In today’s increasingly competitive retail industry, stores often struggle to differentiate themselves when offering similar products at similar prices. However, the customer experience, or the interactions a customer has with a brand, can allow a brand to set itself up for success if executed correctly. By focusing on the customer experience, retailers can build loyalty and retain users in a crowded market. This not only impacts their bottom line, but it also separates them from the competition. Delivering a remarkable CX involves understanding customer needs and exceeding expectations. Retailers must make the customer experience a priority to drive profits, boost retention and stand out. To understand the link between CX and retention, retailers can measure and track a few key metrics such as the repurchase rate, the referral rate, and the churn rate. Analyzing these metrics will reveal the proportion of one-time buyers versus repeat shoppers. If retention is low, CX likely needs improvement. If retention holds steady or grows, an organization is likely on the right track. Hoping to learn how to determine this for your organization? Be sure to check out the resource coupled alongside this post for more information on the importance of customer experience.
How CX Can Combat Customer Churn an infographic provided by BillingPlatform, a company specializing in revenue recognition solutions