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Article covers three most critical eCommerce Benchmarks & high-level tactics on improving them.
1. Average Order Value
2. Revenue From Repeat Purchases
3. Customer Lifetime Value
Data provided by RJMetrics.
insta-share and thanks @tommyismyname for the post :)
No problem, hope these are helpful :-) I was surprised to see just how big spike was in CLV in the third graph!
Awesome data driven look at digging deeper to pursue how to get loyal, high-spending customers & not just clinging to first acquisition data. Nice find!
I'd be curious to see if Yelp's most active users spend 5x more time on their site because of their customer reviews. Are these statistics transferable across industries?
Good question Logan. These stats are specifically to eCommerce, but I would imagine there is some similarity there. This is after-all an average of all of RJmetrics eCommerce customers... so... maybe?
@tommyismyname Very interesting data, sometimes we focus too much on optimizing acquisition and conversion, and not so much on retention and advocacy, which are just as-if not more- important for our bottomline!
It's actually very interesting @jspanom, other research shows that improving retention by 5% can increase profits by 25-95% http://conversionxl.com/customer-retention-strategy/?hvid=6kIoTE so it's almost like we should be paying way more attention to the retention side.
I value retention much more than acquisition. If you're focusing on retention, you're implicitly focusing on minimizing cost. For sellers of commodities, that might be an effective strategy. For everyone else, you should probably be focusing on retention, which carries an implicit focus on product, customer success, and building relationships.
I'm not advocating taking a lackadaisical attitude towards reigning in cost. To be profitable, you have to control costs. However, I would not make them the a focus for longer than a few quarters if the organization has grown rapidly, became a bit slow and bloated, and needs to lose some weight.
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