Retaining ecommerce customers lowers costs and boosts profits. In 2021, customer retention could be critical.
“At the onset of the pandemic, overall retail sales were down. But then a major shift occurred, and it was by far the largest move toward ecommerce that we have ever seen,” said Joe McCarthy, director of performance marketing for Klaviyo, an email and SMS marketing platform.
“In 2020 we saw multiple years of ecommerce growth….And when we look at [2021], the big question is, ‘Will this shift to ecommerce last?’ From our perspective, we definitely think it will….for smaller brands [the growth in ecommerce] is a major opportunity.”
Seizing that opportunity will be a matter of enticing first-time customers to return for more purchases.
1. Use the RFM Model
The recency, frequency, and monetary value (RFM) model makes it possible to identify and market to consumer segments based on their transactional behavior. The model is among the most
Article source: https://www.practicalecommerce.com/7-customer-retention-strategies-for-2021
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