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Magento reports can display forecasts for the next 2 years of sales amounts & provide the possibility to apply filters to get the forecast for specific Website/Store/Product Category/Customer Group or their combination.
1. Filters by Website Name, Store Name, Product Category, Product Name, Customer Group Name.
2. Yearly Grand Total with a forecast for the next 2 years; filterable.
3. Yearly Orders Count with a forecast for the next 2 years; filterable.
For your magento custom reports there exist two main methodologies a sales manager can use for an accurate prediction of the company’s future sales.They are bottom-up forecasting and top-down forecasting.
Bottom-up forecast is based on predicting an average number of goods or services a firm will sell. The calculations for creating visuals for the data presentation start by projecting the approximate quantity of goods or service packages a firm will sell.
In the Magento reporting tools this information can be retrieved from the previous statistical data, ready-made accountant reports, overall company’s sales experience, etc. Having that number a user needs to multiply it by an average cost per one selling unit.
A top-down sales forecast begins with the total size of the market (TAM), then the percentage of the market the business can overwhelm is calculated.
The main advantage is this forecast can be modified with ease if any influencing event takes place.
Remember to apply all the two methods in your sales forecasting presentation with your magento bi.
A software should perform an analysis of trends, changes in the market, seasonality factor, customer buying behavior, economic situation, etc. for you to have an accurate prediction of your future sales.
“What if” scenarios and data modeling. Imagine the event that can have an impact on the company’s sales. Add it in your scenario. Observe the alterations your sales may sustain if the situation appears. See what factors will be directly or indirectly influenced by that event. In such a way, you will be ready for challenges you might encounter in upcoming deal cycles. As an option, you may use the Magento mobile app as well.
The software you use needs to have an easy-to-apply formula builder with a set of common formulas for the most accurate analysis of your data. Use them when you start your sales forecast project to have a basic picture of what is going on with the sales in your company.
Comparing tools & a number of in-built modeling techniques. Make your sales forecasts grounded on a qualitative time series analysis and projection, use casual modeling features, and do not forget to determine the degree of uncertainty taking into account the previous experiences.
Magento analytics becomes easier to comprehend with the availability of changing/adding any of the parameters. For example, applying the filtered metrics of the market segmentation by state/city, products/services, age groups, incomes, etc. in a certain selected vertical is a must for your profit gaining data research.
The report is based on the Sales Cube dataset provided with Power BI Sales Cube Magento reporting extension. After installing the extension, users may create and configure a dataset with Magento data that will be available in Power BI Service. The extension comes with a report template for this report.
Check out our Customer Based Basket Analysis to get more information on how this and other reports can help your business to grow!