Shopify Store Analytics for CRO: The 15 Metrics That Matter (And How to Track Them)

The ₹14 Lakh Metric That Nobody Tracked

Two Shopify stores. Same revenue. Different approaches to analytics.

Store A: Tracking Everything

• 247 metrics in dashboards
• Daily reports with 40 charts
• Analysis paralysis
• Can't identify what matters
• Conversion stuck at 1.6%

Store B: Tracking 15 Key Metrics

• Simple dashboard
• 15 metrics that drive action
• Clear insights weekly
• Immediate optimizations
• Conversion improved 1.6% → 3.2%

The difference? ₹14.4L monthly revenue from focusing on metrics that matter.

After setting up analytics for 127 Shopify D2C brands, we discovered: 90% track wrong metrics or too many metrics. They're drowning in data but starving for insights.

These are the 15 metrics every Shopify store must track for CRO—and exactly how to track them in Google Analytics 4 and Shopify.

Want your Shopify analytics set up correctly? Book free CRO audit with Troopod →

Part 1: The Analytics Framework

Why Most Metrics Don't Matter

Vanity Metrics (Don't Track):

• Total pageviews (meaningless without context)
• Total sessions (traffic ≠ revenue)
• Bounce rate alone (depends on page type)
• Time on site (quality > quantity)
• Social media followers (vanity)

Actionable Metrics (Track These):

• Conversion rate by segment
• Revenue per visitor
• Cart abandonment rate by stage
• Checkout completion rate
• AOV by traffic source

The Test: "Can I optimize based on this metric?"

• If YES → Track it
• If NO → Ignore it

The 15 Metrics That Matter

Grouped by Funnel Stage:

Acquisition (2 metrics):

1. Traffic source conversion rate
2. New vs returning visitor split

Engagement (3 metrics): 3. Product page conversion rate 4. Add-to-cart rate 5. Product recommendation click rate

Checkout (5 metrics): 6. Cart abandonment rate 7. Checkout initiation rate 8. Checkout completion rate 9. Payment method split 10. Checkout drop-off by stage

Revenue (3 metrics): 11. Average order value (AOV) 12. Revenue per visitor 13. Customer lifetime value (LTV)

Segments (2 metrics): 14. Mobile vs desktop performance 15. Geographic performance (metro/tier 2/3)

Part 2: The Essential 15 Metrics

Metric 1: Traffic Source Conversion Rate

Why It Matters: Not all traffic is equal. Instagram traffic converts differently than Google traffic.

How to Track (GA4):

Navigate to: Reports → Acquisition → Traffic Acquisition

View columns:

• Source/Medium
• Sessions
• Engaged sessions
• Conversions
• Conversion rate

Mumbai Fashion Example:

Insight: Direct and Google convert 2-3x better than social. Prioritize SEO and retargeting over new Instagram spend.

Action: Shift budget from Instagram to Google Ads and SEO.

Shopify Dashboard: Analytics → Reports → Sessions by traffic source

Track in Spreadsheet:

Traffic Source | Sessions | Orders | Conv Rate | AOV | Revenue
Instagram      | 12,400   | 186    | 1.5%      | ₹2,100 | ₹3.9L
Google         | 8,200    | 287    | 3.5%      | ₹2,400 | ₹6.9L

Goal: Conv rate >2.5% for paid traffic, >1.5% for social

Metric 2: New vs Returning Visitor Performance

Why It Matters: New visitors need education. Returning visitors need convenience.

How to Track (GA4):

Navigate to: Reports → User → User Attributes Dimension: New vs Returning

Bangalore Electronics:

Insight: Returning visitors convert 6.5x better. Prioritize building loyalty.

Actions:

• For new: Trust signals, education, social proof
• For returning: Quick reorder, saved addresses, loyalty rewards

Goal: New >1.5%, Returning >6%

Metric 3: Product Page Conversion Rate

Why It Matters: Product page is where purchase decisions happen.

How to Track (GA4):

Create custom exploration:

• Dimension: Page path
• Metric: Sessions, Transactions, Conversion rate
• Filter: Page path contains "/products/"

Delhi Fashion Top Products:

Insight: Saree C has 50% lower conversion. Something's wrong.

