Luxury Daily – Retailers are too focused on overall sales and figures rather than harnessing the potential of returning customers, who are proven to have lower costs for conversion and have a higher average order value.
A new study from Boston Retail Partners shows that only 40 percent of retailers measure customer retention to their detriment, especially for luxury brands who rely on loyal consumers. There are a variety of steps that retailers can take after a customer makes a purchase to build a strong connection of trust.
“Improving the post-purchase experience can have as much, if not more, impact on a retailer’s bottom line than just focusing on driving visits and customer conversion. Many improvements to the post-purchase experience, like professional packaging and enhanced communications do not require technical support or investment,” said Jeffrey Neville, SVP and practice lead at BRP, retail consulting firm. “These improvements can be made in small, iterative sprints and have a dramatic effect on the overall customer experience.”
Read Full Article: How to retain digital shoppers: BRP