The latest dbt (data build tool) package for Shopify helps businesses understand their customers' purchasing habits better. It generates tables that group customers into cohorts, enriches customer data with additional fields, and adds dimensions to orders, order lines, and product tables. The Shopify API presents challenges in fetching and analyzing data, but Fivetran's Shopify connector simplifies the process by scheduling and batching API calls, unnesting fields, and providing insights into customer and store behavior through dbt packages.