If you're looking for a way to get deeper insights into your customers and products on Shopify, then the Product Repurchase Rate report from By the Numbers is a great place to start. This report can help you understand which products are resonating with your customers and which ones may need some attention.
Before diving into the report, you'll need to have By the Numbers installed on your Shopify store. Don't worry, the app offers a free 14-day trial and no credit card is required to sign up.
Once you have By the Numbers installed, navigate to the Reports section from the left side menu and select the Product Repurchase Rate report from the Products section. The report has several options for customization, including a date range, sales channel, segment, and the ability to group products by product, variant, SKU, and vendor.
The report includes several important metrics that can help you understand customer behavior and identify opportunities for growth. The Repeat Customer Rate, for example, is the percentage of customers that purchase a product again after their first order. This metric can be used to identify products that have a high level of customer loyalty. Similarly, the Product Repurchase Rate is the percentage of all products purchased after the first order. This metric can be used to identify products that have a high level of customer affinity.
To use the Product Repurchase Rate report effectively, it's important to understand how these metrics are calculated. Repeat Customers are defined as the total number of distinct customers that have repeated their purchase. Products Purchased is the total units/quantity of a product that has been purchased. Products Repurchased is the total units/quantity of a product that has been purchased after the first order. It's important to note that each row of the report represents one product, and the report will show the sales and repeat customer information for that product.
With this report, you'll be able to quickly identify which products are resonating with your customers and which ones may need some attention. Use this information to make data-driven decisions about your product offerings and improve your customer retention.