The CRR informs your online company on how good it has been in keeping customers happy and shopping on your website, which is the foundation for e-commerce success.
Customer retention strategies seek to build long-term partnerships with consumers that will become brand loyal. Many online retailers spend a lot of time and money trying to acquire new customers, but studies show that keeping a current customer is less expensive than acquiring a new one.
All the more justification why your company should put a high priority on customer satisfaction and make it a part of its overall strategy.
Here are some important facts to remember:
According to Yotpo, 59.3 percent of loyal customers are certain to tell their friends and family about their favorite brands and products.
Rise the retention rate by 5% and your sales will increase by 25-95 percent.
Customers who have been with the company for a long time spend 31% more than new customers.
Repeat consumers are 50 percent more likely to try a new product when it is launched.
