Time is Money! If you knew that 80% of your sales are made between 10 am and 10 pm, would you spend 50% of your advertising budget outside of that time period?
A very common mistake in Marketing is to build up pressure when things are going badly. But you should reduce budgets or remove them completely at weak times in order to allocate budget on the strong ones. So let's have a look at the Time Analysis.
Definitions
Time Analysis allows you to see how the different performance metrics evolve through various time intervals. You can select the metric and the desired time interval you would like to see in the drop-down lists:
The metrics included in this analysis are displayed according to the selected time period and interval. They are defined as follows:
Hour | Time of the order based on your store's time zone |
New Customers | Number of customers who placed their first order at this time |
Orders | Number of orders placed at this time |
Gross Items Sold | Number of gross items included in all orders placed at this time (before returns) |
Gross Revenue | Gross Revenue from all orders placed at the time; excluding by default VAT, shipping revenue, and discounts |
Net Revenue | Net Revenue (after product returns) from all orders placed at the time |
Product Return Rate | Percentage of returned items from the orders placed at this time |
Gross Margin | Gross Margin of all orders placed at this time calculated by (Net Revenue - COGS) / Net Revenue * 100 |
AOV | Average Order Value from all orders placed at a time calculated by Gross Revenue/Number of orders. |
LTV | Average, current Lifetime Value of new customers who placed their first order at this time calculated by Sum of Net Revenue - COGS |
CM1 | Contribution Margin 1 of all orders placed at this time, calculated by Sum of Net Revenue - Sum of COGS |
Your metrics are shown as a color-coded column chart followed by absolute figures. The performance per time gets even more clear by the percentage comparing each data point with the average for that metric.
Use Cases
Time Analysis can provide you with some powerful insights on how to improve your marketing budget:
- Adjust your marketing budgets, e.g. in TikTok:
- Identify the best time to launch promotions
- Gain insights about customer behavior and their interaction with your store
What You Need
For this report to work properly, the following data must be imported:
- Order ID
- Order Date
- Stock Keeping Unit (SKU)
- Items Sold
- Item Price
- Cost of Goods Sold
- Customer ID
- Product Returns
- Product Return Dates
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