With the low levels of consumer trust right now, one metric you should be watching is your repeat purchase rate.
This is the time to focus on retaining as many customers as you can as you don't know if they'll ever come back otherwise.
You can start with a simple email campaign or get as complicated as a loyalty system with rewards and points and so on.
Just make sure you have something in place and that you're communicating with your customers often. And no, if you're only posting to social media that doesn't count (the majority of them won't see you at all).
Once you start working on retention, you'll want to verify that it's improving. Using Repeat Customer Insights to track that is the best option, you can go simple and track it for the year-to-date or drill-down into the order sequences, timing, and cohorts to see which types of customers are reordering.
Eric Davis
Get started getting more from your repeat customers
If you haven't signed up for Repeat Customer Insights, it's an easy process. Just give it your Shopify store url and it'll walk you through the setup, import, and analysis process automatically. No code needed.