‍

Data analysis plays a crucial role in reducing customer churn and increasing CLV. The Churned e-commerce dashboard is designed to give e-commerce companies powerful insights into their customer behavior, making it easier to improve retention and order frequency.

With just a few clicks, e-commerce companies can connect their Shopify or WooCommerce order data to the Churned dashboard and get instant access to valuable information such as RFM segmentations, key performance indicators (KPIs), and cohort plots related to customer retention and order frequency. And the best part? For the first month, access to the Churned dashboard is completely free of charge, after this the choice can be made to switch to our regular subscription which costs 99 euros per month.

‍Click here to come in contact, and start trying it out today!

Features

With a new product come new features, and we're excited to introduce the powerful capabilities of Churned's e-commerce solution. Churned is a cutting-edge AI-powered software solution that helps companies retain their customers and reduce the problem of customer churn. Customer churn, or the loss of customers over time, has a significant impact on e-commerce businesses, leading to decreased Average Order Value (AOV and a increase in Average Order Frequency (AOF) and Customer Lifetime Value (CLV).

RFM Segments

Imagine you're running an e-commerce business and you've been struggling to keep your customers engaged and coming back for more. You've tried various marketing strategies, but nothing seems to be working. That's when you hear about RFM segmentation.

RFM segmentation is a customer segmentation technique that helps you identify which customers are most valuable to your business. It's based on three criteria: recency, frequency, and monetary. Recency refers to how recently a customer has made a purchase, frequency refers to how often a customer makes a purchase, and monetary refers to how much a customer spends. By analyzing these three criteria, you can segment your customer base into different groups and target your marketing strategies accordingly.

For example, using RFM segmentation, you discover that you have a group of customers who have made a purchase recently, frequently, and spent a lot of money. These customers are considered "high-value" customers and should be targeted with special promotions and incentives to keep them engaged and coming back for more. On the other hand, you also have a group of customers who haven't made a purchase in a long time, make infrequent purchases, and spend little money. These customers are considered at risk of churning and should be targeted with re-engagement campaigns to try to win them back.

With RFM segmentation, you can easily identify which customers are most likely to make a purchase, which customers are most likely to churn, and which customers are most profitable for your business. And by targeting your marketing strategies to specific groups of customers, you increase your chances of success and can keep your e-commerce business thriving.

RFM strategies in practice

RFM (Recency, Frequency, Monetary) segmentation is a powerful tool for identifying and targeting specific customer segments in order to maximize the effectiveness of marketing efforts. By analyzing customer purchase history and behavior, businesses can use RFM segmentation to create targeted campaigns and strategies that are tailored to the unique needs and characteristics of each segment.

One of the key segments identified by RFM segmentation is the "Champions" segment, which consists of customers who have high recency, high frequency, and high monetary values. These customers are considered to be the most valuable for a business, as they are typically loyal and at low risk of churn. To target these customers, businesses can use a variety of strategies such as personalized product recommendations, customer loyalty programs, and upselling and cross-selling campaigns.

Another important segment identified by RFM segmentation is the "New" segment, which consists of customers who have recently made their first purchase. These customers are considered to be at high risk of churn and may require different marketing strategies than more established customers. To target these customers, businesses can use strategies such as welcome journeys, retention campaigns, and referral campaigns.

The ''Need Attention" segments are customers who are high-value customers, but are considered to be at risk to churn. This segment is characterized by their low recency and frequency, but high to very high order value. Therefore a more aggressive marketing strategy is allowed, as these are customers who can potentially become Loyalists or even Champions. To target these customers, businesses can use strategies such as surveys and feedback campaigns, reactivation campaigns, cross-selling campaigns and loyalty programs.

Finally, the "Lost'' & ''Hibernating" segment are customers who have not made a purchase in a long time. To target these customers, businesses can use strategies such as win-back campaigns and reactivation campaigns.

In summary, RFM segmentation is a useful tool for businesses to identify and target specific customer segments in order to maximize the effectiveness of marketing efforts. By using strategies tailored to the unique needs and characteristics of each segment, businesses can increase customer loyalty and reduce the risk of churn.

Tracking important KPI’s for your e-commerce business

When it comes to measuring the success of your business, there are several key performance indicators (KPIs) that you should track. These KPIs can help you identify areas where your business is performing well, as well as areas that need improvement. One of the most important KPIs to track is the number of active customers. This will give you an idea of how many customers are engaged with your business and are likely to make repeat purchases. Another important KPI to track is the retention rate. This measures the percentage of customers who continue to purchase from your business over time. A high retention rate is a good sign that your customers are satisfied with your products or services and are unlikely to churn. In addition to these two KPIs, it's also important to track your Average Order Frequency (AOF) and Average Order Value (AOV). AOF measures how frequently customers make purchases, while AOV measures the amount customers spend on average per order. Together, these KPIs can help you understand how engaged your customers are and how much they value your products or services. Another key metric is Expected Average Customer Value (ACV) which helps you to understand how much revenue you can expect to generate from each customer over time. By monitoring these KPIs, you'll be able to identify trends and patterns in your customer data, which will help you make informed decisions about how to improve your business. By understanding how customers interact with your business and what makes them engaged and loyal, you'll be able to develop effective marketing strategies and increase your revenue in the long run.

