Tracking the right metrics is crucial for understanding and improving your Shopify store’s performance. Here are key metrics to monitor:
1. Conversion Rate
The percentage of visitors who make a purchase. This indicates how effective your site is at turning visitors into customers.
2. Average Order Value (AOV)
The average amount spent per order. Increasing this can significantly boost your revenue.
3. Customer Lifetime Value (CLV)
The total revenue you can expect from a single customer over their relationship with your store.
4. Cart Abandonment Rate
The percentage of shoppers who add items to their cart but don’t complete the purchase.
5. Traffic Sources
Where your visitors are coming from (e.g., organic search, paid ads, social media).
6. Customer Acquisition Cost (CAC)
The cost of acquiring a new customer, including marketing and advertising expenses.
7. Return on Ad Spend (ROAS)
The revenue generated for every dollar spent on advertising.
8. Page Load Time
How quickly your pages load, which can significantly impact user experience and SEO.
9. Repeat Customer Rate
The percentage of customers who make more than one purchase.
Regularly monitoring these metrics will give you valuable insights into your store’s performance and areas for improvement. Use Shopify’s built-in analytics along with tools like Google Analytics to track these metrics effectively.
