What’s a good customer retention rate in the eCommerce space?

In an ideal world, it’s 100%.

But ours is not an ideal world, so a 100% retention rate is difficult to achieve.

We live in a world where businesses often lose touch with existing customers in pursuit of new ones.

How sad!

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How much do you hate seeing abandoned carts? 

I don’t like them either. 

But they are inevitable…just like bounce rates. 

When we conducted a research study on statistics of shopping cart abandonment rate, guess what we found? 

Out of 100 people who add items to a cart, only 35 make a purchase. 

The rest abandon their carts. That’s a whole lot of revenue down the drain.

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Let’s start with one simple fact: you need a post-holiday marketing strategy. 

Why? 

Remember that common saying? Failing to plan is planning to fail.

Yes, without a post-holiday marketing strategy, your business will either underperform or tank no matter its size.

This is actually one of the unwritten laws governing the world of eCommerce. 

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Customers’ love for a bargain is indisputable. 

If I wasn’t one of them, I would’ve thought that maybe they are conditioned to only make a purchase when they think they are getting a great deal. 

But being both a customer and a marketer has helped me understand both spheres. 

I understand why customers like promotions, and I understand why marketers often roll out sales promos. 

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In a world where there are tons of brands providing loyalty programs, have you ever wondered why consumers are becoming less loyal to the brand and more loyal to the program?

I’m not, by any means, downsizing the importance of loyalty programs to brands –it is no secret that they do have their own sets of advantages to brands. 

But if various studies tell us that 82.4% of shoppers prefer doing more business with a brand that has a loyalty program.

What does that imply? 

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During the lockdown, I picked this new hobby of binging marketing podcasts every single day. At first, it was a way of trying to avoid lockdown boredom, but it ended up being a regular in my everyday to-do list. 

The more I inhaled different podcasts is the more I started to realize that there’s nothing to lose by making podcasts a part of my regular lifestyle – but essentially everything to gain. So far it has been truly amazing –you’d be surprised by the amount of expert knowledge you can get from these audio chunks. 

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Convincing customers to buy from you over and over again has never been an easy feat. 

Sometimes it becomes a bit easier when you have a predictable and repeatable strategy that is built to reward recurring engagement. 

Yes, I mean something like a loyalty program. 

Used right, loyalty programs can encourage repeat purchases and turn first-time buyers into brand advocates.  

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One major trait that defines top-notch customer service is understanding consumer behavior –the study of individuals, groups, or organizations and all the activities associated with the purchase, use, and disposal of goods and services, including the consumer’s emotional, mental and behavioral responses that precede or follow these activities.

Creating a product that customers cherish is not an easy thing to do, especially if you don’t know what drives their buying behavior.

Before you come up with a product or service, it’s really helpful to tap into the world of consumer psychology and borrow insights from there. This is important because …

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