Magento Commerce is a powerful, versatile, and scalable eCommerce platform – and it’s packed with a huge number of out-of-the-box features that can help you transform and grow your business.
One of these features is Magento BI (Business Intelligence), a powerful BI suite that provides Magento Commerce users with the advanced tools they need to gain insights into their overall performance.
Wondering why BI matters, and why Magento BI is different from the other business intelligence tools you may have used in the past? Read on and find out.
Business Intelligence, usually shortened to BI, refers to the practice of using your business’s data to uncover insights and information about the performance of your business.
By analyzing and assessing a wide variety of data and metrics, BI allows you to understand the previous and current performance of your eCommerce store and provides actionable insights that can help you improve your website, your service, your products, your business processes, and more.
For example, you could use BI to analyze the average order value of the orders your customers are placing – and see if it’s trending upward or downward over time, or if there are seasonal shifts in how much your customers buy.
Let’s say you notice that your sales slow down in the late summer. Then, you can take steps like providing discounts, having special sales, or introducing new products during this time period – which could help you boost your sales during this slower season.
That’s just a hypothetical example, though. Is business intelligence really that valuable? Well, don’t take our word for it. Below, we’ve put together a few compelling statistics that will help you understand why BI matters – and why you should start using Magento BI right away.
So, now that you know a bit more about BI and why it matters, let’s talk about Magento BI. What is it? It’s a cloud-based data management and analytics platform offered by Magento, which is included in Magento Commerce.
But even if you haven’t used Magento Commerce, you may have already had an encounter with Magento BI. This is the tool that drives the Advanced Reporting tools that are available in both Magento Open Source and Magento Commerce.
But Magento BI is much more fully featured. It’s designed to be an all-in-one data warehousing and storage solution – and can integrate data from a wide variety of different channels and tools. Using Magento BI, you can integrate data from:
Beyond these SaaS tools, Magento BI can also be used to integrate external SQL, MySQL, and MongoDB servers – and it can be set up to automatically sync, store, and refresh data from each and every one of these data sources, combining it into a single, centralized analytics suite.
By default, Magento BI comes with five dashboards with over 100 reports. But it’s possible to dive even deeper and create your own custom metrics, reports, and dashboards using the data collected from your Magento store, as well as all of your integrated software platforms and databases.
Wondering why Magento BI is such a powerful tool, and how you can benefit if you start using Magento Commerce and Magento BI? Here are a few of the advantages of the Magento BI platform.
Magento BI is a great way to do more with your data, and it’s available at no extra cost with Magento Commerce. If you’re having trouble understanding how to grow your business, you want to assess your current performance, or you want to make predictions and gain insights on how your business will perform in the future, it’s a truly invaluable tool.
Want to learn more? Wondering if Magento BI and Magento Commerce are right for your business? 121eCommerce is here to help. Just contact us for a consultation.
We’re experts in Magento Commerce – and our team can help you learn more about its features, benefits, and whether or not it’s the right choice for your eCommerce store. Don’t wait. Get in touch now, and start exploring how Magento Commerce and Magento BI can transform your eCommerce business.