Making great data driven business decisions is important at any time of the year, but never more so than around the holidays - a time with disproportionately more sales than the rest of the year. At Stitch, we’re collecting tons of information on your products & sales for you. And hidden within this data are little nuggets of insight and goodness, to make your holidays great.
Our reports uncover findings for marketing, pricing, purchasing and more uses. So, let’s take a look at how you can use some of our top Stitch reports this holiday season. This is building off our webinar from last Friday, that covered 10 reports, including a few that are more relevant for end of year accounting. Weren’t able to attend? Stay tuned at the end of this post for the recording!
- Product Drill Down: Total Sales by Product & Variant
The product drill down report will tell you two critical pieces of information: your top sold products AND the top variants within each product. You can even split these out based on your channel. As you go into the holiday season, this information is valuable in a few ways.
- Attract Buyers by Prominently Showcasing your Best Sellers- Feature your top selling products to attract people to your store - this can be on the main page of your ecommerce site, through paid advertising, or on visual social channels like Pinterest or Instagram. You can even tailor your message by sales channel if you see differences across the channels.
- Increase Prices - What would happen if you increased the price of your top selling product by $1? Or by 10%? If demand stayed the same, that would go straight to your profits! Pricing can often be daunting, but the truth of the matter is that by focusing on the products with the most order volume, you can see the most impact. So,make a change, and then check the report to see if you see an increase or a decrease in order volume. Even if there is a decrease, it can still be a good move - you just need to make sure the pricing increase offsets it. You can also try price changes by channel. You can read more about how to think about pricing strategy and quickly implement tests with our Master of Price Feature.
- Expand Product Lines - Could you be adding more variants to your top selling products? In our example, cowboy hats are doing really well. So, perhaps adding a more premium leather variety to the mix could result in additional sales. Understanding top selling products and variants can help improve product development.
- Product Drill Down: Profit by Product
Increase Profitability: Since profit is the name of the game, it is important to know not only what is selling, but what is actually increasing the bottom line of your business. The Profit by Product will show you which of your product lines contribute the most profit. If your top selling products aren’t the ones that are also driving the most profit consider increasing the prices so that they can become top selling.
Or another great option is to bundle top selling products with the products that are most profitable. That way, you increase the overall profitability of the purchase. Reminder - this report doesn’t tell you the most profitable products, but you can find that at the bottom of the product drill down, where we show you your margins by product.
- Amazon Variant Profitability and Competitive Price Reports
Win the Amazon Sales with the Buy Box: These two reports are focused exclusively on Amazon , so if you’re selling there, this is for you. If you’re not, it might be time you consider it! We found that customers who started selling on Amazon increased their revenue by 71% within the first month! But I digress…
The Amazon variant profitability applies the often obscure Amazon fees at the variant level to tell you the true costs of selling that variant on the Amazon Marketplace. We also include your average unit costs to help determine the true profitability. Couple this profitability information with the Competitive Price report to see how low you can and should price to win the Buy Box! The Buy Box gets the most traffic for a particular item which equates to more orders! But it is always important to keep profitability in mind when employing a low price strategy. These reports will ensure that you are never losing money selling on Amazon.
- Sales Forecast Report
Maximize your Sales Opportunities: It’s the busiest time of the year! So make sure that you don’t sell out and miss potential sales. The sales forecasting report will help predict your upcoming sales within the next 4-week and 12-week period, so that you can adjust your upcoming purchase orders appropriately. This is a learning algorithm, and it learns the ins and outs of your business over time, with a minimum of 6months of data. No matter how much data you have, it is always a good practice to overlay your own experience with the data when making purchases. After all, no one knows your business as well as you do!
- Custom Reports: The world is your oyster! Looking for something unique to your business? No problem. Just let us know the data you want to look at and we’ll build and add the report to your account. That way you can run it whenever you need! Warning - unlocking the power of data can be hugely impactful for your business (and addicting)!
Reporting Tips & Tricks
- At the top of each report you can “view detailed report description” which will show you exactly what information is being included in each of the reports.
- All reports can be downloaded as a CSV, this way you can really get in there with the data to run additional calculations and manipulations.
- You can filter your data by channels and date range using the fields at the top.