> ## Documentation Index
> Fetch the complete documentation index at: https://docs.upstackdata.com/llms.txt
> Use this file to discover all available pages before exploring further.

# New Customer CM2 per Order: First-Order Variable Margin

> Track New Customer CM2 per order for your Shopify store. Measure variable margin per first-time buyer order.

<Tip>
  NC CM2 per Order measures the average variable margin per new customer order—what each first-time buyer order contributes after variable costs.
</Tip>

## Formula

<Info>
  **NC CM2 per Order** = **NC CM2** ÷ **New Customer Orders**
</Info>

### Formula Components

| Metric                                                                       | Definition                   |
| ---------------------------------------------------------------------------- | ---------------------------- |
| [**NC CM2**](/reference/metrics/orders/contribution-margin/new-customer-cm2) | New customer variable margin |
| [**New Customers**](/reference/metrics/orders/customers/new-customers)       | Count of new customer orders |

| Metadata        |                                                                      |
| --------------- | -------------------------------------------------------------------- |
| **Type**        | Currency                                                             |
| **Data Source** | [Shopify](/sources/shopify), [Upstack Costs](/sources/upstack-costs) |
| **Aggregation** | Average                                                              |

***

## Example

New customers generated **\$26,000** CM2 from **500** orders.

| Component            | Value    | Calculation       |
| -------------------- | -------- | ----------------- |
| NC CM2               | \$26,000 | Variable margin   |
| NC Orders            | 500      | First-time orders |
| **NC CM2 per Order** | **\$52** | \$26,000 ÷ 500    |

***

## How It Works

NC CM2 per Order shows the variable margin contribution from each new customer order. This is your maximum CAC for breaking even on first orders. If NC CM2 per Order is \$52, your CAC must be below \$52 for first-order profitability.

***

## When to Use

| Scenario                  | Action                                     |
| ------------------------- | ------------------------------------------ |
| Setting CAC targets       | NC CM2 per Order is your max breakeven CAC |
| Comparing segments        | Benchmark against RC CM2 per Order         |
| Channel evaluation        | Compare NC CM2 per Order across channels   |
| First-order profitability | Ensure CAC \< NC CM2 per Order             |

***

## Related Metrics

| Metric                                                                                             | Relationship                       |
| -------------------------------------------------------------------------------------------------- | ---------------------------------- |
| [NC CM2](/reference/metrics/orders/contribution-margin/new-customer-cm2)                           | Total new customer variable margin |
| [RC CM2 per Order](/reference/metrics/orders/contribution-margin/returning-customer-cm2-per-order) | Variable margin per repeat order   |
| [CAC](/reference/metrics/orders/performance/cac)                                                   | Cost to acquire new customers      |

[See all Contribution Margin metrics →](/reference/metrics/orders/contribution-margin)