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What is Magento Business Intelligence (BI)?

18.10.2018

In order to build successful brands online, eCommerce companies need to understand how their customers live and breathe, what excites them, what annoys them, and ultimately – what triggers them to make a purchase and become brand advocates.

Shortly put, they need to make data-driven decisions by using supreme business intelligence.

Data is often referred to as the Internet currency and it is incredibly valuable, particularly in the context of digital marketing and advertising. In that sense, monitoring, analysing and utilising data through Google Analytics, Facebook Insights, and CRM platforms such as Salesforce should serve as a cornerstone of your future growth strategy.

But, wouldn’t it be much easier if you didn’t have to waste time on interpreting data across these different data sources and formats?

Well, this is now possible with Magento Business Intelligence (BI).

What can you do with Magento BI?

Magento Business Intelligence is a powerful software that serves as a unique, reliable, and trustworthy source of data, designed to provide you with a holistic view of the customer journey. It consolidates multiple data sources (e.g. Google Analytics, MySQL, Facebook Ads, etc.) into a cloud-based storage, giving you the flexibility of reaching data off-site anytime.

In addition, the software organises all data into simple, visually-appealing tables you can break down by source. The automated process allows you to spend less time extracting and analysing data, and more time to actually act on the provided insights and focus on growing your business.

You can also:

  • Control privacy settings and level of data access different team members have
  • Track business goals through intuitive and user-friendly dashboards
  • Set automated email summaries to keep all stakeholders in the loop
  • Generate understandable and consumable reports
  • Use predefined templates to instantly build targeted web pages

 

With Magento Business Intelligence, you also get to track customer activities, analyse their behaviour, prevent churn, access product and order analyses, define ROI of your marketing campaigns, and much more.

Another useful feature is the software ability to predict future purchases by analysing historical data. This means that the moment Magento BI pinpoints a certain customer who will probably make a purchase – you can use this precious insight and adjust your marketing activities so to target this particular prospect.  

Magento BI: two options available

Now that you understand what Magento BI can do for your company, you will never want to risk your business operations by making assumptions that are not data-based.

There are two Magento BI options available:

  • Magento Business Intelligence Essentials
  • Magento Business Intelligence Pro

With Magento BI Essentials, some of the features you can expect are the following:

  • 10 SaaS accounts
  • 5 dashboards and 75 reports
  • Google Analytics can be integrated
  • There is no full API access, nor the support (in terms of setup and training)
  • You have limited access to customisation

Naturally, Magento Business Intelligence Pro has more features:

  • 20 SaaS accounts
  • Unlimited number of dashboards and reports available
  • A variety of integrations are available
  • Full API access
  • Full access to customisation

However, it all comes down to what your business needs.

Various business organisations can make the best use of Magento BI. For example, merchants can use these insights to craft targeted campaigns and increase their conversion rates; marketing experts can design their content strategy in order to appeal to a specific group of customers and build more brand loyalty, while also working on acquiring new customers; retailers and B2B companies can optimise their expenses as they identify which channels convert and pinpoint exactly where they experience the highest ROI.

Magento Business Intelligence Pro is more comprehensive and typically used by enterprise-level businesses that deal with high dynamics of operations and a large number of transactions. On the other hand, Magento Business Essentials is a great choice for small and medium businesses that are still in their growth phases as they don’t have the budget nor the real need for the pro version.

Magento BI: How it Helps in B2B

Magento Business Intelligence is perfect for B2B companies that want to precisely measure their revenue performance and make the right, data-informed business decisions. Because of its integrated, user-friendly dashboards, CEOs and top decision makers can focus on creating data-driven strategies, leaving nothing to chance and vague hunches. Not only does this powerful software give access to high volumes of data, but it also provides actionable insights, giving the competitive edge to companies that are looking to strive on the market.

Within four differently focused dashboards, you can easily evaluate customer health, track conversion rates, measure the performance of your sales team and analyse product revenue and bestsellers by catalogue.

Magento Business Intelligence provides B2B companies with a full picture and keeps everyone – regardless of how techy is their background – in the loop. Key information is displayed in a consumable manner, and they are generated to crystal clear reports anyone can understand.

Conclusion

Let’s look at the facts.

eCommerce sales worldwide are estimated to grow up to $4.88 trillion by 2021, which tells us quite a lot about the way consumer behaviour has evolved in the digital era. Internet shopping has become an everyday commodity; this shift towards buying products online with just a few clicks created a lot of business opportunities for the merchants across the globe.

Naturally, this implies a lot of competition, too. This is why smart brands use strategic, data-driven approach to grow their businesses and savvily position themselves on the market.

Luckily for you, Best Response Media is a Magento Professional Solution Partner with a rich portfolio of clients and an excellent, highly skilled team, guaranteed to bring success to your eCommerce company. Are you interested in finding out what we can do for you? Contact us today!

 

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