Do You Shop At The Same Places?
48% of all Ecommerce Transactions Are From Repeat Customers
Business Insider France
New customers are important to business, but repeat customers are also very valuable seeing as how they make up almost 50% of all ecommerce sales. New shoppers have higher bounce rates as they are 50% more likely to leave the site after viewing just one page.
New customers are certainly important to retailers, but returning customers should mean more.
A new report from Monetate reveals that the value of returning customers is greater across numerous product categories, and that value continues to grow every year.
Returning visitor transactions comprised 48% of all U.S. e-commerce sessions in the fourth quarter of 2015 and spent $2.7 billion, almost double what new shoppers spent in that time period.
New online shoppers are only half as likely as returning customers to place an item in their card at just a 7.6% rate, compared to 14.8% to existing shoppers (up from 13.6% in the same period one year earlier).
New visitors also have higher bounce rates, the act of leaving after visiting just one page (typically the homepage). Those shoppers leave 34.8% of the time compared to 24.4% for returning shoppers, though that number is up from 23.1% in the year-ago period.
Returning visitors also have a higher conversion rate at 4.5%, up slightly from 4.4% in Q4 2014. New visitors convert just 2.4% of the time, down from 2.5% in the year-ago quarter.
So returning customers are clearly important, but longevity is also crucial. The top quartile of worldwide e-commerce companies receive most of their revenue from repeat customers at the two-year mark, notes RJ Metrics. At three years, repeat customers represent more than 60% of revenues for those companies.
Online retailers, therefore, need to know who their customers are in order to hold onto them and reach those two-year and three-year milestones. And there are numerous ways to do that.
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