I posted elsewhere about a similar request. I'm currently trying a custom tag in addition to marking a book as reread via dates because I am curious which books I reread and how often.

Being able to distinguish between books that I'm reviewing/rating for the first time and rereads would also help improve the accuracy of my average rating as well as the discrete number of books I've read over all time.

This is exactly what i'd love to see! Visual and a better way to see what books i keep going back to over time. The labels dont help when i want to acknowledge first time read vs rereading 2x/3x/4x etc

I’ve started doing this with a label once I realized how many rereads I was doing this year, but that wouldn’t work as well if I wanted to track it as my third time reading it.
I would expect this rereads feature to be format-agnostic.

That'd be really interesting!