E-commerce is a highly competitive domain and the secret to success lies in staying a step ahead of your competitors. You need to have a far-sighted mindset, with attention to the smallest details. Additionally, every decision should be based on data rather than intuition and guesswork because you cannot make a single mistake. Data analytics, therefore, emerge as a critical part of the business because they drive informed decisions.

Not so long ago, data analytics were a privilege that only large businesses could afford to avail. However, Magento as a platform has made them accessible to even small e-commerce stores with a feature called Magento Business Intelligence. No doubt, this has emerged as one of the reasons why businesses are keenly embracing Magento e-commerce development for building the foundation of their enterprises. Before finding out how the platform has improved this feature, let us peek into its evolution.

Magento Business Intelligence: All That You Need To Know

As the name suggests, Magento Business Intelligence is an analytics tool that offers e-commerce merchants a comprehensive view of the customer journey across varied data sources. A customizable cloud-based data warehouse, it is tailored to merge multiple data sources together and is capable of pulling data straight from a customer database. Merchants are, therefore, empowered to pinpoint the buy behaviors of the customers with data being available from any CRM database, using more accurate information.

By using MBI, merchants can gain advanced customer insights with improved segmentation and personalization. It simplifies the analysis of data reports and makes it faster and more efficient. Rather than collecting and combining data from diverse sources, merchants can spend time applying the insights for delivering enhanced shopping experiences to the customers. The key metrics offered by MBI include Customer Lifetime Value, top-performing channels, segmented data for personalization, and cohort analysis. The information is available on integrated and easy-to-use dashboards, making it even more valuable for the users.

What’s New With Magento Business Intelligence!

According to the recent announcement by Magento, the latest release of MBI will empower the merchants to visualize the customer data in meaningful ways, in addition to ensuring that the relevant insights will be shared only with the right team members. This is vital, bearing in mind that the entire efforts to gather and analyze the actionable data may get wasted if the apt decision-makers do not have access to it at the right time and on a regular basis. Beyond this feature, the following are the new capabilities of MBI:

New data visualization capabilities: Currently, MBI comes with ten different visualization options. The new release brings three more visualization types, namely bubble charts, scatter plots, and scatter plots with a trend line. It is to be noted that the introduction of bubble charts allows merchants to add a third and fourth dimension to the visual reports. This indicates that in addition to x and y values, z values can also be plotted. These are shown by the color and size of the bubble. With the help of the third dimension, Magento merchants will be able to interpret the relationship between the number of customers from specified sources grouped on the basis of parameters such as the region, number of orders being placed by them, and the revenue driven by them.

Schedule and share data reports with email summaries: The second key feature that the release packs relate to scheduling and timely sharing of data reports along with email summaries. Since there is a large volume of business data being analyzed all the time, it may become tough difficult to pass the information on the performance metrics to the relevant stakeholders, even if these are important to them. The new release comes with an enhanced Email Summary feature, which allows the users to schedule and send visualizations, stand-alone KPIs, or tables to the business users right from the platform itself. Further, there is the option to send an Email Summary once or leverage the built-in calendar for scheduling updates to be shared as and when needed. There is also a dedicated Email Summary Status page, which shows useful information about different Email Summary distributions such as their frequency, recipients, and the data included in them.

Business Intelligence In Action With MBI

Conventionally, businesses were happy to hire Magento 2 developer to unlock the analytics opportunity for their store because this version has in-depth tools capable of analyzing the customers. These can be used to see the valuable customers, their purchases, and shopping frequency. However, MBI takes things a notch higher as it is tailored to bring Business Intelligence in action. Taking an individual approach to data, MBI provides a view of data across different channels and compares their efficacy as well. This information enables you to identify the most rewarding areas where you should invest your efforts and resources for the best results.

Conclusion

Now that you understand the significance of Magento Business Intelligence, embracing it does not remain a choice for businesses. The best approach would be to collaborate with a professional Magento development company that has end-to-end expertise in the platform. At Magento India, we are the best place to hire a seasoned Magento designer and developer team for your project. We are capable of understanding the client’s needs, whether it is about building a multi-store marketplace or integrating Magento Business Intelligence in the store. Connect with us to share them and have them fulfilled.