Cohort analysis: Can I predict future customer retention expectations?

Afternoon everybody, I've tried various analytical methods to predict customer retention and used an average % from the CLV over a year period to improve my Shopify' store's profits and retention rate. But it's never been very accurate. I got my retention rate to improve by a fraction, but if I can find a way to better optimize my store's position, then yes please! Today I stumbled across someting call the cohort analysis. It looks pretty promising and like it does a whole lot more than just customer behavior, but also helps with product analysis and marketing strategies? Am I understanding this correctly?