Cohort Analysis: A Key Feature in Understanding Customer Behavior

Cohort analysis is a powerful tool that can provide valuable insights into customer behavior and purchasing patterns. Churned's cohort analysis feature allows businesses to analyze customer behavior and trends over time, to identify patterns and trends in customer behavior. By grouping customers based on common characteristics such as the date they made their first purchase, businesses can better understand the behavior of their customers over time and make data-driven decisions to improve customer retention and increase revenue.
With Churned's cohort analysis, businesses can:

• track the performance of each cohort over time, including the number of active customers

• retention rate

• average order frequency (AOF)

• average order value (AOV)

• expected average customer value (ACV)

This information can be used to identify trends in customer behavior and make informed decisions about future marketing efforts. For example, businesses can analyze the behavior of customers who made their first purchase in a particular month, quarter, or year, and compare it to the behavior of other cohorts. This can help businesses understand which marketing efforts are working well and which are not, allowing them to adjust their strategies accordingly.

In summary, Churned's cohort analysis feature is a valuable tool that can help businesses understand customer behavior and make data-driven decisions to improve customer retention and increase revenue. By tracking key performance indicators and analyzing customer behavior over time, businesses can identify trends and make informed decisions to improve their customer relationships and bottom line.

Why choose for this right now?

Churned leverages the power of AI and machine learning to set itself apart from other solutions in the market. These cutting-edge technologies allow Churned to provide businesses with data-driven insights and recommendations that can significantly improve their customer engagement and retention efforts. With seamless CRM integration, Churned makes it easy for businesses to use the insights and automation capabilities to support their existing systems. The platform is also designed to be easy to implement and use, making it accessible to businesses of all sizes. By using Churned, businesses can significantly lower their churn rate, increase customer lifetime value (CLV), and improve their net revenue retention (NRR). As AI and machine learning continue to be the future of business, Churned is well positioned to help businesses stay ahead of the curve and achieve their customer engagement and retention goals.

Why Again?

In conclusion, Churned e-commerce dashboard is a powerful tool designed specifically for e-commerce businesses. Its AI and machine learning capabilities, combined with seamless integration with businesses' existing CRM, support, marketing and usage systems, make it an industry leader in customer retention and revenue performance. With a plug-and-play implementation and ease of use, Churned is accessible to businesses of all sizes. The platform helps businesses lower their churn rate, increase the CLV, and increase the NRR, making it a valuable addition to any e-commerce strategy. Now that you've seen how Churned can help e-commerce companies better understand their customers and improve their retention strategies, it's time to take action. With the first month completely free, there's no risk in trying out the Churned dashboard and seeing the benefits for yourself. Don't wait any longer to start improving your customer retention and increasing your revenue – sign up for Churned today!

‍

Terminology

‍
‍

• Customer Churn: The rate at which customers stop doing business with a company, usually measured over a specific time period.

• CLV: Customer Lifetime Value is the total revenue a company can expect from a single customer account throughout the customer's relationship with the business.

• Shopify: An e-commerce platform that enables businesses to create an online store and sell their products.

• WooCommerce: An open-source e-commerce plugin for WordPress, enabling businesses to set up an online store.

• RFM Segmentation: A customer segmentation technique based on three criteria: recency, frequency, and monetary, which help businesses to identify and target specific customer segments in order to maximize the effectiveness of marketing efforts.

• Cohort plots: A graphical representation of customer behavior over time, segmented by various attributes, such as the time of their first purchase, their geographic location, or their demographic characteristics.

• Average Order Value (AOV): The average amount of money customers spend on an order in a given time period.

• Average Order Frequency (AOF): The average number of times customers place an order in a given time period.

• Customer Segmentation: The process of dividing customers into groups based on common characteristics such as demographics, purchase history, and behavior.

• Artificial Intelligence (AI): The use of computer systems to perform tasks that typically require human intelligence, such as learning, problem-solving, and decision-making.

• Customer Retention: The ability of a business to keep its existing customers engaged and coming back for more.

• Recency: A factor in RFM segmentation that refers to how recently a customer has made a purchase.

• Frequency: A factor in RFM segmentation that refers to how often a customer makes a purchase.

• Monetary: A factor in RFM segmentation that refers to how much money a customer spends on their purchases.

• Champions: A high-value customer segment identified by RFM segmentation, characterized by high recency, frequency, and monetary values.

• New: A customer segment identified by RFM segmentation, consisting of customers who have recently made their first purchase.

• At Risk & Need Attention: A customer segment identified by RFM segmentation, characterized by low recency and frequency but high to very high order value.

• Lost & Hibernating: A customer segment identified by RFM segmentation, consisting of customers who have not made a purchase in a long time.

• Referral campaigns: Marketing campaigns designed to encourage customers to refer new business to the company.

• Welcome journeys: Marketing campaigns designed to welcome new customers and encourage them to engage with the business.

• Reactivation campaigns: Marketing campaigns designed to win back customers who have stopped doing business with the company.

• Loyalty programs: Incentives offered to customers to encourage them to continue doing business with the company.

• Surveys and feedback campaigns: Tools used to collect feedback from customers and gain insights into their needs and preferences.

• Win-back campaigns: Marketing campaigns designed to win back customers who have stopped doing business with the company.

‍