Product Analytics Overview
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.
To enable Product Analytics, you need to complete the following steps:
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.
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.
TrueProfit can now track all customer events for your store. 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.
Once you’ve successfully enabled TrueProfit Pixel for your Product Analytics dashboard, the app starts tracking data for your product’s performance.
The table in your Product Analytics dashboard provides you with information throughout the product’s conversion flow. The metrics in the table include:
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.
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!
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.
TrueProfit can now track all customer events for your store. 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 | |
| Revenue | The total amount of money generated from the sales of that product in the chosen period. | |
| 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 TrueProfit's parameters to get the ad spend correctly for each product. 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 per dollar spent | Net Profit on Ad spend = Net Profit / Ad Spend |
| Gross Profit | The total profit of that product after deducting COGS. | |
| Gross Profit Margin | The product’s gross profit margin | Gross Profit Margin = Gross Profit / Revenue |
| Views | How often has the product been viewed on your online store. | |
| Adds to Cart | Short for Add to Cart, it counts how many times your customers have added the product to their cart. | |
| Add to Cart Rate | 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, retrieved from your Orders Report | |
| Conversion Rate | 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: 21/08/2024
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