April 2021 Release Notes

April 8, 2021

It’s a new month, and we’ve turned your feature requests into new integrations, new report settings, and new LTV report metrics that are all in production. Let’s take a closer look at what’s new:

New integrations with ShipStation and Shopify Shipping

Lifetimely can now automatically sync all shipping costs from either of these two services - a big step up from uploading your own data or entering your own shipping calculation logic.

To connect your ShipStation account, we just need your API information in the new Connect ShipStation tab in the cost settings menu.

To apply costs from labels printed by Shopify Shipping, there’s a simple checkbox in the Shipping Costs tab. For now this will only sync costs on new orders, but we’re working on pulling in historical data as well.

New settings to control refund logic

Several of you have messaged us with different preferences on how to handle returned orders, so we added a new tab in the Settings menu called Calculation Logic where you can tell us how to manage some of the trickier calculations. There are two settings here:

The first deals with product cost calculations on refunded orders. The default assumption is that you have to eat the product cost of returned products unless they’re restocked. However, you can tick this first checkbox to reset product costs to zero for all refunded orders regardless of restock status.

The second setting regards refund dates. By default, both Shopify and Lifetimely will date a refund on the day the refund is processed instead of assigning it back to the original order date. The downside is that a significant gap between these two dates can skew your reports and make it harder to reconcile your refunds, so we give you the option here to assign the order date.

If there are other calculations you think would fit well in this tab, let us know!

New LTV report metrics: “LTV/CAC ratio” and “Customers who purchased X times”

You’ll find three new options in the Metrics menu of your LTV report:

LTV/CAC: Accumulated sales per customer

LTV/CAC: Sales margin

Many of our users keep a close eye on their LTV/CAC ratios. As a single metric, it can do a pretty good job of accounting for both the cost of acquiring users and the value they return. These new report options (one where LTV is measured in sales and the other in sales margin) help you compare these ratios across cohorts and track how they’re changing month-to-month.

Customers who purchased X times

We have plenty of reports in Lifetimely that tell you how many of your customers repurchase, what they repurchase, and when they repurchase, but until now there wasn’t one that broke down exactly how many orders your repurchasing customers make. Running your LTV report by this new metric takes away dollar figures and monthly tracking to simply show you how many (or what percentage of) customers from each cohort purchased one time, two times, etc., all the way up to 8+ times.

What's next?

We’ll continue to keep you updated month-to-month with improvements to the product, but be on the lookout this next week for our biggest update yet!