Orders Per Month (OPM)
Orders Per Month (OPM) is a metric that tracks the total number of orders placed by customers within a month.
Definition and Usage:
Orders Per Month (OPM) is a key performance indicator (KPI) that measures the total volume of orders processed by an ecommerce business over a month. It provides insights into sales performance, customer behavior, and business growth trends.
Importance in Business Analysis:
Tracking OPM helps businesses understand their sales cycles, identify peak shopping periods, and measure the effectiveness of marketing campaigns. It also provides a baseline for forecasting future sales and planning inventory and staffing needs.
Strategies to Increase OPM:
To increase OPM, businesses can focus on driving traffic through marketing efforts, offering promotions, improving the user experience, and encouraging repeat purchases with loyalty programs or subscription models. Analyzing customer behavior and segmenting marketing efforts can also help target the most active buyers effectively.