The competition for ecommerce merchants is mounting. Amazon now accounts for 43% of all online sales as customers are getting harder and more expensive to reach. And, increasingly retailers are feeling the pressure to invest in complicated acquisition fads just to keep up.
But, with research showing that it costs five times more to acquire a new customer than it does to retain one, your existing customers deserve more credit.
It’s no surprise that customers are paying less attention to aggressive advertising. Instead, they are shopping with stores they already know and trust. And, with your customers’ data at your fingertips, it’s easy to deliver on personalised experiences they’ll love. Not only will this enhance your customer experience, but it will also increase your customers’ lifetime value.
Once you’ve secured these long-term customers through clever retention techniques, they will naturally act as your brand advocates. With customers being four times more likely to buy from a store if they’re referred by a friend or family member, nurturing existing customers will do wonders for the size of your customer base.
In our ebook, The quick guide to customer retention, we explore why the most successful retailers are the ones who work hard to reduce customer churn.
We also share three fail-proof ways to drive customer retention by focussing on your most valuable shoppers, engaging them in between purchases and motivating customers to act as loyal advocates. Download it now to learn more.
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