Analytics platform Retina has launched an integration with Shopify that gives merchants access to predictive analytics for customer lifetime value (CLV). The “Retina Go” tool can be downloaded via Shopify’s app store for free.
Why we should care
A tool is a version of the company’s full AI platform and aims to give smaller e-commerce brands access to predictive insights around customer lifetime value. The data can help merchants compete with larger retail brands and platforms like Amazon. Knowing what to expect based on internal data and ad campaigns targeting look-alike audiences opens up insights usually reserved for companies with data science resources.
“Retina’s new tool levels the playing field, giving these businesses the same insights that the big brands pay teams of data scientists tens of thousands of dollars to provide,” said Retina CEO Michael Greenberg.
The key component to make the most of Retina’s free tool is having a marketing team that understands the impact of CLV and can apply the metrics offered by Retina Go to ongoing campaigns.
More on the news
- The tool provides charts changes to an online merchant’s customer lifetime value and segments customers based on their value or risk of no longer buying.
- Users can also automatically create Facebook ad campaigns aimed at lowering cost per acquisition using this data.
- Retina claims their analytics have lowered cost-per-acquisition for brands by as much as 20% to 30% for online customers, beating competing CLV prediction models by 50%.