Remove Channel Remove Customer Loyalty Remove Customer Retention Remove eCommerce Platforms
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[eCommerce 2021] A Step-by-step Guide to Customer Retention

lateshipment

Did you know that the average Customer Retention Rate (CRR) is just around 35% for eCommerce businesses. Just take a look at these stats 65% of a company’s business can be credited to existing customers. Companies have to spend 7 times more to get a new customer than to retain an existing one.

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11 Proven Hacks to Keep Your Customers Buying More

Kissmetrics

It costs 5X less to retain a customer than it does to acquire a new one. That’s why customer retention is crucial to growing your Ecommerce business. What is customer retention? Customer retention is the ability to encourage customers to keep coming back to make purchases.

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An Beginner’s Guide To Creating A Customer Loyalty Program In 2020

Ecommerce Platforms

Second, this guide churns out a few examples that could help you kickstart your loyalty scheme. And most of all, a simplified formula to help you measure your loyalty program's overall perfomance. . So let's get started… What’s the point of having a customer loyalty program? . The result? Two minds think alike.

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The Impact of Live Commerce on Shopping

Smile.io

There have been shopping channels since the 1980s, but then the internet came along, and ecommerce hasn’t slowed down since.    Since then, the live commerce sector has grown massively , reaching a value of $1,498.7 Loyalty & Reward Program Insights from Smile.io Not anymore. billion by 2028.

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The 5 Benefits of Shopify Plus Loyalty Programs

Smile.io

The sole purpose of a loyalty program is to turn one-time customers into repeat customers and build a loyal following. Shopify Plus brands utilize loyalty programs to increase repeat purchase rates and boost customer retention. Learn from the top ecommerce brands in different industries.

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Choosing the Right eCommerce KPIs: A Guide for Sellers

Algopix

Customer Retention Rate: This metric reveals how many of your customers return for additional purchases. A high retention rate is a sign of a loyal customer base. Churn Rate: Churn rate is the opposite of customer retention rate. It shows how many customers you lose over a given period.

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How to Build a Customer Base with a Great Post-purchase CX Strategy

lateshipment

Thus, it is clear that while acquiring new customers is important, retaining existing ones is often more profitable and cost-effective in the long run. Thus, e-commerce brands must start prioritizing customer retention over acquisition, as it is the best move to make. Still not convinced? Why, you ask? Here’s why.

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