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Inventory management touches many parts of your WooCommerce business. When you forgo management, you can’t forecast sales. You can’t efficiently get items to customers when they need them.
This can lead to different types of problems. Carrying too much inventory ties up capital. Too little means missed opportunities for sales. Both affect your customer experience.
Inventory management can benefit you in many ways, like:
It prevents overselling. When inventory isn’t tracked, it can lead to you incorrectly listing available inventory on your site or marketplace. Nothing is worse than telling a customer you can’t ship an item they bought because you actually don’t have it.
It provides a better customer experience. Tracking inventory means that customers can check online for inventory levels, whether for online or in-store. Employees are also better equipped to help customers with this information too.
You can track and forecast sales. If anything, this should be a major advantage of implementing a robust inventory management system. Tracking your sales means you can estimate how much inventory you’re going to need on hand during different parts of the year. This helps you avoid making or ordering too much or too little.
Inventory management helps speed up shipping processes within the warehouse. When you don’t rely on manual entry, you can quickly know that you have the inventory on hand to ship. You’ll have more control over your inventory and be able to track it over different locations.
With these types of benefits, it’s easy to see why inventory management should be one of your top priorities.
WooReports offers you ability to understand your current stock levels and it’s associated value at price, sales price and cost. Just follow the simple steps below to access the report:
If you do not have WooReports installed, follow these instructions
Go to Stock at sales value report, simple Grid view
AOV is considered a key metric by many online retailers, because the higher you can encourage AOV to be, the more income your store will get.
The basic calculation is: (Sum of Revenue Generated)/(# of Orders) = Average Order Value
As example, to calculate your store’s average order value, simply divide total revenue by the number of orders. To keep things simple, let’s say that in the month of September, your web store’s sales were $31,000 and you had a total of 1,000 orders. $31,000 divided by 1,000 = $31, so September’s monthly AOV was $31.
Calculating average order value in WooCommerce could not be easier, just:
If you do not have WooReports installed, follow these instructions
Go to Sales by Each Order report, Pivot Grid view
Enable the Configurator by clicking the Configurator drop-down, select Right
Takeout all fields, leaving just Order Id and Order Value in Values section of the Configurator
Apply Average (Avg) as aggregate function on Order Value, by clicking on Order Value > Field Settings; feel free to rename the as you like, we’ve renamed it “Avg Order Val”
Apply Count as aggregate function on Order Id, by clicking on Order Id > Field Settings; feel free to rename the as you like, we’ve renamed it “# Orders”
Select what you other fields you want to see on Row and Column labels of the Configurator; in our screenshot, below, we’ve selected Month and Year
Products affinity looks at which products were frequently ordered together by customers – think Amazon’s ‘Customers also bought’ section. By analysing this, you’ll be able to spot patterns in customer’s orders in order to accurately cross-sell to future customers purchasing one of those products.
With the new redesign of WooReports, you now exposes data from your WooCommerce store, without storing it on our servers, and you access it through modern UI composed of simple data grids, charts and our unique pivot grids.
WooReports is composed of:
a WordPress plugin which exposes store data through a secure and authorized method – we call this API (follow this link for setup instructions), and
a responsive and modern user interface which allows data access and perform analysis – we call this Dashboard, accessible at https://woo.report/dashboard/.
This article presents a quick overview of WooReports Dashboard.
Upon Report selection, from the menu, data will be fetched using default filter values; to change these values press the funnel button in the header of the data grid panel; set your desired report filters; obviously, report filters vary by report; not all reports have available filters
Report data can be displayed using at least two methods, simple Grid and an Pivot Grid; Pivot Grid is quite similar to Microsoft’s Pivot feature; Fields are available, they can be positioned in a matrix, on columns, rows and at the intersection, offering you the possibility to analyze the data in the desired way
With the new redesign of WooReports, we not only changed the UI/UX, but the entire solution.
WooReports is composed of:
a WordPress plugin which exposes store data through a secure and authorized method – we call this API, and
a responsive and modern user interface which allows data access and perform analysis – we call this Dashboard (following this link for a quick overview), accessible at https://woo.report/dashboard/.
This article explains how WooReports API is installed and configured to work with WooReports Dashboard.
Install WooReports API (Free) from WordPress.org repository; this is a standard step for most WordPress/WooCommerce users. Make sure you have the previous versions of WooReports deactivated or uninstalled from your site.
Go to WooCommerce > Settings page > Integration tab > optionally, select WooReports if you have more than one tab and you should see this screen, where you need to specify the email address and the store path of your store; by default, these values will be pre-populated for you, make sure to change them accordingly. Click Save to proceed.
Note 1: In case your server can user secure http, then be sure to set it accordingly.
Note 2: Usually API security should be enabled; you can however disable it, but this will make WooReports API endpoints accessible by applications which are not authorized with WooCommerce.
You will be taken yo https://woo.report for to login/register your user and store your website path as a WooReports Store. Login/register to proceed.
Note 1: Make sure you are logged of from https://woo.report.
Note 2: In case you already have a user with https://woo.report, you need not to register another user, you can add your store to the existing list of stores.
You will be taken to your Account page, at WooReports Stores subpage, where you have all your stores listed, or just the newly created one. Each store will need to be authorized just one and you do that by clicking Authorize button, next to your store.
In case you have multiple stores, you can set one of them to be the default one, and it will be default selected when you access WooReports Dashboard.
You will be asked to accept authorization of WooReports with your store.
Note 1: In case you have logged to your store which has unsufficient privileges, then this process will fail. You need to be logged in with a user that holds manage_store capability; or, a user in any of these roles Administrator or a Store Manager.
Once you authorize your store, you will be taken back to WooReports and your store will have read permissions set. No other actions can be performed your your store, unless you have several of them, thus allowing you to set only one as default, as previously mentioned.
Most of WooCommerce stores use WooCommerce inventory management to track the stock of the products. Having an accurate valuation of inventory is important because the reported amount of inventory will affect the cost of goods sold, gross profit, and net income on the income statement, and the amount of current assets, working capital, total assets, and store owner’s equity reported on the balance sheet. Continue reading Stock at sales value in WooCommerce
Many of businesses which run operations close to a particular market need nowadays to understand from which locations their visitors, users or customers are accessing their website, from where they are using the website, from where they are placing orders or booking services.
There are for sure usage scenarios of high accurate geolocation data for such business owners and just to name a few, consider these ones:
a local news website which wants to advertise stores in close proximity of it’s visitors or users
a restaurant which takes online orders with pick-up delivery
a barber shop, hairdresser saloon, medical shop which wants to expand and needs to position the next locations in proximity to it’s existing customers
Did you know that it costs five times as much to attract a new customer, than to keep an existing one?
The first rule of any business is to retain customers and build a loyal relationship with them, and thereby avoid customer acquisition costs. It’s a well-established fact that 44% of companies have a greater focus on customer acquisition vs. 18% that focus on retention. Also, it’s true that only 40% of companies and 30% of agencies have an equal focus on acquisition and retention. Continue reading Announcing WooReports integration with WooCommerce Subscriptions