a business’s success. Especially when the digital world is your main playground, reports and analytics are more vital than ever.
That’s why tracking each period of your business development for optimization is the most effective way to become a market leader.
Don’t hesitate to invest your money in a robust Magento 2 Reports extension that helps you leverage data power to succeed in both the online and offline world.
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