Customers Analytics & RFM

Customers Analytics

Understanding RFM and how it works?

Calculating RFM scores

Importance of RFM Matrix

Segments based on customers analytics

Customers Analytics

Once you connect your store to Revamp CRM, we automatically create a Customers' report to help you better understand your customers' behavior in a glance.

In this dynamic report, you'll see your: 

  • New Customers in the last 24 hours
  • Customers with orders in the last 24 hours 
  • Customers with abandoned carts in the last 24 hours.

You'll find 4 more pre-built segments based on customer activity in the last 6 months. 

  • Inactive customers 
  • Customers with one purchase
  • Customers with repeated purchase
  • Loyal customers. 

Understanding RFM and how it works?

To see eCommerce RFM Matrix, head to  Store Analytics > Customers, scroll to find it.

Basically, RFM (  recencyfrequency, monetary) analysis is a technique used to determine quantitatively which of your customers are the top ones by identifying how recently a customer has purchased (recency), how often they purchase (frequency), and how much the customer spends (monetary).

Let's Define the Terms of RFM individually:

Just what are “   recency,” “frequency,” and “monetary” measures?  

  • For recency, you’ll figure out how long it’s been since each customer interacted, in days, weeks, or months. You then use those time-based measures to rank your list in order, from most recent to the long-lapsed. The recency score comes from that ranked list, with the 20 percent who gave most recently assigned a score of 5.
  • For frequency, a measure is a number of interactions in a given period.
  • For monetary, the measure is total transaction value.

Calculating RFM scores:

In Revamp CRM, we automatically calculate your RFM score, and once you connect your online store. The report will be ready for you to check.

Note: Loyal Customers are considered so if they purchased 5+ orders. You can configure customer loyalty by heading to Settings > Top Spenders and change it into the number of orders that suits your business.

Importance of RFM Matrix

RFM report is considered important mainly for 3 reasons

1) to continue to provide the loyal group with what they’re looking for and keep them as frequent & recent customers.

 2) to target your marketing efforts toward prospects who resemble your best customers.

3) Define customers who might need a little more attention to convert them into loyal

Segments based on Customer Analytics

Customers Analytics automatically are saved pre-built segments inside your account. when you click on the first 2 rows of your report, New Customers, Inactive Customers etc.. you'll be directed to the Segment screen, where you can take actions and follow-up with customers in this segment.

In the RFM Matrix part, by clicking on the Customers Count, you'll be directed to view customers' pre-filtered list so you can check each customer's profile, to learn more about them and take further actions.

Note: When you click on the RFM segments, it opens a "search result" based on pre-selected filters that we created. If you need to save that segment, just click on the Add Segment button that appears on top of your search results.

After adding a segment you can:

  • Send bulk Email Marketing Campaigns
  • Set up an eCommerce Automation to remind your customers to complete their purchases or buy other recommended products and more.
  • Set up  a workflow  automation to better manage your contacts, add tags, create tasks, assign to  team  member to follow-up and more.

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