Average order value
Posted: Wed Dec 11, 2024 9:10 am
Average order value tells you the average value of each purchase.
This is one of the most important list of latvia cell phone numbers conversion metrics for understanding how your audience tends to spend money on your website.
How to track it?
To track the average value of your orders, you need to divide your total revenue by your total number of orders.
How to improve it?
There are lots of proven tactics for raising your average order value. You can use personalization to create tailored upsell and cross-sell offers.
Other effective tactics include offering free shipping for orders above a certain threshold.
7. Customer retention rate
Your customer retention rate tells you how good you are at keeping people who’ve made purchases in the past. Basically, it measures customer loyalty.
On average, retaining a customer is 7x less expensive than acquiring a new customer. Loyal customers are the lifeblood of any business, so you need to keep them happy!
How to track it?
You need three pieces of information to figure out your customer retention rate:
Number of customers at the end of a period (E)
Number of new customers acquired during that period (N)
Number of customers at the start of that period (S)
When you have this info, here’s the simple calculation you can use to get the percentage:
Customer Retention Rate = ((E-N)/S)*100
How to improve it?
First of all, offering high-quality products and services is the best way to keep your customers happy. Beyond that, you can encourage your customers to create an account, run a loyalty program, or improve your email outreach.
You can also create a subscription program to encourage users to make a purchase every month.
This is one of the most important list of latvia cell phone numbers conversion metrics for understanding how your audience tends to spend money on your website.
How to track it?
To track the average value of your orders, you need to divide your total revenue by your total number of orders.
How to improve it?
There are lots of proven tactics for raising your average order value. You can use personalization to create tailored upsell and cross-sell offers.
Other effective tactics include offering free shipping for orders above a certain threshold.
7. Customer retention rate
Your customer retention rate tells you how good you are at keeping people who’ve made purchases in the past. Basically, it measures customer loyalty.
On average, retaining a customer is 7x less expensive than acquiring a new customer. Loyal customers are the lifeblood of any business, so you need to keep them happy!
How to track it?
You need three pieces of information to figure out your customer retention rate:
Number of customers at the end of a period (E)
Number of new customers acquired during that period (N)
Number of customers at the start of that period (S)
When you have this info, here’s the simple calculation you can use to get the percentage:
Customer Retention Rate = ((E-N)/S)*100
How to improve it?
First of all, offering high-quality products and services is the best way to keep your customers happy. Beyond that, you can encourage your customers to create an account, run a loyalty program, or improve your email outreach.
You can also create a subscription program to encourage users to make a purchase every month.