Shoppers are fickle. They look around for the best deals, the best prices, the best products. They try out new shops and new things based on recommendations — from friends and family, from online reviews. If you’re lucky, they find you and they like what you’re selling, so they decide to take the risk of seeing what it’s like to buy something from you. Success!
Congratulations — getting a new customer is a huge accomplishment, and you’ve invested a lot of time and money in making your store and your products attractive, in finding the right price points, and in creating a decent user interface in order to make that first sale. Customer acquisition is a big part of e-commerce success.
But how can you get those new customers to come back to your store — to get them to stop looking around and instead develop loyalty to your store, to your brand, to your vision, to you? This is the one time buyer problem.
The underlying data from more than 15 million shoppers shows that less than 20% ever make a second purchase from the same shop. After all the time, money and effort you put into acquiring new customers, 20% is not enough for you to grow a sustainable business for the future.
More importantly, customer acquisition is seven times more expensive than customer retention. Getting existing customers to buy again is four times easier than getting new customers to buy something even once. The difference in ROI is dramatic.
What’s the solution?
Huge e-commerce companies have solved this problem by spending hundreds of millions on data-driven marketing automation. However, small- and medium-size businesses (SMBs) don’t have the luxury of big budgets and experts in data science and customer retention.
Furthermore, until now, SMB owners simply haven’t focused on the problem of retention – they have been too busy with customer acquisition and day-to-day operations. And the efforts of those web shops that do try to increase repeat are often limited to tactics such as sending out general monthly newsletter. This is not enough to bring back enough one-time buyers, nor to reap the rewards that faithful customers can offer.
RetentionGrid is leveling the playing field for SMBs by giving them Amazon-grade technology that is at-a-glance understandable, simple to use, and affordable. RetentionGrid gives you the capability to set up triggered campaigns, easily email a multitude of segments, target one-time buyers, target loyal customers, find customers to go after for retargeting/advertising, track customer retention and much more.
It enables non-technical marketing and salespersons to harness the power of big data, act on it, and measure their success. We are doing our best to help you eliminate the one time buyer problem.