How do I track the performance of my discount campaigns?

How to Track Discount Campaign Performance

Shopify's built-in discount reports tell you how many times a code was used - but not where those customers came from, what they would have done without the offer, or whether the campaign was truly profitable. Building a proper tracking stack requires a few extra steps.

Tracking Setup by Channel

Key Reports to Pull Weekly

Shopify Analytics: Discounts report (redemptions, discount amounts, orders). Filter by discount code to see per-code performance. Google Analytics 4: Transactions by campaign UTM to see which channels drove converting sessions. Your email platform: Revenue attributed to campaigns containing your discount links.

The Single Most Important Calculation

Incremental revenue = (Revenue from discount users) - (Estimated revenue if no discount was shown). To estimate the "no discount" baseline, use your average conversion rate for that audience segment multiplied by their typical AOV. If your discount campaign generated $10,000 but the baseline would have produced $7,000 anyway, your true incremental lift is $3,000 - not $10,000.