With 2020 all wrapped up, now is a good time to analyze how the year went.
There's a bunch you can look at to evaluate the year but I'd recommend installing Repeat Customer Insights to help crunch the data and draw out some advice.
Some really important areas to look over are your customer cohorts (e.g. how did newly acquired customers behave?), first product analysis (e.g. which products are growing the best customers), and the customer purchase latency (e.g. how long does it take for reorders).
Those three are critical for figuring out how the year performed. Granted, 2020 was an off year so don't take any metric as gospel but 2020's trends should continue for a bit into 2021 as the world recovers.
If you want more advice beyond the in-app insights, I publish many of my articles to my Knowledge Base. Even if you don't use my app for your customer analysis, you can pick up some strategies and ideas from there.
Eric Davis
Segment your customers automatically with RFM
Segmenting your customers has always been touted as a powerful marketing tool but many stores avoid it because it can be time-consuming.
Repeat Customer Insights will automatically segment your entire customer base for you based on the valuable data Shopify has already collected for you. Ranging from 5 to 30 to over 125+ different segments using RFM and other models, you can pick how much power you want to harness.