How do I read the LTV tab?

From the top down: what an average customer has been worth so far, when that pays back what winning them cost, then which groups of customers are worth more. The tab covers your whole synced history, so the range picker does not change it.

Value is measured two ways, and the switch on the chart picks one. Contribution, the default, is what a customer's orders left after VAT, product costs, logistics and payment fees, the level of CM2; Revenue is what they spent, excluding VAT. Refunds are not taken off either, and the tab says so. Customers are told apart by Shopify's customer ID, so orders placed as a guest are left out and counted in a note at the bottom, and a customer who bought before your first synced day looks new.

Customer value over time draws the average cumulative value per customer by month after the first order: a bold line for all customers and thin ones for newer and earlier cohorts. Each point averages only the customers whose history is at least that many months long, and a point with fewer than 10 of them stays empty rather than guessed. In Contribution, a dashed line marks your blended CAC, marketing spend over your whole history divided by the new customers it won; where the bold line crosses it, an average customer has paid back their acquisition, and the chart says in which month, or that it does not within 12 months.

The cohort table puts each first-purchase month on a row, M0 being that month and M3 three months later. Value shows the cumulative value per customer; Repeat % shows the share of the cohort that ordered again in that calendar month, the first order never counting. An empty cell is a month the cohort has not reached yet, and cohorts younger than 12 complete months are dimmed.

Below it, customers are grouped by what started them: LTV by first product, by the discount code on the first order and by the first order's shipping country. LTV by first product shows the first order's value, LTV after 90, 180 and 365 days, the repeat rate and the share who never came back, and tags a product Strong first order, weak repeat when its first order is above the table's median and its repeat rate below it. A cell stays empty while fewer than half its customers are old enough to tell, and the repeat figures count only customers whose first order is at least 90 days old.