The Product Analytics dashboard provides details about your products and their sales performance. Product Analytics is available in the Advanced plan and above.

From version 5.8 onwards, TrueProfit released Product Analytics v.2 with improvements in both data tracking and analytics for all products in your store. As Google stopped the service of Google Analytics UA on July 1, 2023, this new version of Product Analytics uses TrueProfit Pixel for performance tracking.

Prerequisites:

To enable Product Analytics, you need to complete the following steps:

1. Authorize permissions for TrueProfit Pixel on Shopify Admin

As TrueProfit Pixel is a new feature, we need your permission to have access to data tracking. This helps the app track more accurately with more metrics relating to your product's performance.

2. Enable TrueProfit Tracking extension from your store’s Themes settings

TrueProfit Tracking is an app embed developed to help you track customer events easily on your store's website. To enable the extension, click Go to enable in your app, search for TrueProfit Tracking then toggle it on. Or follow the manual instructions below.

3. Install tracking script to your store’s Checkout settings on Shopify

This step ensures that TrueProfit can track all events from your customers in the Thank You page. Click on Open Checkout settings in TrueProfit, or open your Shopify Admin > Settings > Checkout. Locate the Order status page section. Copy and paste the scripts below to the Additional scripts box:

<script> (async function(){const n=await(await fetch("https://twp-prd.web.app/checkout.js")).text(),t=document.createElement("script");t.innerHTML=n,document.body.appendChild(t)})(); </script>

TrueProfit can now track all customer events for your store. Rest assured that our custom script is made to be lightweight and effective, it does not slow down your website speed.
If you have any issues completing the steps above, please contact our Live Chat support. We're always happy to help.

Note that the data for these metrics only starts collecting data after you completed the required setup. It's best to wait for up to 7 days to have sufficient customer events in your Product Analytics report.

Product Analytics Overview

Once you’ve successfully enabled TrueProfit Pixel for your Product Analytics dashboard, the app starts tracking data for your product’s performance.

What’s included in Product Analytics?

The table in your Product Analytics dashboard provides you with information throughout the product’s conversion flow. The metrics in the table include:

Metrics	Meanings	Formulas
Product Name	The name and an image of your product
Units Sold	How many units of the product have been sold
COGS	The total Cost of Goods Sold of each product
Ad Spend	The total ad expenses you've spent for each product. The Ad Spend metric uses parameter to track on different channels. Make sure you use TrueProfit’s Parameter Generator extension to create parameters and avoid missing Ad Spend data in the report.
Total Cost	The sum of all the costs associated with a product	Total Cost = COGS + Transaction Fees + Handling Fees + Shipping Costs + Ad Spend
Net Profit	The final net profit of each product sold	Net Profit = Revenue - Total Cost
Net Profit Margin	The percentage of sales revenue you have after deducting all the costs	Net Profit Margin = Net Profit / Revenue
Net Profit on Ad Spend	The ratio between your Net Profit and Ad Spend, so that you know how profitable your ads are	Net Profit on Ad spend = Net Profit / Ad Spend
Gross Profit	The total profit of that product after deducting COGS.
%Gross Profit	The product’s gross profit margin	Gross Profit Margin = Gross Profit / Revenue
Views	How often has the product been viewed on your online store.
ATC	Short for Add to Cart, it counts how many times your customers have added the product to their cart.
%ATC	The Add to Cart Rate of the product	Add to Cart Rate = Add to Cart / Views
Purchase	How many times the product has been purchased successfully
%Conversion	The product's Conversion Rate	Conversion Rate = Purchase / Views

Tip: The metrics in the table helps you track the customer's buying journey. By tracking customers' status at different stages, you can find out where they might be stuck, or the point where they might be making a purchase decision.

You can customize which metrics to show or hide in the Metrics dropdown.

How to Manually Enable the TrueProfit App Extension from Your Shopify Admin

In case the button in TrueProfit doesn't work for your store, here's how you can enable the extension manually.
Sign in to your Shopify account, click Online Store from the left sidebar > choose Theme



Click the Customize button to edit your current theme



In the left sidebar, click on the App embeds icon, search for TrueProfit and toggle it on.


TrueProfit Pixel is now enabled and your Product Analytics dashboard is all set!

Updated on: 06/02/2024