Acquiring new customers in e-commerce is the most common way to increase your revenue in e-commerce. However, retaining your customers and increasing their lifetime value is the most efficient pathway to growth. The effort and resources required to retain your customers and increase their lifetime value is far less than
Analytics has widespread application in e-commerce, including in retaining your customers. With analytics, you get insight into your customer behavior, including what retains and makes them churn. Having access to holistic e-commerce analytics helps you develop and come up with strategies to retain your customers and increase their lifetime value.
As an e-commerce business owner, consider these two marketing approaches: Scenario One: You have a product to promote and a customer base of 100,000. You decide to send a marketing campaign to everyone on the list. The outcome? 500 conversions, resulting in a 0.5% conversion rate. Scenario Two:
When a customer abandons their cart in your store, it can be unnerving because that's a potential sale that could have happened. No online store can have a zero cart abandonment rate because there will always be a reason for a customer to abandon a purchase. As an
A high repurchase rate is every marketer's goal and the reason is not far-fetched. A high repurchase rate is when customers return to buy from you and for your business, it means: * Low churn rate * More revenue * Customer loyalty building * A solid customer base Your repurchase rate is
So, you drove a significant amount of sales after a successful marketing campaign, and the team is happy. However, it does not end there. The next step in your marketing efforts is to retain those customers, and that is where the second purchase comes in. The point between the first
Not all customers are the same and a smart marketer knows this. Some customers have only bought from you once; some buy from you every other week. A customer's past interaction with your business dictates how you can interact with them going forward, and how you will turn