ReCharge is excited to announce the next dashboard in our Analytics suite, the Industry Benchmarks dashboard.
This dashboard gives you the ability to compare your store's performance with other stores in the same industry as you. You can compare data points like Average Order and Customer Values, Monthly Revenue, and Churn Rate to understand how your business is doing, and where you may be able to grow.
Before you start
The Industry Benchmarks dashboard is currently available to all ReCharge Pro merchants using the ReCharge Checkout.
Store verticals
Store verticals are used to organize stores by industry. ReCharge uses the information that you provide when you signed up, as well as additional store data, to set the store vertical for your store.
The Industry Benchmarks dashboard allows you to compare your business to stores in the same industry, as well as stores in other industries so that you can see the overall health of your business.
Filter
At this time, the Food and Beverage vertical is the default vertical displayed when you first access the Industry Benchmarks dashboard.
Use the Vertical Filter option to select an alternative vertical from the drop-down list.
Store data
The Industry Benchmarks dashboard lets you compare different metrics based on both Customer Value and Monthly Recurring Revenue. Data displayed throughout the Industry Benchmarks dashboard pertains to the last completed 12 months.
Both sections display store specific data, as well as vertical data sorted by percentile, so that you can see where your store stands on the most import Key Performance Indicators.
Customer Value
The Customer Value section examines your store data from both the customer and order levels. The following data is available in the Customer Value section of the Industry Benchmarks dashboard:
| Data table | Description |
| Merchant Percentile |
Displays the percentile that your store falls in based on the last 12 months of cumulative sales. |
| Merchant Average Customer Value (ACV) | The average amount of money a customer expected to spend in your business during their lifetime. |
| Average Customer Value - Percentile by Vertical |
The average ACV for the last 12 months across all stores in the vertical. Compare your ACV to other stores in the industry by percentile to see how your business is performing. The percentile that you fall in is highlighted in blue, so you can easily compare how your business is doing across the vertical. |
| Merchant AOV | The average order amount across your customers for the last 12 months. |
| Average Order Value- Percentile by Vertical |
The average AOV for the last 12 months across all stores in the vertical. Compare your AOV to other stores in the industry by percentile to see how your business is performing. You may consider implementing One-time products or another upsell method if you have the opportunity to increase your AOV. The percentile that you fall in is highlighted in blue, so you can easily compare how your business is doing across the vertical. |
Monthly Recurring Revenue
The Monthly Recurring Revenue section examines your store data at both the MRR and Churn Rate levels so that you're aware of how your business is doing across key metrics.
The following data is available in the Monthly Recurring Revenue (MRR) section of the Industry Benchmarks dashboard:
| Data tables | Description |
| Merchant Percentile | Displays the percentile that your store falls in based on the last 12 months of sales. |
| Merchant MRR | The average Monthly Recurring Revenue amount for your store over the past 12 months. |
| MRR - Percentile by Vertical |
The average total MRR for the last 12 months for different stores in the selected vertical. Compare your MRR with other stores in the industry by percentile to see if there are opportunities for you to increase your monthly total sales. |
| Merchant Monthly Churn Rate |
The average monthly churn rate for your store across the last 12 months. You can use the Revenue Trends dashboard to calculate the Churn Rate for each month in the period. |
| Churn rate - Percentile by Vertical |
The average Churn Rate in the last 12 complete months for different stores in the selected verticle. Compare your Churn Rate to other stores in the industry by percentile. The percentile that you fall in is highlighted in blue, so you can easily compare how your business is doing across the vertical. If your Churn rate is high, you may want to consider trying our new Customer Portal Themes, which make it easier for customers to swap subscriptions instead of canceling. |
FAQ
I currently sell monthly subscriptions to deodorant. Why is my business listed in the Food and Beverage vertical?
Currently, the Food and Beverage vertical is set as the default filter when you access the Industry Benchmarks dashboard. As this dashboard is still in beta, we're working on improving its functionality and expect to have the filter select your vertical by default in the future!
Does the MRR metric account for one-time purchases?
No. The Monthly Recurring Revenue metric only factors in subscription products. We recommended reviewing your Shopify Analytics for data on your one-time purchases.
I don't think our store is listed in the right vertical. Can I change it?
Definitely! Just reach out to our support team with the vertical that you wish to be categorized under and we'll get that updated for you.
Do you provide lists of which stores are categorized under each store vertical?
For privacy reasons, we cannot provide a list of merchants per store vertical. We recommend checking out our Case Studies page, however, to see the different types of merchants who use ReCharge to power their subscription business!
I changed the vertical filter, but none of the Merchant data updated on the dashboard. What happened?
Changing the vertical filter will change the percentile metrics depending on the merchants in each vertical.
Changing the filter will not, however, update any store-specific data. The ACV, AOV, MRR, and Churn Rate are dependent on your store data and will not change when a new vertical is selected.
Support
Reach out to the ReCharge support team if you have any questions about how to interpret the data, or join our weekly office hours on Mondays at 12 PM PDT for a demo by visiting Enhanced Analytics Weekly.