Product insights are part of routine ecommerce analytics and reporting. Product performance and a product sales report are invaluable for product and inventory management. Since products are the focus of DTC brands, any action or optimization should be data-backed.
Let’s see the various product insights you can get from your analytics and how to use them.
The basic product report is sales data for specific products. It shows the individual conversion rate of each product, that is what percentage of people who see the product page, buy it.
Some possible product insights you might get are:
If you have different variants of the same product – various colors, for example, product insights get even more exciting.
Some variants will convert better than others and that is very valuable information. Maybe your customers prefer specific colors for some reason (ask them what others to make) or just the quality of some variants looks lower. This way, you can optimize your inventory easily.
Native, for example, found out that people love their Coconut Vanilla scent and used in ads. Read more about Native’s tactics.
This product report is not as exciting as the sales one, but still gives you precious data to improve your marketing.
Which products get a lot of views but not so many orders?
That’s a sign of a problem with the converting power of this product page – compare it with others and make it up to par. It can be the description, the images, the social proof or the price. Dive in the custom feedback you’ve received about this item to see if you can find something.
Abandonment rate by product is also quite telling – people add it to cart but then leave it. Why?
In Metrilo, for instance, you can see which other products they bought instead. This shows which products substitute one another in the mind of the customer and how they make a buying decision: do they choose based on price or features or color?
The power of certain products to inspire greater loyalty than others is among the most important product insights you can get.
For a long-term strategy, product management should optimize the offerings to drive customer satisfaction and repeat sales up. Retention by product shows you which product makes such a pleasant first impression that people become returning customers.
Related: Retention analysis for free
This way, you’ll know with which product the perfect customer journey starts. Recreate it for more new customers by featuring the loyalty-inducing product(s) more.
More visibility means more people will try them and enter the loyalty loop. Also, use it as a last resort for customers about to churn – maybe they stay just because of this product.
Related: The Superstar product trick
Product insights are also the dependencies between products. They help you create better offers and improve metrics like AOV and CLV.
Frequently bought together
This insight directly shows you how people would buy more. By learning from customer behavior, you can get higher average value orders.
People who viewed product Y also viewed product X.
Although not a conversion, this behavior shows us what kinds of products catch the attention of your visitors. What products they’re choosing from for their needs. It’s a glimpse into how they think about your category.
Some findings might surprise you, but that’s the beauty of it – it’s facts to work with and use for driving sales.
Bonus: In Metrilo, you can see which articles on your blog converted people so you’ll know what content to create more of.
Sales funnels are a fundamental part of ecommerce analytics. But funnels by product are a very interesting breakdown.
By breaking down the whole buying process, you see where people drop off so you can fix it. It’s eye-opening to find out that:
To sum up
As an ecommerce brand, there are many product insights you can use to improve your inventory, offers and range – and products influence your overall metrics, too. All these insights can be found as part of Metrilo’s analytics platform.
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