Why measuring coupon email revenue is critical
Revenue attribution for coupon emails is the process of linking an email campaign that includes a discount or coupon to actual sales made by recipients.
Rather than focusing only on vanity metrics like open or click-through rates, revenue attribution tells you:
How many recipients placed orders
How much revenue did those orders generate
What the return on your campaign investment actually was
It’s the closest you get to proving ROI from your email efforts.
Why does tracking revenue matter for coupon emails?
Coupons can be effective, but they come at a cost, usually in the form of lower margins. So unless you’re measuring their actual financial return, you’re operating blind.
Here’s what you risk without proper revenue tracking:
Overusing discounts without understanding if they convert
Underestimating high-performing campaigns due to lack of visibility
Inability to compare coupon vs. non-coupon performance
No reliable data to inform future A/B tests or budget allocation
How to measure revenue from coupon emails in Mailmodo
If you’re a Shopify user, Mailmodo gives you an end-to-end view of how your coupon campaigns perform, not just in engagement, but in revenue. Here's how to check it:
Step 1: Go to the Revenue Analytics dashboard
From your Mailmodo dashboard, head to Analytics and move to Revenue Analytics
This dashboard is only available for Shopify-integrated accounts, and it pulls in revenue data directly from your store.
Make sure:
Your Shopify integration is active
You’ve defined a conversion goal, such as "Placed Order" when setting up the campaign
The first section you’ll see is Store Performance. This gives you a high-level view of how all your campaigns—including coupon emails—are contributing to your store’s success.
Here’s what’s included:
Total orders: Orders placed through all tracked email campaigns
Total revenue: Includes shipping, taxes, and discounts (like coupons)
Revenue per order: Total revenue divided by number of orders
Revenue per contact: A measure of campaign efficiency
Conversion rate: % of contacts who received the email and converted
Use this view to understand the combined revenue lift of all campaigns using coupons.
Step 3: View the campaign leaderboard
If you want to measure the performance of specific coupon campaigns, the Campaign Leaderboard is your go-to.
Here, you’ll find:
Campaign name and subject line
Number of orders
Total revenue
Average revenue per order
Average revenue per contact
Conversion rate
You can use this view to identify your top-performing coupon emails and understand which ones actually convert into revenue—not just clicks.
Step 4: Check Journey Leaderboard for coupon journeys
If you’ve included a coupon email within a larger journey (e.g., an abandoned cart flow or welcome series), that performance data lives in the Journey Leaderboard.
This section shows:
Use this view to evaluate how well multi-step campaigns with coupon offers are driving purchases.
Step 5: Understand how revenue is attributed
If multiple campaigns or journeys share the same conversion goal (like “Placed Order”), it’s possible to double-count revenue.
Mailmodo solves this with a de-duplicated “All Campaigns” view, which shows the true net revenue impact across your marketing.
Use this to avoid false positives and make clean comparisons.
Conclusion
Mailmodo’s Revenue Analytics helps you track every dollar from your coupon emails, compare performance by campaign type, and make data-backed decisions about your discount strategy.
If you're using Mailmodo with Shopify, you're just a few clicks away from knowing exactly how much your coupon emails are contributing to your bottom line.
