Innovation is touted as an always great thing.
Something that every company needs but only the best companies can accomplish.
The thing is, a lot of innovation is worthless or even harmful for your store.
Innovation around your core competences are great.
Innovation around how your store functions are a waste of time at best, an albatross at worst.
Unless your innovation helps customers to buy more products, with lower costs to you, or more effectively, then they're a waste of time.
Finding a solution that's 80% of what you need off-the-shelf (e.g. app from the App Store, buying an asset from a suppler) is better than trying to be innovative in areas that don't matter to your business or customers. Invest those resources into your core areas instead.
Knowing which products create the best customers can pay-off too. Using the First Product Analysis from Repeat Customer Insights you can learn which products produce more LTV and repeat buyers.
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.