GITNUX MARKETDATA REPORT 2023

Essential Shopify Metrics

Last Updated: October 31, 2023

Written & Summarized by: Jannik Lindner

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Highlights: The Most Important Shopify Metrics

1. Gross Merchandise Volume (GMV)
2. Total Sales
3. Average Order Value (AOV)
4. Conversion Rate
5. Customer Acquisition Cost (CAC)
6. Customer Lifetime Value (CLV)
7. Churn Rate
8. Return on Advertising Spend (ROAS)
9. Cart Abandonment Rate
10. Net Promoter Score (NPS)
11. Site Traffic
12. Bounce Rate
13. Time on Site
14. Product Views
15. Referral Sources
16. Repeat Customer Rate
17. Revenue by Channel
18. Social Media Engagement

Shopify Metrics: Our Guide

Navigating the world of e-commerce can be challenging, but understanding essential Shopify metrics is key to online retail success. Our recent study dives into the crucial data that every Shopify seller must track to optimize their revenue and grow their customer base. Discover how these key metrics can revolutionize your e-commerce strategy and drive substantial business growth.

Gross Merchandise Volume

Represents the total value of products sold through the Shopify platform over a given period

Total Sales

Sum of all sales generated through the platform, including discounts, shipping fees, and taxes

Average Order Value

Calculates the average value of all orders placed in a given time period, helping to understand customers’ spending behavior

Conversion Rate

The percentage of visitors who make a purchase, showing the site’s effectiveness in driving sales

Customer Acquisition Cost

The cost of acquiring a new customer, including marketing expenses, promotions, and any other costs related to customer acquisition

Customer Lifetime Value

The predicted revenue generated by a customer during their entire relationship with the store.

Churn Rate

The percentage of customers who discontinue their relationship with your store over a given time period

Return On Advertising Spend

Measures the effectiveness of advertising campaigns by calculating the revenue generated per dollar spent on ads

Cart Abandonment Rate

The percentage of customers who add products to their cart but do not complete the purchase, indicating potential issues with the checkout process or customer hesitations

Net Promoter Score

A metric that measures customer satisfaction and loyalty by asking how likely they are to recommend your store to others

Site Traffic

The number of visitors to your store in a given time period, reflecting the effectiveness of marketing and organic search efforts

Bounce Rate

The percentage of visitors who leave your store without browsing beyond the initial landing page, indicating a lack of engagement or issues with the site design

Time On Site

The average time that visitors spend on your store, helping to measure engagement and user experience

Product Views

The number of times a product page is viewed, revealing the popularity of specific items and the effectiveness of product search/navigation.

Referral Sources

The breakdown of traffic sources, such as search engines, social media, or other websites, showing which channels are most effective in driving traffic and sales

Frequently Asked Questions

What are the key metrics to track on Shopify for an online store's success?

The key metrics to track on Shopify include Conversion Rate, Average Order Value (AOV), Customer Lifetime Value (CLV), Cart Abandonment Rate, and Traffic Sources.

How do I find the Conversion Rate of my Shopify store?

To find the Conversion Rate, go to the Shopify analytics dashboard and divide the total orders by the total number of store visitors during a specified period. Multiply the result by 100 to obtain the percentage conversion rate.

What is the Average Order Value (AOV) on Shopify, and why is it important?

Average Order Value (AOV) is the average amount of money a customer spends per transaction on your store. It is important because it helps you understand your customers’ purchasing behavior, allowing you to implement strategies to increase revenue and profitability.

Can you explain the significance of the Customer Lifetime Value (CLV) metric in Shopify?

The Customer Lifetime Value (CLV) metric represents the estimated total revenue generated from a customer throughout their business relationship with your store. It helps you identify valuable customers and allocate marketing resources more effectively by focusing on nurturing and retaining high-CLV customers.

How can I use the Traffic Sources metric in Shopify to optimize my marketing efforts?

The Traffic Sources metric shows you where your visitors are coming from, such as organic search, social media, or referral websites. By analyzing this data, you can identify the most effective marketing channels and allocate your marketing budget accordingly, concentrating on the channels that generate the most traffic and conversions.

How we write these articles

We have not conducted any studies ourselves. Our article provides a summary of all the statistics and studies available at the time of writing. We are solely presenting a summary, not expressing our own opinion. We have collected all statistics within our internal database. In some cases, we use Artificial Intelligence for formulating the statistics. The articles are updated regularly. See our Editorial Guidelines.

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