3. Breakdown product costs
Beyond the total amount of products you sell, the costs you incur also significantly affect profitability. While direct costs may be easy to track, some are easy to miss. If this happens, actual business outcomes may not be as good as you think.
By preparing a product report, you'll be able to break down product costs fully. This allows you to identify areas that are pushing your prices up or reducing profitability.
4. Insight into customer needs
Regardless of how good a product is, it won't do well in the market if it doesn't meet market needs. Through B2B subscription reporting, your business can better identify consumer purchase trends. This may be in relation to your entire catalog or an individual product.
As such, you'll be able to determine which products to increase or reduce production. Also, depending on consumer preferences, it'll let you know whether it's time to release new products.
5. Precise cohort analysis
It's one thing collecting data and another one altogether drawing actionable insight from it. Cohort analysis is an analytical methodology that can help with this. It involves dividing and grouping data based on common characteristics.
In doing so, analyzing data and identifying patterns becomes much easier. As you may now imagine, product reports are an integral part of cohort analysis. By helping you track user behavior better, they enable you to improve retention.
6. Accurate and up-to-date view of product performance
Along with sales reports, product reports give you invaluable product data. As such, you'll have an up-to-date view of product performance. This will greatly enhance decision-making as product teams will have confidence in the information before them.