REPEAT COMMERCE: 01 - What Number Predicts If Your Shopify Store Survives?
The average new Shopify customer now loses you money on the first order. The repeat customer is where the profit lives. This kicks off my Repeat Commerce series on the Shopify1Percent podcast, breaking down the three lies that got ecommerce hooked on acquisition, plus the two numbers to pull in your Shopify admin today.
This is episode one of my new Repeat Commerce series, a run of about 20 episodes all about the business of the second order, the third order, and the tenth. I'm starting with the argument the whole series is built on: repeat commerce should be the default way you build a Shopify store, not the thing you get to later. The average new customer now costs merchants around $29 in losses while the average repeat sale makes about $39 in profit, so the second order isn't a bonus, it's the actual business. In this one I break down the three lies that got ecommerce hooked on acquisition, and I walk you through pulling two numbers in your Shopify admin that most merchants have never looked at. Grab those numbers before the next episode, because we're going to spend this series moving them.
KEY TAKEAWAYS
- Why does the average new customer now lose you money on the very first order?
- What are the three lies that got ecommerce addicted to acquisition?
- Is retention really an email problem, or is it a design decision you're skipping?
- Why does waiting until you scale to fix repeat make it harder, not easier?
- Where do you find your true repeat purchase rate in Shopify (and how is the default number fooling you)?
- What counts as a healthy repeat rate for your specific category?
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