Posted by Magento 2 Business Intelligence is an innovative data analytics tool for e-commerce websites. Since it allows store owners to access valuable insights about promotions, customers, and products, they can draw the most effective marketing strategies corresponding to the insights.
So in this post, you will be introduced about the basic knowledge to master in using Magento 2 Business Intelligence Tools.
What is Magento 2 Business Intelligence?
Magento 2 Business Intelligence is a cloud-based platform supporting data management and analytics (learn more about other tools for Magento here). Magento Business Intelligence provides you with the ability to centralize and manage your data sources.
Moreover, it can model your data, create reports by charts and tables, and maintain a single source of truth.
To utilize business intelligence to gain the customers’ insight, store owners need to be familiar with the two following tools.
Advanced reporting
Powered by Magento 2 Business Intelligence, Advanced Reporting is a free, cloud-based service. Specifically, this tool can help you access a suite of reports based on your data about products, orders, and customers.
All the figures and numbers will be presented in the personalized dashboard that is designed for your business needs.
Enable Advanced reporting
In the Magento configuration, the Advanced reporting tool is automatically activated if the crontab is configured. The subscription status is “pending” until it is successfully established.
To activate the status, follow these steps:
- Go to Configuration in settings
- In General, go to Advanced Reporting, then check if Advanced Reporting Service is enabled, set the Time of day to send data to the 24-hour format, and choose the Industry that best describes your store.
Access Advanced reporting
To access the Advanced Reporting:
- Go to Reports on the Admin sidebar, then click Business Intelligence
- Go to Advanced Reporting.
Here, the Advanced Reporting dashboard can show a summary of your orders, customers, and products.
To see a better view of the data, set the Filters in the upper-right corner to the time period and store view that you want to include in the report.
BI Essentials
Magento 2 Business Intelligence Essentials is perfect for retailers looking to develop their business. Compared to Magento Business Intelligence Pro, it is a lighter but powerful version that permits admins immediate access to more than 100 out-of-the-box business performance reports.
With the cost of $100 per month, The platform includes specific dashboards for B2B merchants.
Activate BI Essentials account
To activate a BI Essentials account:
- Log in your BI Essentials account
- In My Account, select My MBI Instances, then Create Instance
- Fill in the account creation form
Access Magento BI Essentials
- In the Dashboard, click Go to Advanced Reporting
- Go to Additional Resources, then under Magento Business Intelligence, select Magento BI Website
Wrapping up
Everyone can benefit from Magento 2 Business Intelligence. It helps e-commerce companies make faster and wiser data-driven decisions.
Besides various powerful analytics tools such as Google Analytics, Magento Business Intelligence is still an efficient tool that gives competitive insight into customers.