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If you love your customers—which I’m sure you do—you want to hold onto them … tight. Yep, we’re talking about customerretention—a business’s ability to keep customers over a period of time. As much as we love new customers, we love repeat customers even more.
Businesses are constantly trying to figure out how to increase customerretention rates. But what if your business model is designed to create repeat customers. Essentially, that’s the beauty of subscription business models. In a recent study , Zuora found that 71% of adults across 12 countries have subscription services.
Adding a marketing automation system to your eCommercemarketing arsenal is typically a worthwhile high ROI effort and is a mandatory part of Inbound Marketing for eCommerce. But given the fast growing plethora of marketing automation systems available, which is best for your business? Detailed Analytics.
Long viewed as a necessary evil, the retail returns process is emerging as an unexpected avenue for growth and customer engagement. In the rapidly expanding ecommercemarket, projected to reach $3 billion in 2023, a significant 20% to 30% of online purchases end up being returned.
To cater to better customer experience, convenience, and value-add capabilities, Gartner has suggested the addition of services to physical products such as: Subscriptions. Subscriptions. Subscription based models are at the center of recurring revenue in eCommerce. And what keeps the customers loyal you might ask?
Subscription services make up a particular niche within the eCommerce world. From big names like Dollar Shave Club and HelloFresh to smaller, niche services like Expack, subscription boxes have been growing in popularity in recent years. On one hand, subscription services offer an exciting, convenient option for consumers.
If you’re an ecommercemarketer, you know growing sales to your online store is amongst your top priorities. But growing a business and engaging with new customers is always easier said than done. Don’t worry, every marketer has been there. It’s best to over-communicate at this stage.
Luckily, there are some useful tools to help market, run, and analyze ecommerce platforms. Some of them are free and others come with a subscription fee (usually a free trial is offered to test first). The following recommended ecommerce tools have been broken down into three categories: Marketing, Managing and Tracking.
Savvy business owners know that customerretention is worth its weight in gold. The numbers say it all: it costs five times more to bring in a new customer than it does to maintain a current one and the odds of making a sale to a current customer are 60-70 percent compared to only a 5-20 percent chance of selling to a new lead.
According to Bain & Company , a 5% increase in customerretention rate will result in a 25% to 95% increase in profits. A repeat customer can provide a ton of value to a business. Measuring customerretention should form the starting point to understanding and improving customer loyalty.
Given that the probability of an existing customer returning to purchase something at your store is 60-70% compared to the 5-20% chance of converting a new customer, it’s no surprise that eCommerce brands are prioritizing customerretention. Subscription programs. Offer a subscription program.
From cheaper marketing to less operational resources, you’ll save heaps of cash by being the big fish in the small pond: Cheaper Marketing. Developing an ecommercemarketing strategy for a particular group of people is much easier than marketing to the masses since you know who the customers are, what they like, and where they shop.
Generating qualified leads – Selecting a proper marketing strategy helps in generating qualified leads for your software solution. In the SaaS industry, 35% of customerretention is considered above average, and since you’re selling subscriptions, it’s essential to generate as many leads as possible.
Live commerce and its growing popularity The growth of ecommerce meant that conditions were perfect for live commerce, which combines live video with the ability to buy the products you are viewing instantly. Unsurprisingly, China is a big player, with an ecommercemarket worth $885.94 billion in 2023.
Beyond the Inbox: Beyond the Inbox, a podcast led by e-commercemarketing experts, zeroes in on the power of email marketing and its role in nurturing customer relationships. This adaptability is crucial for remaining relevant in an ever-changing market.
Ecommercemarketing has come on in leaps and bounds over the last few years, with advances in automation, in particular, proving to be a real game-changer. And with more and more businesses jumping on the bandwagon every day, marketing automation is no longer the optional extra it used to be, it is an absolute must.
In this article, we’ll show you what top ecommerce KPIs (Key Performance Indicators) and metrics you should track and optimize to build your ecommerce empire. What are ecommerce metrics & KPIs? Metrics and KPIs play a crucial role in any ecommercemarketing strategy. Top ecommerce metrics to track.
Customers like options, especially when it comes to subscription products. They want to be able to customize the features they pay for, the length of their term, and payment frequency. Once you’ve decided on features and prices, FastSpring makes it easy to list and manage your subscriptions. Improved purchase experience.
Moreover, product recommendations create a better customer experience by adding value to the initial purchase. Whether you are an experienced e-commercemarketer or a savvy entrepreneur, our guide will do you good and give you a few ideas on how to take your sales to the next level and keep your customers happy.
billion people in 2025, and the global ecommercemarket is predicted to exceed $6.3 The benefits of digital revolving credit foster an increase in customer lifetime value (LTV). Recent statistics show that 2.71 billion people have been shopping online globally as of 2024 — nearly one-third of the world’s population.
According to the National Law Review , it can cost five times more to acquire a new customer than keep a current one. And Bain & Co estimate that a 5% increase in customerretention can boost a company’s profitability by 75%. And referring other customers. – William Harris, EcommerceMarketing Expert, Elumynt
Globally, consumer electronics ecommerce is expected to grow to $343.34 By 2025, the global consumer electronics ecommercemarket is projected to be worth over $511 billion. Nearly 60% of millennials are watching more TV on subscription services due to COVID-19 ( GlobalWebIndex ). of all digital ad spending this year.
Globally, consumer electronics ecommerce is expected to grow to $343.34 By 2025, the global consumer electronics ecommercemarket is projected to be worth over $511 billion. Nearly 60% of millennials are watching more TV on subscription services due to COVID-19 ( GlobalWebIndex ). of all digital ad spending this year.
Globally, consumer electronics ecommerce is expected to grow to $343.34 By 2025, the global consumer electronics ecommercemarket is projected to be worth over $511 billion. Nearly 60% of millennials are watching more TV on subscription services due to COVID-19 ( GlobalWebIndex ). of all digital ad spending this year.
Globally, consumer electronics ecommerce is expected to grow to $343.34 By 2025, the global consumer electronics ecommercemarket is projected to be worth over $511 billion. Nearly 60% of millennials are watching more TV on subscription services due to COVID-19 ( GlobalWebIndex ). of all digital ad spending this year.
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