Decision-making is not an easy task for businesses. The growth and success of any business depend on making the right decisions, which can only be possible when it has a clear insight into its performance. This is where a KPI dashboard comes into the picture. KPIs or Key Performance Indicators are important metrics for any business which measure its performance over a period of time and the business’s progress towards achieving its goals.
Dashboards play an important role in today’s data-driven world. They compile information from multiple sources into a single location to provide businesses with a quick real-time glance at it. This data can help businesses to manage their daily operations, measure their performance regularly, stick to their targets, and monitor their progress. Business owners can share this data with their employees and together make better decisions that can improve business performance, profits, and reputation.
A multichannel KPI dashboard provides multichannel businesses with an overview of their product sales, inventory levels, customer demographics and buying behaviours, and marketing campaigns across all their sales channels such as their storefront, website, online marketplace, social media store, etc.
Revalsys implemented a multichannel KPI dashboard for the online marketplace portal of the Indian subsidiary of a leading international watch brand featuring watches and accessories from its own collection and those of a few other popular watch brands. The dashboard provides our client with the following information, presented in the form of charts and graphs and filtered by dates (today, yesterday, last 7 days, last month, and custom date range):
Live Order Count
This is the most basic but crucial KPI to track. Products are the lifeline for businesses of any size. They can determine the success or failure of businesses. By tracking the number of orders placed live on the dashboard, our client can know if their overall sales are improving or declining and which of their sales channels is getting them the most/least orders. They can use this data to redesign their marketing strategy or product to better fit customer needs and ensure their satisfaction.
Live Order Tracking By Device (Mobile/Desktop)
Live order tracking is a feature that allows businesses to track their shipped orders in real time. This feature allows them to ensure that the orders reach the right destinations on time and to prevent package theft/loss/damage on the way. Businesses can also use the tracking information to keep their customers updated with the order status and let them know by when they can expect their orders, thereby reducing the cost of customer support and improving customer satisfaction.
Mobile and desktop traffic are important for businesses for multiple reasons. The greater number of devices businesses are on, the higher the number of people they can reach out to and customers they can get, and the more profits they can make. Google’s algorithm also prioritises websites that are optimised for mobile devices, which can further increase the reach of the websites.
Our client can track their mobile and desktop orders separately on the dashboard. This allows them to understand which device their website works on, and redesign their website and marketing plan to target the customers who use the other device.
Live Tracking Of The Total Sales Amount
This is another KPI that can tell businesses if they are growing at the rate they should be. For any business, sales are the lifeblood and the department that generates revenue for it. Our client can use the dashboard to track their total sales amount in real time, which is the total amount of money made by them from their products, marketing efforts, and SEO efforts.
Live Tracking Of The Number Of Products Sold
This is an easy and commonly tracked KPI. Tracking the number of products sold on a regular basis on the dashboard can provide our client with insights into customer behaviour and can help them to identify purchasing trends. They can also use this data as social proof to attract potential customers.
Live Tracking Of The Number Of Newly Registered Customers
Keeping a regular track of newly acquired customers is another way for businesses to measure their progress. The more customers they acquire, the more revenue they gain and the quicker they grow their business. Along with tracking the number of new customers on their sales channels live, our client will also be able to use the dashboard to understand customer demographics, preferences, and buying behaviours.