Today marks the end of the month, quarter, and the last day of the first half of 2022.
Yesterday I created my wishlist of changes for Repeat Customer Insights for Q3. It feels like a lot right now but I'm surprised at how much can be accomplished in three months.
It's also nearing that time when I go through my metrics and see how the business performed. I already know the rocky economy (to put it lightly) has impacted a lot of people and businesses, myself included, but having hard numbers is helpful to see how large the impact was.
The big metrics I'm looking at are:
- Average Order Value - Are customers placing larger orders? Enough to counter inflation?
- Repeat Purchase Rate / Churn - Are customers coming back? How much is regular churn vs store closures?
- Average orders per month - Are more customers buying each month?
While closing out your quarter for your Shopify store, my app can help collect these and other important metrics. It's a good time to compare your performance against last quarter and year-over-year.
The new graphs I've been including can make the numbers more visually understandable and there are more on the way (Cohort graphs just soft-launched this week.... shhh).
Eric Davis
Market to your customer's timing
Figure out how long customers wait in-between purchases and you have a key component for your marketing timing. This is the basis of the Average Latency metric and Order Sequence Report in Repeat Customer Insights.