Convenience Store Decisions – Studies have shown that a returning customer is less expensive to convert and has a higher average order value than a new shopper. However, many retailers are focused on measuring total sales and comparative sales, while customer loyalty strategies and customer retention are not getting the attention they deserve.
“Retailers are focusing more attention on customer acquisition than loyalty. While acquiring new customers and driving top-line sales are important, building long-term relationships with customers is imperative for healthy long-term performance,” said Jeffrey Neville, senior vice president and practice lead at BRP. “Paying more attention to the post-purchase experience and measuring its impact on sales, will increase the lifetime value of customers and maximize total revenues and profits.”
Read Full Article: Less than Half of Retailers Measure Customer Retention