The Best Apps for Shopify Cohort Analysis
Updated April 26, 2023.
Analytics is one of the most valuable tools for anyone starting a Shopify store. The right reports and data insights can provide a behind-the-scenes look into the success of your omnichannel strategies for marketing and sales, or tell you which of your products are achieving the most sales.
One of the most important forms of analysis from a marketing and sales perspective is cohort analysis. This is a form of behavioral analytics that takes data from an e-commerce platform and breaks it down into specific segments.
Cohort analysis provides you with a comprehensive view of how well your website is performing and which of your customers have the highest lifetime value or engagement levels.
Google Analytics for Cohort Analysis
One of the easiest ways to conduct a cohort analysis is to connect your Google Analytics account to your Shopify store in the admin center. Simply go into the “Settings” page, then “Apps and Sales” channel, and click on “Online store”. In the “Google Analytics” section, you can paste your code from your Google Analytics account to make the connection.
Once connected, you’ll be able to access a range of reports to help improve your Shopify conversion rate, discover your best sources of traffic, and develop opportunities to increase customer loyalty.
Google Analytics has its own dedicated “Cohort Analysis” report, available to anyone using the Universal Analytics service. Simply sign into Google Analytics, select “Audience” and then “Cohort Analysis”. The report will show the behaviors of various user groups on your website, offering insights to help you increase organic traffic and increase profit margins.
Shopify Apps for Cohort Analysis
While Google Analytics is one of the most popular tools for conducting a cohort analysis in Shopify, it’s not the only option. In the Shopify App store, you can find a range of other valuable tools for conducting a customer profitability analysis, or evaluating customer lifetime value.
Some of the top-rated options include:
1. Lifetimely
Lifetimely is an analytics and reporting app that allows Shopify users to track profits and losses in real-time. This includes a custom dashboard for tracking your preferred KPIs and marketing metrics.
Lifetimely has precise cohort analysis tools to help you discover your most profitable segments. The lifetime value model is even powered by AI to help you accurately project the potential lifetime value for each cohort. Plus, benchmarking tools show you how your metrics compare with competing brands.
There’s a 14-day trial available for beginners, after which paid pricing starts at $19 per month for the basic package.
2. Customer Intelligence
The Customer Intelligence app by RetentionX ensures Shopify users can collect valuable information about their customers and segment them based on their value or behaviors. The all-in-one platform offers deep insights into the key customer segments responsible for driving business profits, and tips for how to identify your ideal market.
The tool can help pinpoint customers at risk of churn, so you can reconnect with them. It can also show your most valuable products, so you can upgrade your sales strategies.
Customer Intelligence integrates with a range of other apps, so you can link it to your loyalty program for Shopify and your Facebook Ads. What’s more, you can use this app for up to 250 active users without paying anything. The advanced package for more than 250 customers starts at $10 per month.
» Find out how you can use cohort analysis tools for your Shopify store
3. BeProfit
BeProfit is an all-in-one analytics application for Shopify that specializes in offering real-time profit calculations with an intuitive and customizable dashboard. You can automate reports, or access insights on-demand into order metrics, shipping, inventory, and marketing costs.
The service makes it easy to analyze the profitability of different customer groups and track customer lifetime value for your most crucial segments. You can also create custom reports based on your most important metrics, and export them in a range of different formats.
BeProfit offers a 7-day trial to beginners, followed by premium packages starting at $25 per month. The basic plan includes a comprehensive profit and expense dashboard, unlimited ad integrations, order and product metrics, and daily data updates.
- Provides a complete business and financial overview.
- Access to real-time data and custom reports.
- Link multiple platforms and shops for an aggregated view.
Leveraging Shopify Cohort Analysis
Cohort analysis allows e-commerce store owners to understand their target audience, and which customers deliver the most value for their business. Not only can you more accurately distribute your marketing budget with these insights, but you can also improve your chances of retention by finding out exactly what each customer needs from your brand to enjoy a fantastic experience.