Investigation:

• Check: Images, reviews, price, size guide, description
• Found: Only 2 images, no reviews visible, no size guide
• Fixed: Added 6 images, moved reviews up, added size guide
• Result: 2.0% → 3.4% conversion

Goal: Product pages >3% conversion

Metric 4: Add-to-Cart Rate

Why It Matters: Measures product appeal before checkout friction.

Formula:

Add-to-Cart Rate = (Add to Cart Events / Product Views) × 100%

How to Track (GA4):

Navigate to: Reports → Monetization → Ecommerce Purchases View: Add to cart events vs product views

Or create custom report:

• Event: add_to_cart
• Event: view_item
• Calculate ratio

Pune Beauty Brand:

Insight: Cleansers have low appeal. Investigate why.

Found: Price too high vs competition, unclear benefits Fixed: Lowered price 15%, rewrote benefits-focused copy Result: 5.0% → 7.8% ATC rate

Goal: ATC rate >6%

Get help optimizing your product pages. Book free audit →

Metric 5: Product Recommendation Click Rate

Why It Matters: Recommendations drive AOV and discovery.

How to Track (GA4):

Set up custom event tracking:

// When recommendation clicked
gtag('event', 'recommendation_click', {
  'product_id': product.id,
  'position': position,
  'source': 'homepage' // or product page, cart, etc.
});

Then track: Recommendation clicks / Recommendation impressions

Mumbai Home Decor:

Insight: Homepage and product page recommendations work well. Cart page needs improvement.

Action: Test different recommendation algorithm for cart page. Changed from "Popular products" to "Complete your look" - CTR improved to 14%.

Goal: Recommendation CTR >12%

Metric 6: Cart Abandonment Rate

Why It Matters: Your biggest revenue leak.

Formula:

Cart Abandonment = (Carts Created - Orders) / Carts Created × 100%

How to Track (Shopify):

Dashboard → Analytics → Cart Analysis Shows: Carts created, Orders completed, Abandonment rate

How to Track (GA4):

Events:

• add_to_cart (cart created)
• begin_checkout (checkout started)
• purchase (order completed)

Calculate: (add_to_cart - purchase) / add_to_cart

Bangalore Fashion:

• Carts created: 3,200 monthly
• Orders: 896 monthly
• Abandonment: 72%
• Lost revenue: 2,304 × ₹2,400 = ₹55.3L monthly

By Segment:

• Mobile: 78% abandonment (urgent)
• Desktop: 58% abandonment
• Tier 2: 81% abandonment (very urgent)
• Metro: 68% abandonment

Goal: <50% cart abandonment (industry best: 35-45%)

Metric 7: Checkout Initiation Rate

Why It Matters: Measures friction between cart and checkout.

Formula:

Checkout Initiation = (Checkouts Started / Carts Created) × 100%

How to Track (GA4):

Events:

• add_to_cart
• begin_checkout

Rate: begin_checkout / add_to_cart

Delhi Electronics:

• Carts created: 2,800
• Checkouts started: 1,820
• Initiation rate: 65%
• 35% never reach checkout

Investigation: Why don't 35% reach checkout?

Found:

• Surprise shipping costs in cart
• No trust signals visible
• Cart page slow to load

Fixed:

• Show shipping estimate in cart
• Add trust badges
• Optimize cart page speed

Result: 65% → 78% initiation rate

Goal: >75% initiation rate

Metric 8: Checkout Completion Rate

Why It Matters: The final conversion hurdle.

Formula:

Checkout Completion = (Orders / Checkouts Started) × 100%

How to Track (GA4):

Events:

• begin_checkout
• purchase

Rate: purchase / begin_checkout

Pune Skincare:

• Checkouts started: 1,200
• Orders completed: 384
• Completion rate: 32%
• 68% abandon at checkout

Checkout Drop-Off Analysis:

Biggest drops:

• Info → Shipping: 25% drop (too many fields?)
• Shipping → Payment: 33% drop (surprise costs?)

