What is Magento Business Intelligence? How it will help you identify best customers?

If you are a Magento commerce client there is a good opportunity to harness the the data’s true value with business intelligence.
It offers powerful insights, easy reports and detailed data for your business to make the best business decisions. In addition these data helps in setting the right roadmap for acquiring new and retaining existing customers.

Magento Business Intelligence (MBI)

Magento Business Intelligence (MBI) is the dashboard that provides the most complete information about your business. It gives you a live view of your store, including sales data, product performance, and customer behavior.

Magento BI helps you to make better decisions on important aspects of your business such as merchandising and marketing. It also helps you to get insights into how your products are performing in certain markets or regions. You can also see what steps need to be taken to improve the performance of a specific product, for example by analyzing its conversion rates and conversion funnel.

This section discusses how Magento Business Intelligence (MBI) is used by businesses for various purposes such as understanding their customers better or improving their marketing efforts.

As a cloud-based intelligence system MBI provides you with the ability to easily consolidate and manage your data sources, model your data, create charts and reports, and maintain a single source of truth.

MBI is a complete solution that has been optimized for all Adobe Commerce and Magento Open Source merchants. There are three core components that make it a complete business intelligence solution:

Data Replication and Consolidation: It all starts with connecting your various data sources and bringing them together within a central location.

Data Warehousing: To leverage all your data, it needs to be stored and made accessible in a way that is optimized for analyses. BI includes a hosted data warehouse component.

Dashboard and Visualization: When all your data has been connected, centralized, and stored, MBI provides a frontend interface for you to analyze it.

With these three core pieces of technology built into one solution, merchants are using MBI to:

Save time

Gain insights from their business data

Empower teams across their organization

Features of MBI can be easily categorized as per type of users and their roles. MBI distinguishes users into 3 categories as per their roles:

Data User

use data to help make business decisions.

might receive reports and dashboards from a data analyst

can also create reports and dashboards.

Data Analyst

They are comfortable designing queries and being the go-to person for data analysis.

They know how to find specific answers to data questions and want to facilitate a self-service experience for their colleagues.

Administrator

Administor can manage the Magento BI account including licensing, adding and removing users, and handling essential administrative tasks.

Activating your Magento Business Intelligence Account

You need to have an MBI Account to use the platform.

When you activate your Magento Business Intelligence account, you are connecting your Magento database to Magento Business Intelligence and immediately getting access to five dashboards with approximately 100 reports. These reports are designed to provide insights around your data and answer questions like: “How are my orders growing month-over-month?”, “Who are my most loyal customers?”, and “Is my coupon strategy working?”.

Reports and Dashboards

Reports in Magento BI to help you answer business questions - whether you simply want to see this month’s revenue compared to last year or understand your acquisition costs for your latest AdWords campaign.
MBI provides almost 100 reports spanned across 5 dashboards to visualize the health of your business.

In addition to the OOB reports MBI provides tools to create new metrics and reports as and when needed by the business.

You can also visualize data in the form of charts.

Data can be exported in the form of

• Images
• Reports
• Csv
• Excel
• Raw

Data from a dashboard can be shared via automated emails to the concerned team or business user within the organization.

Out of Box Dashboard and Reports

MBI includes out-of-the-box dashboards to provide insight into your business. With dashboards, you can check on the health of essential metrics such as user lifetime revenue, number of repeat purchases, top products purchased over a given time period, and more. These pre-configured dashboards were created to help you make informed business decisions.

Report availability

For the Customers and Executive Summary dashboards, some reports are only available depending on your store’s checkout configuration. Specifically, if your store allows guest checkout or does not allow guest checkout.

Customers (guest checkout allowed)

The Customers (guest checkout allowed) dashboard provides information about your customer base, such as their purchase behavior.

This dashboard can help you improve customer retention and determine which customers bring in the highest revenue.

Contains following reports:

• Orders by New Customers (Past 30 Days)
• Orders by Existing Customers (Past 30 Days)
• Total Unique Customers (Past 30 Days)
• Orders by New vs Existing Customers
• Subsequent Order Probability (All Time)
• % of Customers with Multiple Orders (All Time)
• Median Time Between Orders (All Time)
• Subsequent Order Probability
• Time Between Orders
• Number of Customers - Lifetime Orders
• One-Time Customers who Bought 3-6 Months Ago
• Avg LTV by First Order
• Customer’s First 30 Day vs Lifetime Revenue

Customers (no guest checkout allowed)

The Customers (no guest checkout allowed) dashboard provides information about your customer base, such as their purchase behavior and conversions from account registrations to order placements.

This dashboard can help you improve customer retention and determine which customers bring in the highest revenue.

