The article talks about the introduction to Magento Business Intelligence and features & benefits to the eCommerce business.
Magento has been around for a while now and has managed to sustain its popularity all these years simply because it is a highly versatile tool that has helped countless businesses across the globe. But with changing times and evolving technologies, even the most valuable resources can seem to struggle to keep up and continue delivering value. Thankfully, the folks behind Magento seem to know this quite well, which is why they have continually updated it to ensure that it can consistently serve its purpose. And one of the essential updates it has received in the recent past is Magento Business Intelligence.
Ever since the company took over e-commerce data analytics company RJMetrics, Magento focuses on addressing analytics-related requirements such businesses have consistently feel. Hence, Magento Business Intelligence, basically a platform to enable in-depth analytics for e-commerce merchants, Magento BI, delivers extensive insight based on a plethora of factors. In addition to that, it allows e-commerce businesses with the right tools and means to organize and then analyze all their data from all their sources. But there’s so much more to this feature and now we are going to walk you through some of its advantages and make a case for why e-commerce businesses need it.
1. Better control over data: It empowers businesses with the ability to manage permissions granted to different users, instead of, you know, being forced to grant blanket permissions. It, then, translates into high levels of security as well as the capacity to oversee the analysis tools. And since companies can also decide which employees can edit the reports, metrics, data, and more — the control over the data and reports is further improved.
2. Calculate customer lifetime value: One of the most valuable features of Magento BI is the ability to work out the customer lifetime value as well as the cost of customer acquisition across each channel. This metric is crucial because it helps companies first understand how different channels are performing and then strategize their spending based on that information.
3. Create aesthetically-pleasing websites: Yep, this may seem odd, but it’s true — BI does help you create websites and pages that are aesthetically-pleasing, which, as anyone in eCommerce, would tell you, is a critical part of the brand’s appeal to customers. So, it offers templates, design and styling elements, and more to be used for the store and that too without the need to code. And not just that, it also offers the capability to leverage data analytics and the insights gained from it to put together profiles to help the business better target its audience. It means the website can display tailored content based on the visiting customer’s profile to help appeal to them better.
Given what we have discussed just now, it is amply clear that e-commerce businesses stand to gain a lot by adopting Magento BI. And with the right custom Magento development services to aid your efforts, you can reap all these benefits and so much more.
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