When people discuss e-commerce, the only thing they think of is an online store. E-commerce owners know it involves much more than just that.
From loading products to the store, managing discount options, and shipping, e-commerce is demanding at every stage. The best part about setting up an e-commerce store, the merchants can easily find thousands of pre-designed plugins and extensions to meet their business needs.
However, e-commerce demands are continuously evolving, and Shopify merchants want more features, right on their dashboard. On a recent occasion, the Shopify development agency at The Brihaspati Infotech had the opportunity to develop a custom app that offers detailed insights into past sales, profit margins, and net investments.
The app plays a key role in understanding your customers, thus helping you with precise marketing pitches.
CAC and its impact on Net Profit Margin
An organization’s net profit is largely decided by the Customer Acquisition Cost (CAC) and the value generated by a customer over their lifetime (Lifetime Value). For instance, an e-commerce store sells one subscription product for $100 per month. The store spends $120 to acquire a new subscriber via its ad campaigns. The product and its delivery cost $50 to the store.
The data can prove crucial for the store. While the same $120 has been spent to acquire all the three subscribers, only one manages to offer profit. The store can use the data to find similar customers who can stay loyal and offer better profit margins.
Here, for example, the store can target their male customers aged between 45 and 54.
Profit Tracking solutions get you right there, helping you analyze all the factors that yield profits for your store and the ones that result in a loss. Shopify merchants can find readily available solutions for tracking the profit on their stores.
Our client, however, wanted better insights into customer behaviour:
- Campaign performances (Google and Facebook Ads)
- Category wise Ad performance (Gender, Age and Location)
- Best selling products and collection
- Calculating customer lifetime value (LTV) and Customer Acquisition Cost (CAC)
The client found no Shopify profit tracking app that had all the features under one roof. The client had to juggle between multiple Shopify applications for analyzing the same set of information. That is when he looked out for help.
And, we were more than willing to help him here. Monitoring LTV and CAC on Shopify only gets better!!!
Custom ROAS Calculator for Shopify
Having a Shopify app that can track Return on Advertisement Spend (ROAS) is rewarding. Online merchants have a clear idea about their paid advertisements on the likes of Google and Facebook, and if they are yielding the desired benefits.
Our custom Shopify app offers centralized access to customer insights and the store performance assisting the merchant with data-driven decisions. The app keeps the insights offered by Google, Facebook and the Shopify store on the same page.
Merchants can expect more meaningful data to manage and market their Shopify store.
Finding the Right Audience
With our bespoke profit tracking app, Shopify merchants can track every lead generated by the Google and Facebook Campaigns. The app arranges the data for more intuitive and readable information.
Our Shopify profit calculator app development digs deeper into the buyers’ demographics. Merchants can find their most profitable customer bases, orders and revenue, organized with the categories.
In the following picture, we can find the Most profitable audiences from Google Ads and the Facebook Ads and their performance with the buyers’ age groups.
The app further helps the merchants analyse the most profitable location for the Shopify store. The app categorises the earnings based on the country of purchase and the cities that have generated the most revenue.
Net Income Analysis
The app offers an in-depth analysis of the profits. Shopify merchants can now find the total revenue earned in the period, breakdown of the investments and the net profit.
The app translates all this data to a highly readable format:
The best part, Shopify merchants can select the time duration of their choice. They can analyze the seasonal performance of the store. Just select the predefined duration or add custom dates to the analysis. And there you are.
Analyzing Customer Lifetime Value on Shopify
Our custom ROAS tracker app is capable of tracking the most valuable customers in the list. It can readily track the amount spent by each customer on the store, the total number of orders and more on the dashboard. The Shopify merchants can find all the details in a relatively friendly screen.
The app sorts the customers based on their spending and finds the most profitable customers.
Rewarding them can surely yield you more profits in the coming times.
Best Selling Products
As an online seller, Shopify merchants are interested in knowing their best selling products. Marketing them on a broader platform and to the right audience can undoubtedly fetch them more revenue.
But then again, they are required to go through months of data to analyze the sales and revenue generated by each product. For larger online stores like Amazon, this task is beyond possibility.
Our custom Shopify ROAS calculator app eases the herculean task by automating the results. The app picks the best selling products and collections from the Shopify store, the number of orders and the net profit generated by them.
Focused marketing for them can surely take your profits to a whole new level.
With that, our Shopify ROAS calculator app has everything merchants have always looked for. Do they have to spend on a dedicated analytics team to understand their current stand and predict sales for the upcoming seasons? Definitely not.
An added advantage, they can manage all their data on the same screen. Sure enough, the app comes handy for marketing and the Sales team as well.
Are you also looking to develop a profit margin calculator for Shopify stores the way we just mentioned? Now that we have already developed one, it turns easier for our developers to deliver one for you. They can tailor the solution for your specific needs. You can hire Shopify experts directly from us for every e-commerce customization.
Our experience with custom Shopify app development
The e-Commerce development team at The Brihaspati Infotech is a pioneer in building tailored eCommerce solutions. In the past 10+ years of industrial experience, the experts have helped several businesses grow as brands.
Our developers have expertise in nearly every popular e-commerce platform- Shopify, BigCommerce, WooCommerce, Magento and more. You name it, our experts have the desired expertise.
Recently, we have discussed custom payment gateway development for Paycertify. The blog speaks of our ability at developing custom payment gateways on Shopify. We have discussed similar custom development for Shopify stores at our Shopify archive.
Summing it up
Managing e-commerce turns easier with the right tools by your side. Merchants can spend lesser time arranging their data, analyzing them and creating new sales strategies.
If you are also looking to offer a similar Shopify app with tailored features and yet to figure out the exact implementations, you can contact us today. Our team of Shopify experts can get you there.