Did you know that the average Customer Retention Rate (CRR) is just around 35% for eCommerce businesses.
But why is CRR crucial to maintain for a business? Just take a look at these stats
- 65% of a company’s business can be credited to existing customers.
- Companies have to spend 7 times more to get a new customer than to retain an existing one.
- Improving customer retention by 5% increases profits by up to 25% to 95%.
- If you are trying to sell something, the chances of making a sale are 60-70% with a retained customer. The likelihood of the same is only 5-20% with a new customer.