The Dive 2023: An Industry Breakdown for $1M+ Shopify Brands

The Dive 2023: An Industry Breakdown for $1M+ Shopify Brands

What happened in 2023? How can brands capitalize on key insights? And what are the big predictions for 2024?

Those are the big questions we set out to answer in this report. But we didn’t stop at the high level metrics. We broke down the key metrics by industry for over 4,500 brands doing at least $1 million in annual revenue.

Sales performance

• Cost per Click (CPC)
• Click-Through Rate (CTR)
• Cost per Thousand Impressions (CPM)
• Cost per Acquisition (CPA)
• Return on Ad Spend (ROAS)

Blended Advertising Performance

• Revenue & New Customer Revenue
• Orders & % New Customer Orders
• Average Order Value

To bring it all together, we share five bold predictions for 2024 based on what we learned in 2023 (courtesy of our Head of Consulting, John Coyle).

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