When you're ready to start growing your store there are hundreds of different metrics you can use.
While running Repeat Customer Insights, these ones come up time and time again as the important ones.
-
Average Order Value - useful for forecasting revenue and to check the returns on paid marketing campaigns.
-
Repeat Purchase Rate - useful to gauge customer loyalty and defection.
-
Customer Lifetime Value - too heavily focused on by media, but still useful to see how much customers historically purchase.
-
Conversion Rates by Source - used to track how well each marketing channel is converting into customer.
-
Number of Orders over time - used to see the average order volume which can spot traffic and conversion problems.
-
Profit - the most important metric of all, are you making money? You can use EBIT or EBITDA if you understand how those work and if you're producing positive cashflow (if you're not sure, it's better to stick with the basic Profit metric)
Not all of these can be pulled out of Shopify or my app but that makes them even more important to monitor.
If you haven't installed Repeat Customer Insights yet, it's a simple process to start getting a better handle on some of these metrics.
It's analysis is completely automatic and it'll analyze all of your historic data in order to present the clearest picture of each metric.
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.