Fixed: Reduced fields, showed shipping upfront Result: 32% → 54% completion

Goal: >60% completion rate

Metric 9: Payment Method Split

Why It Matters: Shows customer preferences, optimize accordingly.

How to Track (Shopify):

Dashboard → Analytics → Finances → Payment methods

Mumbai Fashion:

Insight: UPI converts best but shown 4th. Move to first position.

After optimization: UPI usage 42% → 58%, overall conversion +12%

Action: Prioritize highest-converting payment methods.

Metric 10: Checkout Drop-Off by Stage

Why It Matters: Identifies exact friction points.

How to Track (GA4):

Create funnel exploration:

• Step 1: begin_checkout
• Step 2: add_shipping_info
• Step 3: add_payment_info
• Step 4: purchase

View drop-off at each stage.

Bangalore Beauty:

Checkout Started:     1,000  (100%)
    ↓ 18% drop
Shipping Info:          820  (82%)
    ↓ 24% drop
Payment Info:           623  (62%)
    ↓ 31% drop
Purchase Complete:      430  (43%)

Biggest drop: Payment Info → Purchase (31%)

Why? Payment page investigation:

• Cards shown first (but 68% prefer UPI)
• No payment logos (trust issue)
• Slow loading payment gateway

Fixed all three → Drop reduced to 19%

Goal: <15% drop per stage

Get checkout optimization for your Shopify store. Book free audit →

Metric 11: Average Order Value (AOV)

Why It Matters: Easier to increase AOV than traffic.

Formula:

AOV = Total Revenue / Number of Orders

How to Track (Shopify):

Dashboard → Analytics → Average order value (shows trend)

How to Track (GA4):

Reports → Monetization → Overview → Average purchase revenue

Delhi Fashion:

• AOV: ₹2,200
• Goal: ₹2,640 (20% increase)

By Segment:

Optimization Strategy:

• Product bundles: AOV +18%
• "Free shipping above ₹2,500": AOV +22%
• Recommendations at cart: AOV +12%

Combined: ₹2,200 → ₹2,840 AOV (+29%)

Goal: Increase 10-20% quarterly

Metric 12: Revenue Per Visitor (RPV)

Why It Matters: The ultimate metric combining traffic quality, conversion, and AOV.

Formula:

RPV = Total Revenue / Total Visitors

How to Track (GA4):

Reports → Monetization → Overview

• Total revenue
• Total users
• Calculate: Revenue / Users

Pune Home Decor:

• Revenue: ₹84L monthly
• Visitors: 42,000
• RPV: ₹200

By Source:

Insight: Direct traffic worth 3x Instagram traffic per visitor.

Action:

• Invest in brand building (increases direct)
• Optimize Instagram traffic (increase quality)
• Double down on SEO (high RPV)

Goal: Increase RPV 15%+ quarterly

Metric 13: Customer Lifetime Value (LTV)

Why It Matters: Acquiring customers costs money. LTV determines profitability.

Formula:

LTV = Average Order Value × Purchase Frequency × Customer Lifespan

How to Track (Shopify):

Reports → Customers → Returning customer rate Dashboard → Analytics → Customer cohorts

Approximate Calculation:

AOV: ₹2,400
Repeat purchase rate: 28%
Avg repeat purchases: 1.8
Customer lifespan: 18 months

LTV = ₹2,400 + (₹2,400 × 1.8) = ₹6,720

Mumbai Beauty:

• First purchase AOV: ₹1,680
• Repeat purchase AOV: ₹1,920
• Repeat rate: 32%
• Avg repeat purchases: 2.1

LTV = ₹1,680 + (₹1,920 × 2.1) = ₹5,712

By Acquisition Source:

Insight: Organic has insane ROI. Invest more in SEO.

Goal: LTV >3x CAC (healthy); >5x CAC (great)

Metric 14: Mobile vs Desktop Performance

Why It Matters: 78% of Indian traffic is mobile. Must optimize accordingly.

