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The initial part of the customer report is intended to give the user a quick overview of their customers. Here it is possible to find statistics covering the number of new customers that has been acquired during the selected timeframe, the AOV and revenue per customer, the repurchase rate etc.
Note: The time frame sets the scope of customers, for example if 30 days are selected then the statistics presented will be based on the complete activity from the customers that has been active the last 30 days. Simple example, if 100 customers were active the last 30 days and they all have placed 3 order during their life time the statistics will be calculated using their 300 orders.
Returning customers is crucial for a business's long-term success. They provide a reliable source of revenue, cost less to acquire, and offer valuable insights that can help businesses grow and improve. Hence keeping track for the ratio between new and returning customer is one of the key metrics to follow
Tracking customer acquisition is critical for optimizing marketing and sales efforts, improving customer experience and retention, and forecasting revenue. By analyzing customer acquisition data, businesses can make data-driven decisions that lead to increased conversions, revenue, and customer satisfaction.
Customer lifetime value (CLV) is a metric that represents the total amount of revenue a customer is expected to generate for a business over their lifetime. It takes into account factors such as the customer's purchase history, frequency of purchases, and average order value. CLV is an important metric because it can help businesses make strategic decisions around marketing, customer acquisition, and retention. By understanding the value of each customer, businesses can optimize their efforts to increase customer retention, cross-sell and up-sell products, and acquire new customers who are likely to have a high lifetime value.
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