Loyalty and retention are closely intertwined.
Loyalty and retention are closely interconnected, as research indicates that returning or repeat purchasers, who constitute only 8 percent of all visitors, contribute around 40 percent of revenue on average.
Conversion rates for these loyal customers are up to nine times higher than those for new shoppers, leading to significant revenue improvement, as stated by Adobe. Multiple reports from the retail industry highlight the greater benefits of investing in customer retention compared to acquiring new customers.
In this white paper, you will gain insights into:
- The correlation between loyalty programs and customer retention.
- Strategies for avoiding common mistakes in loyalty program implementation.
- Distinguishing between successful and unsuccessful loyalty programs.
By understanding these aspects, businesses can develop effective loyalty programs that enhance customer retention and ultimately drive revenue growth.
