Yesterday I was asked by an author for a quote about retention that I wanted to share:
What is your #1 tip to improve customer retention for an eCommerce store?
Make sure you're sending emails to new customers that eventually leads them to make a second purchase. Don't assume they'll come back, they won't. This first to second purchase is the largest barrier to customer retention, solve it and everything else becomes easier.
Those three sentences summarized years of research I've been doing for Repeat Customer Insights.
Small stores, big stores, and huge stores. They all have that same problem of the 1st to 2nd purchases and it's such a powerful place to focus your resources on.
It's a hard problem to solve sure, but once you do... watch out. Even incremental improvements stack nicely.
If you haven't installed Repeat Customer Insights yet, the Entrepreneur and Growth plans include the Customer Purchase Latency report which break down the 1st to 2nd purchase metrics automatically. It makes it easy to see how you're doing and if you've improved over the years.
Eric Davis
Optimize your promotion timing to save money and attention
Repeat Customer Insights will analyze a ton of customer behavior data for you, including their buying cycles.
If you knew exactly when the majority of your customers were ready to buy again, you can increase your orders and profit just by tweaking your message timing.