Wondering what your top-performing products are? Or how well a specific product category or sub-category is doing?
Maybe you want to gain insights into the trends in customer behavior and preferences.
Analyzing your Shopify inventory report will give you answers to these questions and more. These answers will further help you make well-informed decisions and ensure a smooth flow of operations.
eCommerce stores that choose not to or struggle to analyze their store’s inventory reports find it incredibly hard to make informed decisions.
For example, if you don’t know what your top-performing products are, how will you be able to allocate resources to accommodate the growing customer demand? Similarly, how will you know which items to avoid overstocking?
We heavily recommend analyzing your store’s inventory data, at least once a month, to get answers to burning questions like:
Hundreds of eCommerce store owners have been using Gigasheet for this very purpose. To show you how you can smartly analyze your eCommerce store’s inventory data…
For demonstration, I created a dummy eCommerce store’s inventory dataset with the following columns:
Here’s what the dataset looks like inside Gigasheet:
I populated the dataset with more than 150 products and filled their respective columns. If you have ever used Microsoft Excel or Google Sheets for eCommerce inventory analysis and if you have ever had to analyze thousands, if not millions, of products, you’d be aware – how hard it can be.
If your spreadsheet file is too large or populated with millions of rows, it’s highly likely Microsoft Excel will crash (show the Not Responding error) or cause your computer to slow down. At the same time, Google Sheets will cause your browser to crash. These platforms just eat up too much computer memory.
And obviously, they are not made for big data handling.
At the same time, while they offer basic filtering and grouping functionalities, narrowing down your data on these platforms is extremely complicated.
You need to be an Excel or Google Sheets wizard to analyze your data smoothly – otherwise most times, you’ll find yourself on YouTube trying to understand ‘how to do something on Excel’ or on Microsoft’s or Google’s knowledge base section.
How does Gigasheet make data analysis simpler and better?
We’ll show you by answering some common questions that most eCommerce store owners have:
To do this for real, simply export your Shopify inventory report and load it into Gigasheet for analysis.
We wanted to find out what the top-performing products were in December 2022.
Let’s keep the benchmark as – products with more than 70 sales per month is a top-performing product.
So, we applied this filter:
As soon as I applied the filter, Gigasheet narrowed down the top-selling products in December 2022 immediately.
As an eCommerce store owner or person in charge of inventory management, you can use this information to check and allocate resources to meet the demand for those top-performing products.
Let’s do it on a bigger scale.
Let’s try to find out what the top-performing products were in Q4 2022.
To find out, we’ll first combine the following columns:
To do that, click on “Functions” followed by “Calculations.”
Using this option, you can combine two columns:
So, we’ll combine data from October, November, and December.
P.S. – Depending on your requirements, you can also perform calculations like Subtract, Multiply, Divide & Exponent.
Let’s set the benchmark – to be a top-performing product in a specific quarter, it should have 300+ sales.
To find products with 300+ sales, we applied the following filter:
Again, you can use this information to check and allocate resources to meet the demand for those top-performing products.
Let’s say we want to categorize our products as “InStock” and “Out Of Stock” – so we can just group by “Availability” –
Clicking on “Out of Stock” will give me all items out of stock. I can use this information to allocate resources to bring these items back in my store.
Want to find the top-performing product categories? To find out, let’s arrange the products in the store by “Primary Category.”
As you can see in the screenshot above, the products in the store have been arranged by their primary categories. Let’s find out what the top-performing product categories were in October 2022.
To do that, let’s find out the total number of items sold per category in October 2022:
As you can see, the winner is the “Movies, Music & Books” category, with 3,385 sales in October 2022. While it also depends on how many items you have in a particular product category, this will just give you an idea.
Let’s try to do it by sub-category.
We’ll add another layer of grouping:
Under “Home,” we have the following sub-categories:
As you can see, both the “Bath” and “Storage & Organization” sub-categories have three products each. However, the number of products sold in the “Bath” sub-category in October was higher than the number sold in “Storage & Organization.”
By performing such an analysis, you’ll know what the highest-grossing product categories and sub-categories are – so that you know which direction to focus your efforts on.
Similarly, depending on the data you have in your hands, you can dive deep into your performance and gain insights into more information like what products need to be restocked, what products we should avoid overstocking, and more.
So many of our customers have been using Gigasheet for different kinds of analysis. Allow us to share a few G2 reviews:
We’d love to see you working your magic inside Gigasheet.
It’s FREE FOREVER.