How to Track (GA4):

Reports → Tech → Overview Dimension: Device category

Bangalore Electronics:

Problem: 78% traffic on mobile, but 1.2% conversion (vs 3.8% desktop)

Mobile optimization priorities:

1. Reduce page load time (4.2s → 1.8s)
2. Mobile-first checkout (18 taps → 6 taps)
3. Thumb-friendly buttons (32px → 56px)
4. UPI QR code prominent

After mobile optimization:

• Mobile conversion: 1.2% → 2.4% (+100%)
• Mobile RPV: ₹45.60 → ₹91.20
• Overall revenue: +42% (mobile is 78% of traffic!)

Goal: Mobile conversion >50% of desktop conversion

Metric 15: Geographic Performance (Metro vs Tier 2/3)

Why It Matters: Indian market has distinct tier behaviors.

How to Track (GA4):

Reports → User → Demographics → City Export data, categorize into metro/tier 2/tier 3

Delhi Fashion:

Tier 2/3 Optimization:

• Hindi language option: +28% engagement
• COD prominent: +34% conversion
• Regional social proof: +23% trust
• Simplified checkout: +31% completion

After tier 2 optimization:

• Tier 2 conversion: 0.9% → 1.8% (+100%)
• Tier 2 contribution to revenue: 18% → 32%

Goal: Tier 2 conversion >60% of metro conversion

Get tier 2/3 optimization for your store. Book free audit →

Part 3: The Weekly Dashboard

Dashboard Setup (Google Sheets)

Tab 1: Overview

Week of: [Date]

Revenue: ₹_____  (vs last week: +_____%)
Orders: _____    (vs last week: +_____%)
Visitors: _____  (vs last week: +_____%)
Conversion: ___% (vs last week: +___pp)
AOV: ₹_____     (vs last week: +_____%)
RPV: ₹_____     (vs last week: +_____%)

Tab 2: Traffic

Source          | Sessions | Orders | Conv % | AOV    | Revenue
Instagram       | 12,400   | 186    | 1.5%   | ₹2,100 | ₹3.9L
Google Organic  | 8,200    | 287    | 3.5%   | ₹2,400 | ₹6.9L
Google Ads      | 6,800    | 238    | 3.5%   | ₹2,600 | ₹6.2L

Tab 3: Funnel

Stage              | Count  | Drop % | Conv %
Product Views      | 42,000 | -      | 100%
Add to Cart        | 2,940  | 93.0%  | 7.0%
Checkout Started   | 2,058  | 30.0%  | 4.9%
Purchase Complete  | 1,234  | 40.0%  | 2.9%

Tab 4: Segments

Segment    | Traffic % | Conv % | AOV    | Revenue
Mobile     | 78%       | 1.8%   | ₹2,200 | ₹38.6L
Desktop    | 20%       | 4.2%   | ₹2,800 | ₹28.2L
Tier 2     | 32%       | 1.2%   | ₹1,900 | ₹9.1L
Metro      | 62%       | 2.4%   | ₹2,400 | ₹44.6L

Tab 5: Actions

Metric Below Target → Action Required
────────────────────────────────────
Mobile conversion <2% → Optimize mobile checkout
Tier 2 conversion <1.5% → Add Hindi, COD prominent
Cart abandonment >60% → Fix checkout flow
Product page conv <3% → Add reviews, images

The Bottom Line

Stop tracking 247 metrics. Start tracking the 15 that matter.

The Essential 15:

1. Traffic source conversion rate
2. New vs returning split
3. Product page conversion
4. Add-to-cart rate
5. Recommendation CTR
6. Cart abandonment
7. Checkout initiation
8. Checkout completion
9. Payment method split
10. Checkout drop-off stages
11. Average order value
12. Revenue per visitor
13. Customer lifetime value
14. Mobile vs desktop
15. Geographic (metro/tier 2/3)

Track weekly. Act on insights. Optimize systematically.

Mumbai Fashion focused on these 15 metrics. Found their mobile conversion was 1/3 of desktop. Optimized mobile. Revenue increased ₹14.4L monthly.

Your Shopify analytics should drive action, not confusion.

Get your Shopify analytics set up correctly. Book free CRO audit with Troopod →

About Troopod:

Complete Shopify CRO including analytics setup, dashboard creation, and continuous optimization based on the 15 metrics that matter. Built for Indian D2C with mobile, tier 2/3, and payment analytics.

Start data-driven CRO →