Customer retention is one of the most important factors you must consider as a small business owner. Getting new customers is a great feeling, but plenty of advantages come with retaining people who’ve already made a purchase on your website.
Repeat customers are more likely to do the following:
• Spend more per order (increased average order value)
• Leave testimonials on your website and social media
• Subscribe to other marketing channels (social media, email, etc.)
The average retention rate varies by industry. On the high end, media and professional services see an average rate of 84%. Travel and hospitality are on the lower end of the spectrum and retain about 55% of their customers.
