Shoplytic's Product Growth Explorer has launched 10 types of analysis templates targeting "Marketing Potential", "Inventory Planning", "Profitability" and "Product Potential", so you can create more accurate marketing strategies and inventory planning by analyzing product performances from different dimensions.
This article will cover the following:
- Product Growth Explorer Page Overview
- Apply the template
- Advanced settings
- Select the analysis range
- Product distribution scenario
- Export report
1. Product Growth Explorer Page Overview
Proceed to SHOPLINE Admin > [Report & Analytics] > [Shoplytics], and select [Products] > [Product Growth Explorer].
*Note: The data on this page will be updated daily, while the "Current Inventory", "Unit Price" and "Unit Cost" updated instantly.
2. Apply the template
A. Select a template
On the "Product Growth Explorer" page, you can grasp different dimensions of your product performances with the 10 types of templates provided. Each template comes with different indicators for the X/Y axis.
*Reminder: The provided template will differ according to the plan you purchased.
a. Marketing Potential
- Potential Hot Product Explorer: This template only supports merchants with "eCommerce" or "eCommerce + Retail POS" plans.
- Inventory Planning: This template only supports merchants with "eCommerce" or "eCommerce + Retail POS" plans.
- Product Attractiveness Analysis: This template supports all merchants.
- New/Old Product Sales Potential: This template supports all merchants.
b. Inventory Planning
- Inventory Stock Analysis: This template only supports merchants using ONE omni-channel.
- Stocked Items Value Analysis: This template only supports merchants using ONE omni-channel.
- Inventory Cost Control: This template only supports merchants using ONE omni-channel.
- Product Potential Analysis: This template supports all merchants.
- Product Profitability Analysis: This template supports all merchants.
d. Product Potential:
- Product Repurchase Performance: This template supports all merchants.
With "Potential Hot Product Explorer " as an example:
Once you select the "Potential Hot Product Explorer" template, the system will automatically apply the X-axis (Page Views) and Y-axis (Product Attractiveness Analysis) and click Apply to see the product analysis.
B. Customized Model
You can choose the X and Y axis indicators and customize the template.
The following indicators supported by the X and Y axes:
- Sales:：Sold Quantity, Gross Orders, Net Revenue,
Product Repurchase Rate, Sales Growth Rate*(%)
- Cost & Profit: Total Cost, Gross Profit, Gross Profit Margin (%)
- Behavior: Page Views, Conversion Rate*(%)
- Inventory: Current Inventory
- Property: Unit Price, unit Cost, Days Created*
- The metric indicators are the same as the other Shoplytics pages.
- Sales growth rate: The sales growth rate of the product in the selected time period compared to the previous period.
*Calculation method: [(Sold quantity in this analysis range - Sold quantity in the previous period)÷ Sold quantity in the previous period] x 100%
- Conversion rate: online store transactions ÷ page views
- Days Created: End date of selected analysis range - item creation date (unit: days)
3. Advanced Settings
You can view the Product Growth Explorer analysis of specific product categories and statuses according to your needs.
- Select according to product category
- Select according to product status
4. Select the analysis range
Click the "calendar" icon at the top right to select the analysis range.
*Note: Selecting "Group By" and "Compare to previous dates" will not affect the data displayed on the page.
*Suggestion: Set the analysis range above 30 days, if the template indicators include a repurchase rate, then you will need to set the analysis range to above half a year in order to receive sufficient data to observe. If you selected an analysis range below 30 days, it will display the following prompt:
5. Product distribution scenario
The system will display the product distributions according to the applied template and the analysis range in the chart below.
Take the "Potential Hot Product Explorer" template as an example:
- You can observe which products have Low Page Views and Low Sold Quantity, High Page Views and High Sold Quantity, and the overall product distribution.
How are the low, medium, and high points
in the X/Y axis calculated?
The system will collect the data of all products and
arrange them according to the following rules.
Therefore, each store and template will have
different low, medium, and high points.
- High: Top 20%
- Medium: 20-80%
- Low: Bottom 20%
- At the bottom of the chart, indicators such as "Low Page Views and Low Sold Quantity" or "Low Page Views and High Sold Quantity" are displayed with their corresponding colors to identify the area where the products are located easily.
- When you hover the cursor over the point on the chart, it will display the related products along with Page Views and Sold quantity.
- You can turn on the "Show Product Name" feature at the bottom right of the chart. After turning it on, the product name will be displayed next to each dot. If there are a large number of products, the product names will overlap. Therefore, if you want to view detailed product information, it is recommended that you export a report.
6. Export reports
Click the icon on the top right to export a file in CSV format according to your selected template and analysis range.
Above the document will display the template name, analysis date range, product category, and product status.
Take the "Potential Hot Product Explorer" template as an example, the exported information will include:
- Segment: Categorized according to the X/Y axis of the selected template. For example, the product has "High Page Views and High Sold Quantity" or "High Page Views and Medium Sold Quantity."
- Page Views - Online: The actual number of page views as shown in the X-axis
- Sold Qty. - Online: The actual number of sold quantity as shown in the Y-axis
After knowing the product potential and performance through the template charts above, you can manage and strategize products based on the analysis results, such as creating promotion campaigns, adding product sets, and managing inventory.
- Shoplytics's Product Growth Explorer will only display the statistics for "main products," and "product set." It currently does not support add-on items or free gifts.
- The chart can display a maximum of 3000 product points. To view all product data, please click the chart's icon at the top right to export the report.
- Permission is required to export a report. Go to [Settings] > [Permission & Security] > [Edit], select Shoplytics Access Rights > Products, and check the box for "Export".
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