It's possible to analyze the impact of any variation on different segments, using Campaign Testing's Merchandizing Insights.

For example, when a test is live targeting All Customers with a variation A and a variation B, it's possible to segment the results and analyze if Variation A or B perform better in context of any Nosto segment. 

For example, it's possible to analyze if Variation A or B perform better in context of First-time Visitors or Loyal Customers. As those users are in a different lifecycle stage, results may differ. 

Both automated lifecycle and custom segments are usable for segmentation purposes in the Merchandizing Insights view.