Shopify recently released their annual report on eCommerce trends for 2021, and one of the major highlights was that retention has overtaken acquisition and conversion as a top priority for many businesses. This development is due to rising acquisition costs, as well as the fact that many eCommerce brands saw unprecedented growth in new customers in 2020, as customers further shifted from in-store to online shopping.
Improving customer retention by just 5% can increase profits by 25%-95%, so it’s worth investing in. As part of our Amazing Women in eCommerce Europe event, we spoke to four inspiring, innovative women on the cutting edge of eCommerce about their top strategies for customer retention.
Launch a loyalty program to reward customers
Loyalty programs are one of the best ways to boost customer retention. According to Yotpo’s own research, 52% of customers would join a loyalty program would join a loyalty program with a preferred company. Loyalty programs give brands th …
This story continues at Yotpo
