Popular Use Cases: Shopify
HOW TO REPORT ON
- Customer Lifetime Value
- Country Performance
- Combined data from multiple Shopify stores
How to report on Customer Lifetime Value
You may want to report on Customer Lifetime Value from your Shopify Account. Learn more about Customer Lifetime Value from Shopify or HubSpot documentation. These Metrics can be created in Lucrative.ai using Data Calculations.
These Metrics can be created in Lucrative.ai using Data Calculations. To do this, you’ll need to create 4 Calculated Metrics in Lucrative.ai:
Data Calculations is available in Plus and Business Accounts. Agency Basic Accounts have access to Data Calculations in the Agency Account only. Request a trial of Data Calculations by following these steps.
- 1 to report on “Purchase Frequency,”
- 1 to report on “Average Order Value,”
- 1 to report on “Customer Value,” and
- 1 to report on “Customer Lifetime Value.”
To start, you’ll need to create a Calculated Metric to report on “Average Order Value.”
Pro Tip: “Average Order Value” = “Total Sales” / “Orders”
Next, calculate “Purchase Frequency.”
Pro Tip: “Purchase Frequency” = “Orders” / “Total Customers”
Now you can create a Calculated Metric to report on “Customer Value.”
Pro Tip: “Customer Value” = “Purchase Frequency” x “Average Order Value”
Finally, you can bring everything together and create a Calculated Metric to report on “Customer Lifetime Value.”
Pro Tip: “Customer Lifetime Value” = “Customer Value” x “Average Customer Lifespan.”
“Average Customer Lifespan” is calculated by averaging the number of years a customer continues purchasing from your Shopify store. For newer stores, Shopify recommends using an “Average Customer Lifespan” of 3 years.
How to report on Country Performance
In order to report on country performance from Shopify, you will want to create a separate Shopify Account for each country. You can then connect the individual Shopify Accounts in Lucrative.ai and report on country-specific data.
How to report on combined data from multiple Shopify stores
You can combine data from multiple Shopify stores by connecting each Shopify Account as a separate Data Source in Lucrative.ai. From here, you can use Data Calculationsto combine data from your various stores.
If your Shopify stores track currency in different units, be sure to put the necessary conversions in place so your aggregated data is accurate. You can learn more here.