Table of Contents
- What information does the Sales by Product report show
- What questions the Sales by Product report can answer
- Similar reports to Sales by Product report
- Key columns in the Sales by Product report
- Variations of Sales by Product report and what questions they answer
- Extending the Sales by Product report
What information does the Sales by Product report show
Sales by Product report (also called Product Performance) is a common report used by store managers and salesman for sales analysis. This report opens a view on specific products sales.
The report is presented by the date range that is selected manually. Typically it is formed as a table with each row corresponding with one product. Columns of the report are used to display various sales statistics on this product.
Depending on the reporting app the store uses, it can be possible to transform the report output form from data table to graphic chart.
What questions the Sales by Product report can answer
Sales report by product allows tracking all information generated by product sales. It can be used to answer questions such as:
- get total sales amounts of all products in a store for any time period
- see how well a specific product is selling
- get the best and worst selling products in your store
- compare specific product sales with the previous time period
- per each product get the number of ordered and refunded
- per each product track coupons and discounts
The list of answers you can get with the Sales by Product report can be extended by using additional data columns and data filters.
Similar reports to Sales by Product report
Sales statistics in a store are not limited exclusively by data on product sales. A Shopify store owner may use several other sales reports alongside the product sales report.
Often in conjunction with product sales reports, store managers use such reports as sales:
- by product vendor
- by product variant
- by discount
- by traffic referrer
- by billing location
- by checkout currency
- by channel
- by customer name
Additionally, the store manager can build the sales reports by product tag, POS location, and a dozen of other similar reports on sales. The exact list of available reports depends on the utilized reporting app.
Key columns of Sales by Product report
The default configuration of the Sales by Product report in the Advanced Reports app includes such columns as:
- Product Name
- Number of Orders
- Order Items Total Quantity
- Refund Items Total Quantity
- Refund Items Total Amount
- Order Items Total Net Amount
- Order Items Total Discount Allocation
- Ordered Items Total Price
You are totally free to exclude any existing columns from the report 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:
- Order Items Total Quantity is calculated as the total quantity of product sold after returns are deducted.
- Refund Items Total Amount is the amount of money that has to be refunded for the total quantity of specific products requested for a refund by the customer.
- Ordered Items Total Net Amount is the monetary sum that is calculated as a difference between the sum of the total orders for a product and the refunded amount.
- Ordered Items Total Price is calculated per product as its price multiplied by ordered quantity.
Here is how some additional key columns are calculated that you may use:
- Shipping orders are obtained per product as the difference between its total shipping price and order adjustments total shipping amount.
- Inventory Planner Replenishment QTY / 21 days. This optional data column is calculated as the product quantity multiplied by 21 minus the available quantity in stock.
Variations of Sales by Product report and what questions they answer
Using filters and sorting options, you can get answers to a number of specific questions regarding sales. Here are some examples of the report variations.
How to see product sales by country
You can easily know what products you sell in a certain geographical region. Simply use the location filter when generating a sales by product report.
Navigate to Locations filter in order to filter out sales by city or province. Use the filter in the Sales section to filter out data by country.
You can also get a live view of your sales geography by utilizing a Live View analytics option default Shopify provides. It shows orders and visitors on a global 3D map in almost real time.
How to see products low in stock
The Sales by product report can display the information on available stock. Simply add the Inventory Planner Qty data column.
Sort the data table by the inventory quantity to see the products with the lowest stock number. In this way, you can quickly track items that soon may need to be replenished. Filter by stock quantity and get the products that fall within a specific range.
How to make ABC analysis
The so-called ABC report gives you a different perspective on the inventory by dividing all products into three grades:
- A-product - generates 80% of revenue
- B-product - generates 15% of revenue
- C-product - generates 5% of revenue
From a financial standpoint, it makes more sense to concentrate on A-products to get the most profits. Filter by the Total Gross Profit data column to see what products fall into A, B, C range for your store.
Extending the Sales by Product report
The Sales by Product report can be extended with data columns default to other reports. Here are some typical uses.
Cost of Goods Sold (COGS)
The term “Cost of goods sold (COGS)” stands for the direct cost of making sales. It includes expenses required for making the sale, for example, personnel salary. Use the Orders COGS to get this data column.
Track inventory level
Advanced Reports app offers a specific Inventory Planner report to display the data on the product stock in your shop. You can add its data columns to the Sales by Product report.
Inventory Planner includes such columns as:
- Sales Velocity / last 30 days
- Total Available
- Forecast QTY / 21 days
- Replenishment QTY / 21 days
Use these columns to track currently available stock quantity, get the sales speed for each product, forecasted quantity left in stock, and the number of products to be replenished in 21 days from the date the report was generated.
First and last purchase date
The data in the Variant Facts table of your store database keeps track of the dates when the specific product variant was first and last ordered.