Knowing what products are selling, or not, is critical to optimizing your business. Use this dashboard in conjunction with the Inventory Dashboard to make sure you always have enough of the products that matter most to your customers.
Product Detail Page Views
Getting customers to your product page is a key step in their purchase journey. The top part of this dashboard lists your top 20 products viewed, according to Google Analytics, along with GA reported Adds to Cart and Conversions.
Note: Google Analytics utilizes product SKU for this reporting. Best practice is to always use a different SKU for bundles or Free Gifts, else your PDP performance results may be inaccurate.
Top Product Sales
The top section displays your top selling products by both Revenue & Units Sold. Sometimes these two ways of looking at product sales result in a different list of SKUs, pending your assortment. This quickly illustrates which product(s) are your high volume movers (Units Sold) vs. which are driving your topline sales (Revenue).
You'll want to make sure you are always stocked with these products and they are well-positioned on your website. Running out or de-prioritizing their site presence could negatively impact your conversion rate (CVR) and your sales.
High & Low Gross Margin Products
The next section illustrates your products that bring in the highest and lowest gross margin by volume. The size of the circle represents the relative volume of products sold during the time period of the dashboard.
The larger the circle, the more units sold.
Circles toward the bottom of the graph have lower gross margin, the circles towards the top of the chart have the highest gross margin.
How to use this info
- Products that have few sales and a low gross margin per unit. You may want to think about removing these products from your assortment.
- Products that have a lot of sales and a low gross margin per unit. These products are appealing to customers but don’t deliver much, if any, profit for your business. You might want to consider raising the price on these products or bundling them with other products. They may still be valuable products, particularly if customers that purchases these products have higher repurchase rates than other customers.
- Products that have few sales and a high gross margin per unit. Consider featuring these product more prominently in emails and on your site.
- Products that have high sales and a high gross margin per unit. These are your star products!
If you see products that appear to have negative gross margin, this could be caused by:
- Returns, our model assumes a returned product cannot be resold
- Incorrect product costs in Shopify or Brand Data sheet
The final visualizations show the relationship between products within the same order and also from the first order to the second order by the same customers.
The same cart product affinity map illustrates products on the right that are in the same cart as the product it is connected to on the left. Strong trends here could lead to promo opportunities or bundle ideas.
Products that are typically purchased in the same cart (the top chart) can be turned into a bundle with a higher price point. This is particularly valuable when using low gross margin products or products with a very high inventory level.
Products that are typically purchased together in the same cart or products that have a “1st purchase to 2nd purchase” connection (the bottom chart) can be used in retargeting and retention campaigns. For example if customers typically purchase product A in their first purchase and product B in their second purchase, you can create a list of individuals that have purchased product A but have not made an additional purchase, and send them an email campaign featuring product B.