While Average Customer Purchase Latency is much better at predicting defecting customers, it can be difficult to calculate unless you use software like my app. An alternative is to use RFM. It's a bit easier to calculate (the core is three simple sorts) and much easier to understand. RFM also...
Customer defection happens when a customer should have bought but they haven't. Either they bought from someone else (competitor) or didn't buy again at all. In either case, defecting when that happens can be a powerful trigger for customer retention. Get those customers to come back to your store and...
Lifetime Value (and Customer Lifetime Value) are important metrics for Shopify stores when it comes to customer segmenting. Its limitations are that it only looks at a value at a point in time. A LTV of $1,000 might be really great. Really low. Or even could be a customer who...
Early on in a recent recession, someone [1] gave the advice of: Focus on getting two new customers each month. Get out there and hustle. Ignore the rest of the recession. Though aimed at smaller software companies who earn recurring revenue, this advice can apply to any business. Two new...
Even though RFM analysis can work on most Shopify store sizes, there are some times when it's too complex or not worth the time to use. Early in your store RFM analysis uses your customers past buying behavior to segment them. If your store is new, say within the last...
Happy 4th of July to you. Being the US's Independence Day, it gets a lot of attention every year along with special holiday sales. This year the promotions started last Friday and I've seen some extended into Wednesday. A nice long 6-day cycle that captures both the weekend and a...
Wholesale orders can be profitable for your store, even without a separate wholesale division or even much of a plan. When they buy on a regular schedule you can get a foundation of stable revenue. When companies buy in bulk they are usually looking for two things: good price on...
Table of Contents What is a cohort analysis? Why a cohort analysis important for ecommerce Cohort analysis example How to read a cohort analysis 1. Figure out how the cohort report is grouping 2. Read across to understand one groups behavior 3. Read down to understand a cohort's age...
Customers of Repeat Customer Insights can now subscribe to the Store Analysis report and be emailed copies of the report automatically. Email subscriptions were something I added awhile back. They have the app compile and send you reports automatically on a weekly or monthly schedule. With this latest enhancement you...
In Repeat Customer Insights you can subscribe to the reports to get a copy emailed to you automatically. These email subscriptions make finding and reacting to your metrics easier. That's the whole point of tracking metrics: better changes, better decision making. Multiple email addresses allowed Each account can have multiple...
Each tip includes a way to improve your store: customer analysis, analytics, customer acquisition, CRO... plus plenty of puns and amazing alliterations.