Last Updated on April 10, 2021 by LAUNCHTIP
If you are an e-commerce store and not capitalizing on your sales history, you are missing some huge opportunities. Many e-commerce businesses and retailers only emphasize new sales and customers; overlooking the importance of retaining old and existing customers. If you don’t have a sales history of your customers, taking necessary strategic decisions and action becomes difficult. Often, you must have found yourself in the dilemma of whether to send out more coupons to the customers (and which customers) or running different sales campaigns (and for what products). If you don’t have a sufficient sales record, it is difficult to decide which path would result in more sales and what could be the best tactic to retain customers and gain more sales from them. Besides helping to analyze your customers and sales strategies, the sales history also helps you be updated on the restocking needs for different inventory items. In this article, we will highlight how to quickly get to sales history for a specific product if you are into online business and selling your products via an online store at a platform like Shopify.
Product SKU Report – A quick & effective way to get product sales history
In e-commerce platforms like Shopify, you can instantly get an insight about your sales in the form of the report generated as per the “sales by product variant SKU” classification. In this report, you can see the total quantity of the specific SKU purchased many times. However, to access such reports, you must register your business for a certain paid plan on an e-commerce platform you are using. For instance, in Shopify, you must have a subscription for $79 per month or higher to get qualified to have such reports. Though this is a $50 jump from the basic plan but you get something more besides these reporting features, which includes some more premium facilities like:
- Lower credit card & transaction fees
- Gift Cards
- Access to the POS Retail features
Product sales histories are a kind of blueprint needed to make decisions about how you’ll manage your product inventory, pay more attention to which products, devise sales strategies accordingly, and boost sales. Instead of predicting, you can make fully informed choices based on actual data and trends. You can keep an accurate inventory, even during the busiest periods. Maintaining the stocked shelves implies that you don’t miss out on any sales opportunity — and your customers would get the best shopping experience.
It also implies knowing what is selling well and crafting plans and sales promotions to feature the same in-store and online to pull in even more sales. On the other side, you can cease the products that consume shelf space but are not selling well with the customers.
Lastly, your sales history helps your business market better by offering you the essential information to make highly targeted ads and campaigns. You can convey highly relevant messages and promotions to specific groups of customers as per the data showing what they purchased in the past.