Hello,
I can also offer a perspective, of course, from our area of expertise (Datma being a product analytics and reporting app). A good understanding of your product offering and how your potential customers (visitors) are interacting with it can also help. Data points like: which products are generating views and add to carts, which products have low (or high) conversion or abandonment rates. All this visibility helps you to be able to take actions in improving the product offer, the pricing or other factors that in the end would result in an improved overall conversion rate and more sales.
Look at a demo (no signup needed) to have a better impression about what kind of measurements I have in mind: https://demo.datma.io/shopify/reporting/metrics/1416 - this a direct link to a reports with all products with conversions, add to carts, abandonment rates.
Best,
Peter [email removed] Datma