Fortunately, this is calculated for you in
Your Shopify reports. If you want to do it manually, all you have to do is divide the number of customers with more than one purchase by the number of unique customers. 2- Repeat purchase Purchase frequency shows you how many times customers return to purchase from your store. This is especially important when you consider that repeat customers are often responsible for a significant portion of a store's annual revenue depending on the product category. Calculating your store's purchase frequency is similar to calculating your repeat purchase rate. Using the same time frame you chose for your recurring purchase rate (for example, one month), divide the total number of orders in your store by the number of unique customers. 3- Average order value Once you understand your repeat purchase rate and frequency, it's time to maximize the value of each of these purchases.This metric is known as average order value, and it indicates how much money a customer spends in your store in each transaction. Just like repeat purchase, your average order value should be calculated using the same time frame you set for your repeat Oman Phone Number Data purchase price. From there, all you have to do is divide your annual revenue by the number of orders your store has processed. Shopify Reports also calculates this number for you. 4- Customer lifetime value Whether you want to increase these metrics one at a time or all at once, the ultimate goal of retention marketing is to increase customer value. Customer value is the final piece of the puzzle because it helps you understand the actual value of each customer. You should already have an indication of repeat purchase and average order value.
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By multiplying these two values together, you can truly see the fruits of your labor and understand the power of retention marketing. Customer retention strategies Here are some of the most important tips and strategies to follow when thinking of ways to increase customer retention: 1- Use customer accounts Accounts can make repurchases easier by giving customers instant access to previous orders and pre-packaged shipping information. The trick is to provide the option to create an account after placing the first order. 2- Improve your customer support Support systems help you communicate effectively with your customers and provide them with the right level of support. Having a live chat or help desk tool turns a customer question into a sale or a customer complaint into a solution, whether they come to the site, via email, or via social media.
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