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The Importance of Online Customer Retention

The Importance of ONLINE CUSTOMER RETENTION 41% OF ONLINE REVENUE COMES FROM RETURNING AND REPEAT PURCHASERS, WHO REPRESENT ONLY 8% OF ALL VISITORS. $4 41% 8% COMPANIES FOCUS ON CUSTOMER ACQUISITION MORE THAN CUSTOMER RETENTION, EVEN THOUGH IT CAN COST 7 TIMES MORE TO ACQUIRE 7x GLOBALLY, THE AVERAGE VALUE OF A LOST CUSTOMER IS $243 A 5% INCREASE IN CUSTOMER RETENTION CAN INCREASE PROFITS BY 25% TO 125%. 5% 24 $. 25% 125% 60-70% 5-20% THE PROBABILITY OF SELLING TO AN EXISTING CUSTOMER IS 60 – 70%. THE PROBABILITY OF SELLING TO A NEW PROSPECT IS 5-20% NEW $24.50 $52.50 ECOMMERCE SPENDING FOR NEW CUSTOMERS IS ON AVERAGE $24.50, COMPARED TO $52.50 FOR REPEAT CUSTOMERS. 39% OF SURVEYED SHOPPERS SEE LOYALTY PROGRAMS AS THE BIGGEST INCENTIVE TO MAKING A SECOND PURCHASE ONLINE. 18 BEST PRACTICES OF ONLINE CUSTOMER RETENTION OFFER QUALITY PRODUCTS OFFER EXCLUSIVE DEALS PROVIDE EXCELLENT CUSTOMER SERVICE %, SELL AT COMPETITIVE PRICES BE VERY CONVENIENT REWARD REPEAT PURCHASERS THANK YOU! NEVER STOP SAYING "THANK YOU" ASK FOR OPINIONS USE A PERSONALIZED APPROACH THINK LIFETIME VALUE OFFER COMPLEMENTARY PRODUCTS STAY IN TOUCH OFFER INCENTIVES FOR REFERRALS OFFER FAST DELIVERY OPTIONS SET AND BEAT CUSTOMER EXPECTATIONS ALLOW EASY REPEAT PURCHASES OFFER FREE AND EASY RETURNS SEND EMAIL REMINDERS FOR BIRTHDAYS AND EVENTS Compiled & designed by: GO-Gulf.com web technologies Data Source: http://success.adobe.com/en/na/programs/digital-index- /1209 13926_existing_customers.html http://blog.kissmetrics.com/retaining-customers/ http://www.mineful.com/blog/customer-retention-stats.html http://econsultancy.com/in/blog/62632-loyal-customers-are-key-to-online-growth http://www.practicalecommerce.com/arti- cles/3937-How-to-Eam-Loyal-Repeat-Ecommerce-Customers- http://www.inc.com/guides/2010/08/get-more-sales-from-existing-customers.html http://econsultancy.com/in/blog/11051-21-ways-online-retail- ers-can-improve-customer-retention-rates

The Importance of Online Customer Retention

shared by gogulf on Jul 19
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Check out our latest infographic “The Importance of Online Customer Retention” to understand how important is it to retain online customers and customer retention best practices for E-commerce businesses.

Publisher

Go-Gulf

Designer

Go-Gulf.com

Tags

retention

Category

Business
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