Are you investing enough in customer retention?
New data is proving just how critical customer loyalty is to retail success. Knowing it costs 7x more to acquire a new customer than it does to retain an existing one, Stitch Labs’ data team analyzed over 22 million orders from 2,400 online retailers to explore the purchase patterns of new and return customers.
We found return customers annually spend 120% more than new customers.Return customers annually spend 120% more than new customers.Click To Tweet
Download this data report to for more insights and guidance on:
- The financial significance of return customers to retailers
- How to calculate customer lifetime value
- Strategic tactics to boost repeat revenue