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Customerretention With both consumers and retailers feeling the pinch of increasing costs, customerretention will be a key theme of 2024. The competitive landscape is overflowing, making customer acquisition more expensive. Customerretention efforts are six to seven times more cost-effective.
In fact, Retail TouchPoints has seen the number of channels used to conduct business grow year after year in its annual Omnichannel and Fulfillment Benchmark Survey. Prediction 1: Retailers will continue to balance customer acquisition and retention. The store has become a central hub for omnichannel fulfillment.
Quick commerce, socialcommerce, marketplaces, greenwashing of brands, a resurgence in physical retail and a rebalancing of ecommerce were key themes during the year. As consumer spending is squeezed, acquiring new customers will be costly and more difficult. The post 2023: The Year of CustomerRetention?
This has led to the emergence of socialcommerce , where customers can connect with brands they identify with through various platforms. Finally, there has been a significant shift towards experiential retail, with customers expecting more than just products from retailers.
This has led to the emergence of socialcommerce , where customers can connect with brands they identify with through various platforms. Finally, there has been a significant shift towards experiential retail, with customers expecting more than just products from retailers.
Jeff Bezos steps down Amazon offers it’s multi-channel fulfillment (MCF) to Big Commercecustomers. Shopify Unite 2021 Instagram leans into commerce Nike earnings Warby Parker IPO. Breaking News: Instacart has appointed Facebook executive Fidji Simo as its new CEO. Amazon News. Other News.
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