Determining how much a Shopify store makes involves analyzing its sales and revenue data. Here’s a step-by-step guide on how to find out the revenue of a Shopify store:
- Access the Shopify Dashboard:
- Log in to your Shopify store’s admin dashboard using your username and password.
- View Sales Reports:
- Once logged in, navigate to the “Analytics” section in the left sidebar. Under “Reports,” you’ll find various options to view sales data.
- Review Overview Reports:
- Start by checking the “Overview” report. This report provides a summary of your store’s performance, including total sales, orders, and average order value. It also displays the revenue for the selected time period.
- Specify the Time Period:
- Use the date selector to specify the time period for which you want to view sales data. You can choose specific dates or predefined time ranges like “This Month” or “Last 7 Days.”
- Explore Detailed Reports:
- To get a more detailed breakdown of your store’s revenue, explore other reports available in the “Analytics” section. These reports can provide insights into product sales, customer behavior, and more.
- Check the “Finance” Section:
- In the Shopify dashboard, there is a “Finance” section where you can access financial statements and reports. This section may provide additional information about revenue, expenses, and profit.
- Integrate with Accounting Software (Optional):
- Some store owners integrate their Shopify stores with accounting software like QuickBooks or Xero. These integrations can offer comprehensive financial insights and automatically track revenue.
- Review Payment Processor Data:
- Depending on your payment processor (e.g., Shopify Payments, PayPal), you can access transaction details and reports directly from their platforms. This data can help cross-verify your revenue.
- Consider Third-Party Analytics Tools:
- There are third-party analytics and reporting apps available in the Shopify App Store that can provide advanced insights into your store’s performance. These apps may offer more customization options and data visualization.
- Analyze Monthly Statements:
- If you use a payment gateway like Shopify Payments, you’ll receive monthly statements summarizing your store’s financial activity, including total sales and fees.
- Calculate Gross Revenue:
- To calculate your store’s gross revenue, add up all the sales generated through your Shopify store within the selected time period. This includes product sales, shipping fees, and taxes collected.
- Factor in Refunds and Chargebacks:
- Subtract any refunds or chargebacks processed during the chosen time frame from your gross revenue to get a more accurate picture of net revenue.
Remember that the revenue figures you obtain from Shopify and related reports are gross revenue, which represents the total sales before expenses like product costs, marketing, and operating expenses are deducted. To determine your store’s profit, you’ll need to subtract these expenses from your revenue.
It’s important to regularly monitor and analyze your store’s revenue to make informed business decisions and track your financial progress.