We are all familiar with the 3 Rs from elementary school: reading, 'riting and 'rithmetic. Similarly, there are three essential Rs that marketers—especially those working in e-commerce—should have a firm grip on: retention, retargeting, and re-engagement.
Just as reading is the keystone for education, customer retention is vital to success, and businesses that are good at keeping customers have the power to maximize lifetime customer value (LTV) and grow revenue—in some cases by more than 25%.
The other two Rs, retargeting and re-engagement, are tools marketers can use to boost retention rates and keep customers on board.
In the case of most consumers, the main point of engagement in today's digital marketplace is the online shopping cart. It's where customers finalize purchases, but it also serves as a basis for marketers to build profiles that allow them to develop long-term customer relationships.
The problem is that a large majority of online shoppers abandon the shopping cart, by some estimates at a rate of over 70%, which leads to trillions of dollars in lost sales.
But here is the stat that really counts: Over 60% of those lost shoppers could be won back.
Retargeting and re-engagement enabled by technology solutions, such as marketing automation, data management platforms, and content personalization, can make a big difference.