41% of online revenue comes from returning and repeat purchasers, who represent only 8% of all visitors and a 5% increase in customer retention can increase profits by 25% to 125%. 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.
The Importance of Online Customer Retention [Infographic]
Infographic by- GO-Gulf.com
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Companies focus on customer acquisition more than customer retention, even though it can cost 7 times more to acquire new customers.
Globally, the average value of a lost customer is $243.
A 5% increase in customer retention can increase profits by 25% to 125%.
The probability of selling to an existing customer is 60 – 70%. The probability of selling to a new prospect is 5-20%
E-commerce 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.
17 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
- 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