074 - Shopify App Analytics with Alexander Hupfer: Churn, LTV & MRR

In this episode of the Liquid Weekly Podcast, hosts Karl Meisterheim and Taylor Page are joined by Alexander Hupfer, founder of Fusion Metrics and a solo Shopify app developer.

The conversation digs deep into the current state of Shopify app analytics following Mantle's shutdown, why certain metrics are far more subjective than they appear, and how AI agents are changing the way developers query their own data.

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EPISODE HIGHLIGHTS

- Alexander's Origin Story

- Why Shopify Doesn't Build This

- The Mantle Shutdown

- Metrics That Aren't Black and White

- Installs as a Vanity Metric

- AI Agents + Analytics: Using MCP servers and agents like Claude Code and Codex to write SQL queries

- Build vs. Buy vs. Self-Host

ABOUT ALEXANDER HUPFER

Alexander is the founder of Fusionmetrics, an analytics platform built specifically for Shopify apps. Coming from a theoretical physics background, he moved into the analytics space in 2022 and pioneered install attribution by linking Google Analytics events with Partner API data.

FIND ALEXANDER ONLINE & RESOURCES

- Fusion Metrics: https://fusionmetrics.com/

- Alexander's Twitter/X: https://x.com/alexanderhupfer

- PartnerMetrics by Björn Forsberg (open source): https://github.com/forsbergplustwo/partner-metrics

- Matt De Sousa / Blair (ex-Mantle) conversation on attribution: https://orange-aphid-848.notion.site/Live-with-Blair-Beckwith-Shopify-Mantle-Growth-the-Future-of-Shopify-Apps-3c15075fb6d680a5bd14d8ec230430e4

- Alexander's talk from last year's Mantle event on churn modeling: https://youtu.be/9g7N7VdHfWU?si=48yb1k9xM6sb9VwX

- Darius's Dev Dashboard revamp screenshots: https://x.com/darius_gai/status/2087916085794283800?s=20

- Alexander on Ilias' Podcast talking analytics: https://youtu.be/eC8i9ex6xnQ?si=97o59ZK31c-SfCgf

TIMESTAMPS

00:00 - Cold open: The mask-selling business

00:30 - Introduction & the bat/rabies saga

02:20 - Alexander's origin story: COVID masks to Shopify apps

06:42 - Moving into analytics & the physics background

11:03 - Current state of Shopify app metrics & the Mantle shutdown

13:49 - Why Shopify doesn't provide revenue analytics (the ROI question)

16:43 - The Dev Dashboard revamp & transaction vs. MRR

21:57 - Reconstructing MRR from the Partner API event stream

25:11 - Installs as a vanity metric & search ranking

27:28 - Churn and LTV: the most complicated metrics

34:11 - App acquisition & assessing performance objectively

36:40 - The three Rs: Acquisition, Retention, Revenue

37:06 - Attribution & app store conversion rates

38:28 - Using AI agents & MCP to query analytics

43:01 - GA4 attribution on the App Store vs. storefront

45:31 - App Store optimization & keyword-stuffed titles

48:17 - Build vs. Buy vs. Self-Host

53:17 - Picks of the Week

56:35 - Dev Changelog

DEV CHANGELOG

- Oxygen is now available on development stores: https://shopify.dev/changelog/oxygen-is-now-available-on-development-stores

- WebMCP support for Liquid and Hydrogen storefronts: https://shopify.dev/changelog/webmcp-liquid-hydrogen

- Standard storefront events and actions now support cart attributes: https://shopify.dev/changelog/events-and-actions-cart-attributes-support

- Hydrogen developer preview update, August 18, 2026: https://shopify.dev/changelog/hydrogen-developer-preview-update-august-18-2026

- App intents on admin.app.intent.link now open as a full-page navigation: https://shopify.dev/changelog/app-intents-on-admin-app-intent-link-now-open-as-a-full-page-navigation

PICKS OF THE WEEK

- Karl: "Star City" on Apple TV — a sister show to "For All Mankind" exploring an alternate history where Russia reached the moon first

- Alexander: "The Capitalist Manifesto" by Johan Norberg

- Taylor: "Project Hail Mary" (the movie) — looking forward to reading the book next