New products are the lifeblood of any thriving eCommerce business. For Shopify merchants, understanding how these new additions impact sales is key to driving growth and maintaining a competitive edge. AngularView’s “New Products Impact on Sales” dashboards provide merchants with a detailed analysis of new products’ performance, offering actionable insights to refine product strategies. These dashboards focus on different timeframes—yearly, quarterly, monthly, and weekly—to give merchants a comprehensive perspective on product impact over time.
New Products Impact on Sales by Year
Every year brings fresh opportunities, and this dashboard helps merchants evaluate how new products have shaped their annual sales. It aggregates data to provide a big-picture view of product success over the years.
- How it helps merchants: It highlights the long-term contribution of new products, making it easier to assess if the investment in product development pays off.
- Challenges addressed: Lack of clarity on whether newly launched products are driving sufficient annual revenue or if adjustments in launch strategies are necessary.
- Key tips:
- Use the New Product Count measure to monitor the number of launches per year and correlate it with total annual revenue growth.
- Evaluate Line Value and Line Discounted Value to understand the total earnings from new products and the impact of discounts.
- Use cases:
- Determine if product launches align with annual revenue goals.
- Identify trends in product success across multiple years.
New Products Impact on Sales by Quarter
Quarterly insights offer a more focused look, allowing merchants to tweak strategies within the same year based on product performance.
- How it helps merchants: Keeps product performance in check on a shorter timeframe, enabling proactive responses to any underperforming launches.
- Challenges addressed: Ensures that merchants can refine promotional strategies or inventory for new products before losing a quarter’s opportunity.
- Key tips:
- Monitor SKU Count for the diversity of new products introduced in each quarter.
- Leverage Gross Profit and Line Discounted Value to balance discounts with profitability.
- Use cases:
- Fine-tune marketing campaigns for quarterly sales spikes.
- Evaluate if quarterly launches are timed correctly for seasonal demand.
New Products Impact on Sales by Month
Monthly dashboards enable merchants to delve deeper into recent product performances, providing a granular view for ongoing campaigns and strategies.
- How it helps merchants: Delivers quick insights into whether recently launched products are gaining traction.
- Challenges addressed: Prevents extended periods of poor product performance by identifying issues early in their lifecycle.
- Key tips:
- Combine New Product Count with Current Quantity to ensure adequate inventory levels for high-demand products.
- Use Line Discount to explore if promotional strategies are influencing monthly sales effectively.
- Use cases:
- Measure the success of a new product’s initial marketing push.
- Ensure timely restocking for high-performing products.
New Products Impact on Sales by Week
For fast-paced markets, weekly dashboards are vital in tracking the immediate impact of new products on sales performance.
- How it helps merchants: Offers a real-time perspective to quickly adjust marketing and inventory strategies for new products.
- Challenges addressed: Helps merchants react swiftly to customer behavior, mitigating the risks of low sales performance.
- Key tips:
- Focus on Refund Item Value to detect early signs of customer dissatisfaction with new products.
- Use SKU Count weekly trends to track how new product variety is affecting short-term sales.
- Use cases:
- Adjust pricing or promotional strategies for underperforming products.
- Launch limited-time offers for high-performing new items to boost momentum.
AngularView’s suite of dashboards ensures that Shopify merchants can measure the true impact of new products on their sales performance. Whether analyzing year-long trends or adapting to weekly market shifts, these dashboards empower businesses to make informed decisions and optimize their product strategies.