A few weeks ago, we hosted a webinar with our friends at Skubana, featuring the company's co-founder/CEO, and well known eCommerce expert, Chad Rubin. During the discussion, Chad and Shopgate VP of Marketing, Casey Gannon, did a deep dive into the differing values of new and returning customers.
With acquisition channels becoming more competitive than ever – in large part due to big box retailers eclipsing the efforts of smaller brands – smaller retailers must increase budgets and adapt acquisition strategies just to remain consistent with expected acquisition numbers.
To combat these rising costs, Chad and Casey presented several actionable steps for retailers to take in their efforts to diversify their revenue sources, and retain customers after initial acquisition investments.
Multi-channel selling - Every channel becomes more powerful when equipped with the benefit of supporting platforms.
Tracking for Retention - Essential metrics include customer lifetime value, highest spending customers and most frequent purchasers.
Apps to ramp up repeat buys - Apps have 10x higher retention rates than mobile sites, with AOVs 55% higher.
Push notifications to keep them coming back - Apps that send push notifications have retention rates 7x higher than those that don't. The more targeted your user segments, the more effective your messages.
Want the full rundown of Chad & Casey's presentation? Click here to watch the webinar replay, with much more info on retention stats, techniques, multi-channel selling and more.