Know what hours of the day are most profitable in your store
If you want to know sales trends during the day, the sales by the hour of the day are the starting point for fulfilling this task.
This type of summary might incorporate several other data indicators besides following the number of deals made each hour for the day. These additional indicators can be pertinent for tracking the store's business performance.
Easily see how sales rate changes for each hour your store serves clients. Compare the current data with earlier time ranges. Use the functionality of the reporting tool to know the progressions in key sales indicators.
The report provided with its default configuration offers data on general patterns of store financial operation by displaying such columns as the number of orders, gross sales, total sales, tax, discounts, and returns.
The executive managers can use filters to make the sales data more representative of their needs. For example, they can see the hour with the highest sales for the current month. They can also track down the hour that brought the lowest number of orders for the last year. Alternatively, they can compare sales by the hour with previous periods. Such information can be useful for inventory planning and marketing purposes.
This type of summary pulls a list of all orders that have been placed in a store within the specified date range and splits them by days of the week. Use it to obtain a high-level overview of daily trends in sales.
The data displayed in it can be used to answer such questions as:
Expand this list of answers you may get on your sales by using additional data columns and data filters.
Use the data summary on sales provided by the Mipler reporting app to be informed on key sales statistics of your store, which is split by hours of the day.
Extend it with additional columns to gain a detailed understanding of your store's business performance.
For example, you can see customers from which countries buy most frequently during certain day hours. Get this information for a default 30-day period or change the range to any other time period.
Track orders volume, gross and total sales over a manually selected time span. For every hour, the summary shows such information as:
Utilize these sections to look at the current monetary status and satisfaction of the orders inside the chosen range of dates.
The rundown on deals can be followed through another data viewpoint if required. The installed into your store reporting plugin permits you to switch for other time periods. The report can be generated for a day of the week, week, year, quarter, or some other explicit quantum of time.
In conjunction with the day of week sales report, a store manager can often use such summaries:
However, you are not limited to splitting sales into the above time periods. Generate the report on sales based on other factors, like sales by customer group, to get more insights.
By default, the table with the information on occurred deals for every hour of the day comprises of such sections as:
The user of this generated summary is totally free to exclude any of the existing columns from its default configuration or add several additional ones. Simply choose available columns from the list.
Here is how some of the key columns in the default report are calculated:
REFUNDS Returns. It is calculated through Refunds Total Gross Amount and Order Adjustments Total Amount data columns.
[REFUNDS Returns] = [REFUNDS Total Gross Amount] – [ORDER ADJUSTMENTS Total Amount]
ORDERS Net Sales. It is used to display what is left after the discounts and refunds are extracted from gross sales.
[ORDERS Net Sales] = [ORDERS Gross Sales] – [ORDERS Discounts] – [REFUNDS Returns]
ORDERS Shipping. Allows tracking the sums on order shipping.
[ORDERS Shipping] = [ORDERS Shipping amount] – [ORDER ADJUSTMENTS Total Shipping Amount]
ORDERS Tax. Depicts the sum of taxes excluding the taxes on the refunded items.
[ORDERS Tax] = [ORDERS Taxes] – [REFUND ITEMS Total Tax Amount]
ORDERS Total Sales. It is the final default column of the report, which sums net sales, shipping, and tax.
[ORDERS Total Sales] = [ORDERS Net Sales] + [ORDERS Shipping] + [ORDERS Tax]
You can get one more view on deals adjacent to the hour-by-hour report with metrics on deals configured by default. Utilizing varieties of the available data from the store database, you can acquire a clearer understanding on how well the business execution is going on in your store.
One of the simplest report variations and easy way to glance at the business success is to compare a specific date range to a previous period.
Using filters and sorting options, you can get answers to some other questions regarding sales. Here are some examples of the report variations.
You can easily see the trends in the usage of payment infrastructure when generating the hourly sales summary. Add a SALES Gateway column in order to display such data.
Add a TRANSACTIONS Source Name to see the name of the transaction’s origin and add a TRANSACTIONS Status to see if the transaction was completed successfully.
You can easily see the sales data for each hour of the sale day with the data on customers' geographical distribution.
See what provinces, cities, and countries you have the most or least purchases for each hour during the day.
It is well known that existing customers cost less than attracting new ones for a store. Depending on the purchases each customer makes, they set their individual value for a store.
You can easily see the customer lifetime value with the CUSTOMERS CLV data column. Use it to monitor for signs of shoppers' attrition in your store.
Gross margin is one of the parameters for the business performance, which shows how much financial funds the store retains. The higher this indicator is, the more capital is available to pay for other costs.
See the gross margin in percent by activating a corresponding column.
[ORDERS Gross Margin, %] = ([ORDERS Net Sales] - [ORDERS COGS]) ÷ [ORDERS Net Sales] × 100
The result is rounded to two numbers after the comma sign. If the calculation result is negative, the report shows zero value in the table.
The sales overview can be extended with the data columns on transactions. You can get such information as:
The total cost of ordered items in the order is calculated as:
[ORDER ITEMS Total Cost] = [ORDER ITEMS Quantity] × [INVENTORY ITEMS Cost]
A store can both new and recurring customers, the latter being preferable. Merchants can easily see what types of customers buy in their stores with the ORDERS Customer Type column.
In case the date of customer’s first order is equal to the order processing date, then the customer is considered a first-time buyer. Otherwise, they are assigned to a Returning type. If the report cannot detect the customer ID, it will display the Unknown value.
For each order, get the shipping price calculation :
[ORDER ITEMS
Total Shipping Price] = [ORDERS Shipping Price] ÷ [ORDER FACTS Quantity] × [ORDER ITEMS Quantity]
Get the sum of total sales calculated as:
[ORDERS Total Sales] = [ORDERS Net Sales] + [ORDERS Shipping] + [ORDERS Tax]
The ORDERS Net Sales are obtained as:
[ORDERS Net Sales] = [ORDERS Gross Amount] - [ORDERS Discounts] - [REFUNDS Returns]
The ORDERS Shipping is obtained as:
[ORDERS Shipping] = [ORDERS Shipping amount] - [ORDER ADJUSTMENTS Total Shipping Amount]
The ORDERS Shipping is obtained as:
[ORDERS Tax] = [ORDERS Taxes] – [REFUND ITEMS Total Tax Amount]
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