Product Analytics Overview
The Product Analytics dashboard provides details about your products and their sales performance.
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:
Authorize permissions for TrueProfit Pixel on Shopify Admin
As TrueProfit Pixel is a new development added to TrueProfit, 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.
Enable the TrueProfit Pixel extension from your store’s theme settings
After you’ve authorized permissions for TrueProfit Pixel, the next step is enabling the extension in your store’s theme settings to start tracking. Click on the Go to enable button in your app, or follow the instructions below.
TrueProfit can now track your product's performance on the Shopify platform. Once the extension has been enabled, you will see a notice at the end of your dashboard displaying the date TrueProfit started tracking your product data.
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.
If you have any issues completing the steps above, please contact our Live Chat support. We're always happy to help.
This version of Product Analytics on TrueProfit is only available in the Advanced plan and above.
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.
On the Product Analytics page, you can export the data in the chosen time range and download it as a .csv file. Once your data is successfully exported, the file will be available for download in the Exports tab.
Note that if you have a lot of product data, it may take a while to generate your export file. Please check the progress in the Exports tab.
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:
Authorize permissions for TrueProfit Pixel on Shopify Admin
As TrueProfit Pixel is a new development added to TrueProfit, 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.
Enable the TrueProfit Pixel extension from your store’s theme settings
After you’ve authorized permissions for TrueProfit Pixel, the next step is enabling the extension in your store’s theme settings to start tracking. Click on the Go to enable button in your app, or follow the instructions below.
TrueProfit can now track your product's performance on the Shopify platform. Once the extension has been enabled, you will see a notice at the end of your dashboard displaying the date TrueProfit started tracking your product data.
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.
If you have any issues completing the steps above, please contact our Live Chat support. We're always happy to help.
This version of Product Analytics on TrueProfit is only available in the Advanced plan and above.
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 |
| CS | Short for Checkout Started, it counts how often your customers proceeded to the checkout stage after adding the product to their cart. | |
| %CS | The Checkout Started Rate of the product | Checkout Started Rate = Checkout Started / Views |
| PIS | Short for Payment Info Submitted, it counts how many times your customers have submitted their payment information and are ready to pay. | |
| %PIS | The Payment Info Submitted Rate of the product | Payment Info Submitted Rate = Payment Info Submitted / 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.
Exporting Your Product Data
On the Product Analytics page, you can export the data in the chosen time range and download it as a .csv file. Once your data is successfully exported, the file will be available for download in the Exports tab.
Note that if you have a lot of product data, it may take a while to generate your export file. Please check the progress in the Exports tab.
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: 22/08/2023
Thank you!