🧥Product Analysis
Learn how Bloom helps you answer how compatible your product lineup is with customer demand using various data metrics.
Assessing Shopify profitability is impossible without analyzing the performance of various listed products. Bloom bridges this gap in profit analysis with its comprehensive Product Analysis feature.
Benefits and Uses
Bloom’s Product Analysis is created to augment a merchant’s profit analysis. The insights offered by the analysis report helps discover how much product strategy is affecting profitability, and direct actions to optimize product strategy.
With Product Analysis, you can:
Identify Top Sellers
Quickly pinpoint the products bringing in the highest revenue and profit. This insight allows for strategic allocation of efforts and resources to maximize sales from those products.
Refining Your Pricing Approach
Analyze gross profit margins to refine pricing strategies. Boost profitability while staying competitive in the marketplace.
Insights into Product Variants and Types
Understand how different product types and variants perform. This knowledge supports better inventory management, marketing strategies, and product development.
Trends in Inventory and Sales
Monitor sales trends and inventory levels to avoid stock shortages and ensure a smooth supply chain. Accurately forecast demand for effective inventory restocking.
Analysis Through Tagging
Use tags to categorize products for focused analysis. This can uncover trends or patterns linked to specific product attributes.
Data-Driven Decisions and Strategic Planning
Leverage comprehensive product performance metrics to revamp product strategy for business growth and profitability.
The Product Analysis table showcases key metrics for assessing product performance, outlined as follows:
Product Title: Name of the product.
Variant Title: Name of a product’s variant.
Price: Selling price of the product.
Product Type: Category or classification of a product.
Tags: Identifiers categorizing products based on characteristics like seasonality or promotions.
Status Quantity: Available stock quantity of the product.
Net Sales: Total revenue generated from a product's sales.
COGS (Cost of Goods Sold): The cost involved with producing or acquiring the product.
Gross Profit: Revenue after deducting the cost of goods sold.
Gross Margin: Gross profit expressed as a percentage of revenue.
Customize your product analysis using these options to make Bloom meet your specific requirements.
Date Range Selection: Change the date range to analyze product performance over desired periods.
Column Filtering: Filter each column to focus on specific products or metrics of interest.
Column Alteration: Hide/Show columns as preferred.
Export Options: Export data in Excel, CSV, or PDF file formats for further analysis.
How to Use Product Analysis
Here is an in-depth look at Bloom’s Product Analysis section to help you navigate and use the feature easily.
Click on “Product Metrics” in the left panel. You can expand this panel if it’s minimized by clicking on the [insert three parallel line icon] in the top left corner of the app.
The available product performance metrics are displayed in the table of the Product Analysis main page.
Choose the metrics you wish to view using interactive options like date range selector, column filters, data fields, rows per page, and row size. Focus on the exact product performance aspects you want.
Export your data to your desired location in the file format of choice for additional purposes like deeper analysis, backup data storage, file sharing, etc.
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