3 Insights from Bluecore’s Customer Growth Benchmarks Report
Bluecore released our 2024 Customer Growth Benchmarks Report recently. The report is filled with essential insights into the state of ecommerce today, and how retailers can increase reach, relevance, and purchase frequency. Some of its more striking findings include:
1) Higher shopper ID rates yield higher purchase rates
The numbers here speak for themselves: Retailers with the highest average ID rates — 40% and higher — outperformed the average retailer, with 53.3% higher repeat purchase rates. Why? It’s fairly simple. When brands know who is visiting their websites in real-time, they can instantly act on customer signals.
2) One and done shoppers are everyone’s challenge
It is bracing to remember that across all categories, 74% of customers buy once and then never return. In other words, almost everyone buys only once. And yet right now, virtually all retail solutions are targeted towards getting more out of top customers. Cultivating your best buyers is important — but that doesn’t mean you should be ignoring the vast majority of your customers.
3) Activating existing and dormant customers is a big opportunity
The relentless focus on acquisition among some retailers is understandable. After all, these are the people who will go on to be your future retained customers. At the same time, most retailers today are drastically underinvested in getting more from recent purchasers and in reactivating inactive customers. And to bring things full circle, few things are more effective on that front than increasing your identification rate.
All of this ties into what we at Bluecore call customer movement: the practice of understanding customer value and using signal-based strategies to move shoppers from unknown to known; non-buyers to new buyers; one-time buyers to repeat, and eventually loyal, customers; and lapsed to reactivated buyers. Click here to read the report in full and get started on your own customer movement journey.
