Why should you focus on retaining your customers?
Firstly (and most importantly), because keeping your existing customers is way cheaper than acquiring new ones! According to a recent study, it costs about six to seven times more to gain new customers than retain existing customers. For example, you won’t need to provide your existing customers with so many discounts as you would to attract new customers.
Secondly, repeat customers spend much more than new customers. According to a study by Bain & Company, a customer who has been shopping at a store for more than 30 months is likely to pay 67% more per order. And that’s huge!
Thirdly, when you have repeat customers, it definitely means that you have kept them happy. Either your product was outstandingly amazing or the customer experience was superlative. Or it could be both. In any case, a happy customer will always have good things to say about your product and e-store. The more they spread the word, the more organically generated customers you get!