Quick answer: Track share rate, conversion rate, EPC, and referral revenue share to identify which partners truly drive profitable growth.
Referral and affiliate programs thrive on measurable performance. You can’t improve what you don’t track.
For DTC marketers facing rising ad costs, KPIs help reveal which channels deliver real ROI.
According to the ReferralCandy dataset (Q1 2025), top-quartile programs drive 8%+ conversion rates and contribute up to 30% of total store revenue.
Tracking the right metrics helps you:
Percentage of customers who share their referral link or code after purchasing. A strong benchmark is 5–15%.
Boosting share rate often starts with visibility — post-purchase popups, order confirmation pages, and account widgets can lift shares by over 30%.
Measures how often shared links generate visits. Typical range: 10–25%.
Test short links, pre-written messages, and visuals to raise engagement.
The percentage of referred visits that end in purchases. 2025 medians sit between 3–5%, while top performers exceed 8%.
Shows what percentage of your total sales are driven by referrals. High-performing programs reach 10–30% of total revenue.
Track this to measure program maturity — it’s a direct reflection of your referral program’s contribution to growth.
Calculate it as:
(Referral-driven revenue − Rewards paid) / Rewards paid.
A 5x ROI means for every dollar in rewards, you’re earning five back — a powerful metric to justify expanding the program.
From click to purchase. Shows which affiliates send high-intent traffic. Influencer affiliates often convert better than coupon sites because their audiences trust recommendations.
Average revenue per affiliate click. It helps identify efficiency — a strong EPC indicates valuable traffic.
Are affiliate customers spending more than others? Track AOV by affiliate type. Content creators often drive higher AOV orders, while coupon partners may skew lower.
Compare CAC from affiliates against paid ads or search. If your affiliate CAC is lower and ROI is higher, allocate more budget to this channel.
Analyze which affiliates drive consistent profit, not just volume. Use cohort reports in your affiliate dashboard to track month-over-month performance.
High return rates may signal low-quality traffic or overly aggressive discounting. Keep an eye on this metric to protect margins.
As your program scales, layer in these KPIs to go beyond surface-level insights.
Modern tracking tools make it simple to monitor these KPIs daily. A unified dashboard keeps your data connected — from referral shares to affiliate commissions.
ReferralCandy helps you track both referral and affiliate KPIs in one place. Its AffiliatePlus dashboard gives partners visibility into clicks, conversions, and payouts while letting marketers see which traffic sources deliver real ROI.
For DTC brands on Shopify, using a tool like ReferralCandy offers post-purchase auto-signup, fraud protection, and flexible commission tracking — helping you turn both customers and creators into reliable performance partners.
Need more? Read our guide on how to promote your referral program to lift share rate and conversions faster.
Hey, I'm Elmeri Palokangas. I'm an e-commerce and online marketing specialist with over five years of experience. My expertise extends to various publications and companies, including WordStream, QuickMail, Scribe, Marketcircle, and Digital.com. When I'm not enjoying a cup of coffee and writing awesome articles, you can find me running in the nearby mountains.
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