4 Tips for Building a More Profitable Online Business
An automated tool also permits sellers to alter pricing strategies. They can now simultaneously perform other tasks such as managing inventory and monitoring supplier availability that commonly affect how repricing is handled.
4. Reporting tells the whole story. Reporting is typically comprised of four components: dashboards that show performance trends, statistics and graphs; reports that provide summarized lines of a period of time; structured raw data, which provides the ability to extract verifiable, actionable data; and business intelligence, which interactively massages data to “tease out” relationships and trends. Don't make guesses that could dramatically affect your business. Reporting tools help you get the most out of your data, enabling you to make intelligent business decisions.
There's a difference between Google Analytics and business intelligence. While Google Analytics provides reports with some data, it doesn't provide the ability to interrogate that data. True business intelligence provides a mechanism for retailers to develop consistent, data-based business decisions with operational capabilities so they can quickly take action. The result is wasted spending is eliminated and sales increase.