You must have read and heard this multiple times before, but it is something worth reiterating from time to time—acquiring new customers is much more expensive than retaining existing ones. Studies suggest that 65% of your business revenue comes from existing customers, and nearly 77% of customers stay loyal to the same brand for more than 10 years. A decade is a long time for someone to keep coming back to your store in hopes of getting the same quality of products and service. If you aren’t leveraging this brand advocacy to your advantage, you are missing out on huge profits and losing additional waves of fresh customers.
That is why today, it has become a matter of paramount importance to implement effective and profitable strategies for customer retention in your existing marketing plan. Have you ever wondered how big whales of the eCommerce world like Amazon, Nike, Sephora, Yeti, Gymshark, Kate Spade, and Purple, despite the changing online shopping trends and the onset of an economic recession, are still harboring a loyal customer base?
Let’s dig deep into what customer retention strategies some of the world’s biggest brands and retailers use to provide an exceptional customer experience before and after purchase.
What You’ll Learn:
- Why eCommerce retailers need to focus on improving customer retention
- The importance of positive customer experience on customer retention
- How free shipping can be one of the most effective ways to retain customers
- How rewarding customers for their loyalty trigger repurchases
- Why exceptional customer service is no more an option but a necessity
- What role trade events and webinars can play in improving brand image
- How an active social media presence helps forge a deeper connection with customers