With the winter holidays over, now is the time to really dig into how your Shopify store did.
Here's some important metrics and behavior to examine.
Overall view of business growth:
- Total sales for Q4.
- Average orders per month for Q4.
- Profit for Q4.
- Total marketing costs, direct and indirect.
- Total discounts given.
Customer base shifts
- Number of new customers vs repeat customers.
- Repeat Purchase Rate for 2022 (you need a whole year view).
- Customer segment changes (addition or subtraction in different segments) for the three months. See this article for an example.
- Cohort sizes, spending amount, and AOVs for Q4 cohorts.
Products.
- Best selling products by amount.
- Best selling products by quantity.
- Best selling products bought by new-vs-repeat customers.
You'll want to compare most of these to the years before (year-over-year), going back to 2019 to see pre-COVID performance. The COVID-bump has thrown off a lot of metric trends so you need a long historic view to really see how things are doing.
Many of these can be analyzed by Repeat Customer Insights. Some even automatically for you.
Sign up today and it'll load you holiday and historic data for you.
Eric Davis
Analyze your customer's behaviors before they defect
Your customers aren't yours forever. Some might have defected today, never to be seen again.
You need to analyze your customer behavior so you can reach them before they defect.