Confused? We're here to help. Here is a list of terms you will see on our site and in our modules, along with some useful definitions and explanations.
1. Key Performance Indicators (KPI)
Key Performance Indicators (KPIs) are the critical indicators that provide the metrics by which a business can measure progress toward an intended result. KPIs provide a focus for strategic and operational improvement, create an analytical basis for fact-based decision making and help focus attention on what matters most.
2. Customer Life Time Value (LTV)
Customer Lifetime Value is a metric for understanding your customers; a measurable prediction of the value of your relationship with your customer. This metric helps your organizations understand the future value generated by marketing initiatives.
3. Customer Cohort
Customer Cohort analytics allows businesses to understand the behavior of a group of customers over time. A 'cohort' is a group of users who perform a certain sequence of events within a particular time period.
4. Product Cross-Sell
Product Cross-Selling identifies products that satisfy complementary or related needs that are not fulfilled by the original product. Examples include, a customer buying a digital camera might also be interested in buying a memory card, or a waiter in a restaurant might suggest that a customer add French fries when ordering a hamburger.
Terms Used in SmartenApps eCommerce Analytics for Shopify Reports
|1. Orders |
Number of Orders
2. Units per Transaction
|Average Number of Items Purchased per Order|
3. Average Order Value
|Total Value of Orders - Discounts – Refunds + Taxes + Shipping Cost) / Number of Orders|
4. Gross Sales
|Total Value of Orders|
|Total discounts applied to orders|
|Amount refunded in orders|
7. Net Sales
|Total Value of Orders - Discounts – Refunds|
|Total Shipping Value to Orders|
10. Total Sales
|Total Value of Orders - Discounts – Refunds + Taxes + Shipping Cost|
11. Avg Sales Per Day
| Total Value of Orders - Order Refunds) / Number of Orders|
12. Average Orders Per Day
|Number of Orders within a specific time period / Number of days within that period|
|Number of Customers who have placed a minimum of 1 order|
14. Average Customer Value
|Total Amount of Orders / Number of Customers who have placed a minimum of 1 order|
15. Average Order Per Customer
|Number of Orders / Number of Customers who have placed a minimum of 1 Order|
1. Gross Revenue
|Total sales after discounts, but before refunds, shipping, and taxes. Gross revenue = Total sales – Discounts|
2. Net Revenue
Note: SmartenApps eCommerce Analytics for Shopify will always use net revenue where applicable.
If you have any further questions, don't hesitate to contact our Support Team.