5 Ways Retailers Can Attract (and Keep) Customers
That's why it's vital for retailers to connect CRM, order management and warehouse data to provide visibility across departments and sales channels. Save the sale and you'll likely save the customer relationship.
5. Customer acquisition: How retailers acquire and engage with new customers says a lot about their long-term retention efforts. While maintaining your existing customer base is important, future success is also dependent upon fostering new customers. Tracking the behavior and purchase patterns of your new and repeat customers can provide valuable insight into how your brand is engaging them.
For example, a retailer could increase the lifetime value of one-time buyers by identifying specific pay-per-click keywords with the highest "acquirer" percentage. The retailer could increase their bids on these keywords in order to increase customer engagement among first-time buyers. You should also determine the best affiliate and social media properties for identifying consumers that continue on the journey to become loyal, profitable customers.
Customers are bombarding retailers with data every second of the day. You must treat every customer interaction with care and a high level of attention to detail because it does affect the bottom line. The key is understanding how to take the massive amount of data you have, turn it into insight, and then apply that immediately to intelligent decisions across the organization.
According to Bain & Co., a 5 percent increase in customer retention can increase a company's profitability by 75 percent. To ensure best-in-class customer engagement and protect your brand's reputation, it's crucial for teams to work independent of silos to implement strategies that capture all areas of interaction throughout the purchase process.
John Squire is the president of North America at OrderDynamics, a provider of commerce and order management solutions for retailers.