Amazon is the most prominent player in the ecommerce space. With data on $150 billion in transactions, they have almost perfect visibility to drive decisions.
Next to them, small and medium-sized online merchant don’t stand a chance. Smaller entrepreneurs, lack the breadth of data and internal expertise to drive clear decisions and execute confidently so they can grow online.
Small and medium sized merchants need to collectively become a viable alternative to shoppers against the increasing monopolizing power of ecommerce giants. That will only happen if they can build websites that are as up to the standards that consumers are now used to. And the only way to level the play field is by understanding, analyzing and acting upon data.
Consumers don’t care if we’re a single-person team or are doing this on the side. They’ve grown to be accustomed to a certain threshold of quality, and merchants need to be able to live up to them.
The good news is that data is now more accessible than ever. Google Analytics, Google Sheets and Compass all have free versions that, when used with intelligence, can be extremely powerful in providing actionable data that can make a difference in improving consumers’ shopping experience.
Most businesses don’t fail due to lack of work or dedication. Most businesses fail for executing very well the wrong things. The trick is to understand which data points are important for each development stage and use that knowledge to make changes that will actually have a deep impact in your bottom line.
We hope to have given you the tools and contextual understanding to focus your efforts on what can really help you sell more in this guide. If you have any questions, please reach out to us at email@example.com.
At Compass we built an ecommerce data network to enable small and medium-sized merchants to learn from each other's strengths. We designed it to make it easier for you to track, read and understand your data. Compass has achieved this by building a foolproof, completely automated interface that provides merchants with:
- A single view of all their data
- Peer benchmarks
- Best practices to drive revenue and increase profitability
It’s easier to sign up for Compass than for Facebook. Just type in your name and email and connect to Google Analytics – the data source used by most online merchants and other data sources, such as Shopify, PayPal, Stripe and Facebook Ads.
Once you’ve done that, you can see data from your entire online business instantly on your Compass dashboard.
Inside Compass, a Revenue Report brings together your different revenue channels to help you keep a finger on the pulse of your business. Many times, transaction sources will have incorrect revenue numbers because of cancellations, refunds and partial refunds. We’re playing the role of analyst for you to make sure your revenue numbers are correct.
The Executive Report helps you control performance and set objectives. You can see your own performance and compare it to that of your peers and your previous year. You can also forecast for the coming month and use that as a base to set objectives going forward.
The Benchmark Report enables you to identify problems. Here, we color-code your key metrics in an easy-to-read format. When your web metrics are green, your shop should be working properly.
The Acquisition Report assesses the ROI for each acquisition channel so you can make more money by investing in the channels that are profitable.
We built the Insights Report to help you take the final step in building a successful ecommerce business. The Insight Report is a “what-if” scenario, based on your own data and benchmark data, to identify the biggest metrics to drive revenue. In this report, we provide you with links to blog posts to help you tackle specific issues yourself or connect you with experts who can help you address these issues.
As you can see, Compass brings together all your key data so that you can manage and run your business effectively. We provide you with all the vital benchmarks to make sense of your data and offer recommendations to enable you to grow your revenue and maximize your profitability.
Ramon Bez is a growth marketer with ten years of experience in using data to find opportunities for sustainable and profitable growth. In his last company, TourRadar, he helped raise revenues from $500k to $1M in under a year. Now he works as Content & Growth Marketer at Compass, the #1 Reporting App in Shopify.