New stuff from the past, for you to see today
June 4, 2020
Cost of Goods Sold (CoGS)
Amazon has famously “razor-thin” margins on their ecommerce business. As business operators ourselves however, we know we can do a lot better! This week we started rolling out Cost of Goods Sold (CoGS) to our analytics. In the Executive summary, you’ll find two new metrics Gross profit and Gross margin:
- 💸 Gross profit = Net revenue (Sales - Discounts - Refunds) - CoGS
- ⚖️ Gross margin = Gross profit / Net revenue * 100 (%)
Gross profit and margin gives us a better idea of how much money we actually keep, and how healthy our business actually is. If you already have the “Cost per item” values set for your products, then Segments should already be incorporating them. If you don’t have them set yet, then Gross profit will equal Net revenue with Gross margin showing 100%.
One feedback we received was the relevancy of comparing metrics to the same period a year earlier, or a “year-over-year” (YoY) comparison. YoY comparison does a better job of accounting for seasonality (Q1 is different from Q4), and so we’ve updated the Executive summary accordingly. We are continuing to use period-over-period or YoY (or both) in other modules.
Partner app: Klickly
We’re happy to recommend a partner app called Klickly, an advertising platform for acquiring impulse-buy customers. We previewed a demo and were impressed by their technology and advertising reach of 25M partner sites. They’re currently invite-only and limited to US-based brands — Segments Analytics users get access and a guaranteed 30K free impressions.
May 14, 2020
This page! We've been mostly sending email updates about new features and changes, but figured it was high time we had a central location for people to see our changelog. Of course, we'll still push updates via email and other channels. Come back soon and often.
Lifecycle segments + playbooks
We moved the lifecycle "playbooks" into the grid directly for ease-of-use and access. Additionally, the lifecycle grid is driven by segments now for faster loading — if you don't see any of your lifecycle grid segments, let us know aswe may need to re-create the segments driving them.
April 26, 2020
Discount code users
We created a new customer segment filter for "discount code" include and exclude usage. Now you can filter for users that have used a particular (or many) discount codes, as well as those who have not. We also automated two new segments based off of this filter:
- Used any discount
- Never used a discount (Full price)The first segment represents all customers that have ever used a discount on an order. The second segment is all customers that have never used a discount on any order; in other words, customers who have paid full price on every order.
Customer cohort analytics
For Growth+ stores, we extended customer cohorts to up to 2 years for a deeper look at how monthly cohorts have been performing. We’ve also added a “churn” table view that complements the “repeat” customers table.
How do we define churn? We use each store’s historical data to calculate a churn days threshold for 0x, 1x, 2x, and 3x+ order customers.
April 8, 2020
Product variant filters
We added the ability to filter customer segments by product variants purchased. Previously, you could only filter by the higher-level product or product type. A variant filter gives more control of the exact product that a customer purchased, whether it’s color, flavor, size, or any other variation that exists. Unlocking purchases at the variant level leads to interesting segment possibilities.
We tucked away all of the customer segment filters behind a modal to make the filtering experience easier. Applied filters will still show directly on the page. Look out in the coming weeks for better search and typeahead for navigating within the filters (we know this is cumbersome!).
March 14, 2020
We completely revamped the "Product analytics" page to give better insight into how well your products are performing. Insights include overall winners, hot & cold products, most discounted, and trending tags. Use these insights to spot trends to take action on.
All email campaigns
We expanded coverage of email campaigns into an "All campaigns" page. Now you can easily compare different email campaigns across the basic metrics like opens, receives, and clicks, as well as 7-day and 30-day conversions and revenue.
February 27, 2020
First product purchase cohort
Does a customer’s first purchase affect their future behavior? We think it does. Holding the products from that first order is the first tangible, physical impression your customer has with your brand — if they liked what they bought, you can bet they’ll be back for more.
The first purchase effect is what we set out to illuminate in the product cohort analysis. Like in customer cohort analytics, we look at different cohorts but base them on which products your customers bought first, and follow their journeys through subsequent months with metrics like repeat orders, revenue, order value, CLV, and more.
February 21, 2020
Email campaign analysis
We launched email campaign analysis this week to provide a more detailed look at how your email campaigns are doing, including open & click rates, 7D & 30D orders and revenue, as well as purchased products. Knowing email campaign ROI is a crucial piece to help close the loop starting from your insights → segments → campaigns → back to insights. Keep the data flywheel going by creating better, more targeted campaigns using our playbooks as a starting template.
We updated our logo! It is still based off of an “S”, and now also reflects the never-ending pursuit of answering all the questions we have about our businesses.
February 11, 2020
One of the greatest benefits of being on Segments is the community network — hungry, data-driven merchants constantly trying to improve their stores. When we see something come up again and again, that’s usually a good sign that everyone could benefit from it. Most companies call this “feature requests”. We call this the only way to keep our stores competitive with BigCo.
This week, we launched a series of playbooks to give you a starting point for targeting every stage in the lifecycle grid. The overall strategy is simple:
- 🕓 Engage active customers
- 📆 Convert at risk customers
- 🗓 Win back churned customers
Each stage has a different strategy for signups (0 orders), one timers (1), repeats (2), and loyals (3+), for a total of 12 playbooks. We provide high-level suggested actions and discounts, so you can design specific strategies suited to your store.
We hope these playbooks will drastically reduce the friction to begin experimenting with segmented marketing. One day soon, we want to give you even more personalized playbooks — think product recommendations, specific discount amounts, and more niche segmentation.
January 28, 2020
We’ve optimized the way our customer lifecycle filters work. Now, instead of a single tag for each lifecycle + order combo (eg. “Active one timers”), different lifecycle + order combos can be filtered with a “Lifecycle” tag that uses dynamic timings based on the customer orders number. For example, to filter for “Active one timers”, you would filter “Active” lifecycle with “1” order. As another example, using “Active” lifecycle with “1+” orders would show all customers in the “Active” lifecycle for one timers (1), repeats (2), and loyals (3+), using each of their respective timings.
Order tag filter
You can now filter customers by "Order tag" for any orders they’ve purchased in the past. One use case is for those using ReCharge subscriptions, with their orders being tagged with “Subscription”, “Subscription First Order”, and “Subscription Recurring Order”. For example, you could create a segment of all customers that have ever ordered a subscription order.
January 6, 2020
New year, new segments
🎉Happy new year!
We launched Segments last year to give Shopify stores, no matter how big or small, access to the same advanced data analysis and segmentation used by the tech giants. Since then, we’ve helped stores:
- 🚻Segment customers into thousands of different combinations using RFM stages, historical buying patterns, customer tags, product tags, and other demographics
- 📨Target those segments in email campaigns, Facebook custom audiences, and Google ads, influencing millions in sales
- 📈Analyze what’s working (or not) with key metrics, cohort retention & spend, product patterns, and customer lifetime value
We’ve got huge plans for Segments this year, including better analyses, better segmentation, and better guided use cases. On that last point: we know the real value is in translating the massive amounts of data into an actionable playbook, and we’re going to make this a focus going forward.
Historical metrics per segment
When a new customer segment is created, we begin calculating and storing the size, spend, AOV, and CLV of that segment every day. Now you can see historical metrics per segment in the segment report page.
Repeat customers by cohort
In addition to analyzing monthly cohorts by spend and ARPU, we've added a new cohort table showing the % of customers from each cohort who have come back and purchased again. Repeat % are shown as a cumulative % for the proceeding months.
April 4, 2019
Official launch on Shopify
Segments Analytics officially lists on the Shopify App Store 🎉
Our journey of a thousand miles begins.