The eCommerce guide to uncovering your most profitable products, customers, and channels

Running a successful eCommerce store is a constant balancing act. You curate products you believe in, but how do you know which ones are truly driving your bottom line? The answer lies within the treasure trove of data you collect on every transaction – your customer and sales data.

Here's the good news: this data holds the key to identifying your most valuable products, those hidden gems that bring in high profits and loyal customers. But the bad news? Extracting these insights can feel impossible, with customer and sales data living in different places that are often difficult to integrate.

4 Tips to Unlock the Secrets of Your Best Sellers

Don't worry, you don't need a team of data scientists (although they wouldn't hurt!). Here's a roadmap to navigating your customer and sales data and uncovering your eCommerce gold:

1. Go Beyond Sales Volume to Net Unit Margin

Sure, a product selling well is a good sign, but your regular reporting should dig deeper. Look at profit margins after factoring in costs like acquisition and fulfillment. This reveals which products contribute the most to your bottom line.

2. Analyze Customer Lifetime Value

Some customers are worth their weight in gold (figuratively, of course). Identify repeat buyers who consistently purchase your most profitable products.  Understanding their behavior allows you to attract similar customers, boosting long-term revenue. These repeat buyers are often your most loyal customers and can be good candidates for product led growth strategies, like incentivizing sharing of promotions.

3. Track Product Reviews and Sentiment

Customer feedback is a goldmine of insights. Analyze product reviews to see which items consistently receive glowing praise. This helps you double down on winners and identify potential losers for improvement or removal.

4. Uncover Hidden Product Relationships

Not all products exist in isolation. Look for patterns in customer purchases. Do specific products often get bought together? This knowledge allows for strategic product bundling and upselling, increasing average order value.

Stop Guessing & Start Growing with Wispy

Turning raw data into actionable insights can be a time-consuming nightmare. Sifting through spreadsheets and wrestling with complex analytics tools takes valuable time away from running your business.

Wispy, Datawisp's AI-powered assistant, helps you unlock the power of your eCommerce data. Imagine asking Wispy a question in plain English, like "Which products have the highest profit margins and consistent customer praise?" and receiving clear, interactive reports and visualizations within seconds.

Stop feeling lost in a sea of data. Let Wispy be your guide to uncovering your eCommerce gold. Book a demo today and see how Wispy can help your business thrive!