As a business owner, it’s important to understand what value your customers bring to your business during their relationship with you. This is called customer lifetime value (CLV) and is a key metric for any successful business.

With Shopify Plus reporting, CLV tracking is more efficient and accurate than ever before. How accurately can you track customer lifetime value with Shopify Plus reports? Let’s dive in.

1. Use the Customer Lifetime Value Report: Shopify Plus offers a comprehensive CLV report that breaks down each customer’s lifetime value. This report takes into account all customer orders, refunds, and returns, giving you a clear picture of their total value.

2. Analyze the cohort analysis report: This report allows you to track the purchasing behavior of groups of customers over time. By analyzing this report, you can identify which customers have the highest CLV and what factors influence their loyalty. This information can help you develop strategies to retain and attract valuable customers.

3. Monitor Customer Acquisition Report: As the name suggests, this report tracks customer acquisition sources such as social media, email marketing, or paid advertising. By understanding which channels attract your most valuable customers, you can allocate your marketing budget accordingly and increase your overall CLV.

4. Consider product purchase reports: These reports provide insight into which products and collections are generating the most sales and CLV. By identifying your best performing products, you can focus on promoting them to your customers or even consider offering them on a subscription basis to increase your CLV.

5. Use Shopify’s APIs: If you have the skills or technical resources, you can use Shopify’s APIs to create custom reports specifically tailored to your business needs. This allows you to track CLV in a more personalized and detailed way.

In short, tracking customer lifetime value with Shopify Plus reporting is a powerful tool for understanding customer value and making informed business decisions. By analyzing these reports, you can identify your most valuable customers, their purchasing behavior, and the products or marketing channels that contribute to their loyalty. This information is essential to increase customer retention and ultimately fuel the growth of your business.