As part of our ongoing commitment to empower our valued Shopify merchants with cutting-edge insights, we are thrilled to introduce our latest feature: Industry Benchmarking.
You can know compare your key performance metrics with that of the competitors in the same industry and selling to similar customers in same/similar currencies. Some of the KPIs include -
Overall growth rates(Revenue, New customer, Order) last month compared with competitors
Check whether your customer lifetime value(LTV) grow as your top 25%, Average or Bottom 25% of your competitors.
How the cumulative repeat rate from customers increases over their 1st year.
Uncover opportunity areas where you perform better than competitors. Leverage this competitive edge to drive growth and retention.
Also, Identify the problem areas which need founder’s attention and intervention. Set realistic and impactful goals based on achievable benchmarks to grow to be among the top players in your industry.