With a week gone by since the end of the year, now is the time to start reviewing the winter holiday season.
You'll want to look for and note important metrics like:
- Total sales
- AOV
- Order volume
- Repeat Purchase Rate
- Returning Customer Rate
These you'll want to compare to performance in prior years. Did things change for the better (or worse)?
(Repeat Customer Insights can also calculate and compare many metrics for you automatically, including those and more sophisticated metrics)
After that analysis, you'll want to note down anything that you and your staff recognized as good and bad. This relies more on gut feel (qualitative) than the numbers (quantitative) but can be equally important.
Ideally you'll dig into the data sometime this month but even if you can't, capturing this information to review next winter can be valuable.
The best strategies are an evolution of something that was improved over-time.
Eric Davis
P.S. The holiday bonus for Repeat Customer Insights is still valid for a bit longer. Every store gets access to the 2023 Q4 reports, specifically to run these sorts of analysis. It'll be removed later in January, so take advantage of it while you can.
Optimize your promotion timing to save money and attention
Repeat Customer Insights will analyze a ton of customer behavior data for you, including their buying cycles.
If you knew exactly when the majority of your customers were ready to buy again, you can increase your orders and profit just by tweaking your message timing.