Contains following reports:

• Account Registration (Past 30 Days)
• Accounts Registered (Past 30 Days) with 1 or More Orders
• % Conversion from Registration to First Order (Past 30 Days)
• % Conversion from Registration to First Order
• Orders by New vs Existing Customers
• Subsequent Order Probability (All Time)
• % of Customers with Multiple Orders (All Time)
• Median Time Between Orders (All Time)
• Subsequent Order Probability
• Time Between Orders
• Number of Customers - Lifetime Orders
• One-Time Customers who Bought 3-6 Months Ago
• Avg LTV by First Order
• Customer’s First 30 Day vs Lifetime Revenue

Executive Summary (guest checkout allowed)

The Executive Summary (guest checkout allowed) dashboard gives you a succinct picture of how the business is doing in terms of orders and revenue.

This dashboard is designed for executives to get an overall understanding of business performance, but can be insightful for others as well.

Contains following reports:

• Revenue (Current Month)
• Revenue (Past 6 Months by Day)
• % Change in Revenue (MoM MTD)
• Revenue from New vs Existing Customers (Current Month)
• Average Order Value (Current Month)
• Orders (Current Month)
• % Change in Orders (MoM MTD)
• Orders by New Customers (Current Month)
• Orders by Existing Customers (Current Month)
• Orders by New vs Existing Customers (Current Year by Week)

Executive Summary (no guest checkout allowed)

The Executive Summary (no guest checkout allowed) dashboard gives you a succinct picture of how the business is doing in terms of orders, revenue, and account registrations.

This dashboard is designed for executives to get an overall understanding of business performance, but can be insightful for others as well.

Contains following reports:

• Revenue (Current Month)
• Revenue (Past 6 Months by Day)
• % Change in Revenue (MoM MTD)
• Revenue from New vs Existing Customers (Current Month)
• Average Order Value (Current Month)
• Orders (Current Month)
• % Change in Orders (MoM MTD)
• Account Registrations (Current Month)
• % Conversion from Registration to First Order (Current Month)
• % Conversion from Registration to First Order (Current Year by Week)

Orders

The Orders dashboard provides insights on transactional volume of orders, their status, coupon codes used, revenue generated, and the payment methods used.

For example, you can track the fulfillment process and make sure there are no issues or bottleneck occurrences.

Contains following reports:

• Orders (Past 30 Days)
• Revenue (Past 30 Days)
• Average Order Value (Past 30 Days)
• Orders
• Revenue by Payment Method
• AOV by New vs Existing Customers
• % Orders by Status (Past 30 Days)
• Incomplete Orders (Created more than 1 Day Ago)
• Orders Per Hour (Past 7 Days)
• Revenue Details (Past 30 Days)
• Order Details by Coupon Code (Past 30 Days)
• % Orders with Coupon (Past 30 Days)

Products

The Products dashboard shows general product performance in terms of products ordered, their Gross Merchandise Value (GMV), as well as top products purchased and refunded.

It can help you to balance purchases and returns, and to determine product success and popularity.

Your store must be configured to track refunds for those charts to be populated.

Contains following reports:

• GMV (Past 30 Days)
• % GMV (Past 30 Days) Refunded
• Product Quantity Ordered (Past 30 Days)
• % Purchased Products (Past 30 Days) Refunded
• Gross Merchandise Value
• Purchases vs Refund Rate per Product (Past 30 Days)
• Product Performance Details (Past 30 Days)
• Top Purchased Products by GMV (Past 30 Days)
• Top Refunded Products by GMV (Past 30 Days)
• Top Purchased Products by Quantity (Past 30 Days)
• Top Refunded Products by Quantity (Past 30 Days)

Connecting External Data Using an Integration

MBI Supports integration these external data sources

SaaS

• Adobe Analytics
• Facebook Ads
• Google Adwords
• Google Analytics Warehoused
• Google Analytics
• Google ECommerce
• Mixpanel
• PrestaShop
• QuickBooks
• Salesforce
• Spree
• Stripe
• WooCommerce
• Zendesk

Databases

• Amazon RDS
• MySQL Database
• Magento
• Microsoft SQL Server
• MongoDB
• PostgreSQLMongoDB

In conclusion, Magento business intelligence is an useful tool for e-commerce business. The better insight you have about your customers the better decisions can be made. Zakapps with IxFocus is an exclusive player that provides magento service with expert team.

"ZakApps partnered with iXfocus is an Adobe Certified Solution Partner that has the experience in providing the best service for Magento users."

Source:
https://experienceleague.adobe.com/docs/commerce-learn/tutorials/mbi/introduction/1-overview.html?lang=en
https://experienceleague.adobe.com/docs/commerce-business-intelligence/mbi/build/dashboards/dashboards-pro.html%3Flang%3Des
https://docs.magento.com/mbi/data-user/dashboards/dashboards-pro.html