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I have added my Google Analytics Tracking ID to the Google API page in Magento. Will doing this alone effectively track all of my sites traffic, or do I need to take further steps?

Google has provided a tracking code which they recommended putting on every webpage. Do I need to do this?

Thanks as always, guys!

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No you don't need to do anything else. The tracking code you enter will automatically be put on every page. Conversion / transaction data is also tracked, just make sure you have ecommerce tracking enabled in your GA account.

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