Livestream reports in Data Compass are here! Livestream reports help sellers compare the performance of their official account and marketing account livestreams with that of other sellers in the same category. The reports give information on key metrics as well as suggestions on how to improve.
How can livestream reports help me improve my revenue?
🔥 Find out where you can improve
Why is your revenue from livestreaming so low?Is it because you don't have enough viewers? Why don't you have enough viewers?
- Are your livestreams too short?
- Do you have too few impressions per hour?
- Do you need to work harder at getting users to view your livestream based on their impression?
Is it because your revenue per view is too low? Why is it low?
- Do users see the product and click the product details page?
- After they open the product details page, do they make an order?
- What is the average value of each order?
By analysing your performance at each step in the conversion journey, you can see at which points you can improve, develop a strategy, and ultimately increase revenue.
🔥 Benchmark your performance against other sellers
You can use livestream reports to benchmark your livestream performance against that of other, better-performing sellers at each stage of the conversion journey. This allows you to see how far you are behind other sellers, get an idea of what the best performing accounts achieve, and determine how much space you have to improve. You'll also see suggestions from the system on how to improve.
Where to find Livestream reports
📣 Access:
Data Compass > Livestream Analytics > Select Last 7 Days
or Last 28 Days > Livestream Reports
How to understand livestream reports
🌟 Two important factors - views & revenue per view - determine revenue changes
Find out why your revenue is fluctuating:
Let's start by breaking down what "revenue". Your revenue can be seen as your views multiplied by the revenue per view. A change in your views or the revenue earned from each view can help you identify why your revenue is dropping and therefore how to improve. If you determine that your views have dropped (i.e. fewer people are watching your livestreams in the first place), then you will know you need to attract more traffic to your livestreams. If you determine that your revenue per order has dropped, then you'll know you need to work on sales in the livestream or average order value.
🌟 Six core metrics: how do your views and revenue per view come about?
Influencing factors of revenue: Data compass breaks revenue down into views and revenue per view, and then breaks that down again further:
Views (i.e. how much traffic your livestream is getting) = livestreaming duration * impressions per hour (how many people see that you're livestreaming) * impression conversion rateRevenue per view (i.e. how much money you make each time someone views your livestream) = view conversion rate * product conversion rate * average order valueWhat determines your views? Views are determined by how long your livestream lasts (livestreaming duration), how many times people see that you are livestreaming each hour (impressions per hour) and then how many times people click to watch your livestream after having seen that you're livestreaming (impression conversion rate).
What determines your revenue per view? Revenue per view is determined by how many times people viewing your livestream click the product details page (view conversion rate), and then how many times people who have clicked the product details page make an order (product conversion rate), and finally how much they spend in each order (average order value).
By analysing the metrics at each stage in the conversion journey, you can determine how to improve your revenue. 🌟 Learn how to improve your livestreams and sales by benchmarking against other better-performing sellers
To help you determine how much better you can do, we compare your performance with 10 sellers who are performing better than you (or the 10 nearest sellers if you are in the top 10) in the same country and category. This can help you set realistic goals for incremental improvement.
Livestream reports help you intuitively understand your revenue and revenue per view, how six major metrics impact these figures, and how you are doing compared to other sellers. If your metrics are lower than the average of your peers, then the system will automatically provide suggestions for how you can improve to help you develop an optimisation strategy.
