What WooCommerce tells you, and what to do with it.
WHERE
WooCommerce > Reports for the classic reports, and Analytics for the newer interface.
WHAT TO LOOK AT
Revenue over time, which shows whether the shop is growing Top sellers, which tells you what to stock and promote Orders by status, which reveals how many sit unpaid or unfulfilled Average order value, which is the number a free-delivery threshold should be set against Refunds, which if concentrated on one product tells you something about that product or its description
WHAT THE REPORTS WILL NOT TELL YOU
Where customers came from, or why they left without buying. For that you need analytics on the site itself.
Add web analytics and track the shop funnel: product views, add to cart, checkout started, order completed. The drop between each step is where you improve.
PRACTICAL USE
Check monthly, not daily. Daily figures on a small shop are noise.
Use top sellers to decide what to photograph properly and promote. Use refund patterns to fix descriptions.