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. 

 

General Terms


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

5. Discounts

Total discounts applied to orders

6. Returns

Amount refunded in orders

7. Net Sales

Total Value of Orders - Discounts – Refunds

8. Shipping

Total Shipping Value to Orders

9. Taxes

Total Taxes

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

13. Customers

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



Accounting Terms 


1. Gross Revenue

Total sales after discounts, but before refunds, shipping, and taxes. Gross revenue = Total sales – Discounts

2. Net Revenue

Total sales after discounts and refunds, but before shipping and taxes. Net revenue = Total sales - (Discounts + Refunds)


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.