E-commerce brands are grappling with increased customer acquisition costs, now losing $29 for each acquired customer compared to $9 back in 2013, highlighting the challenges in a competitive digital landscape.
The surge in digital content and stringent data privacy regulations have made it difficult for e-commerce brands to accurately target customers, necessitating higher spending for new acquisitions.
Amidst these challenges, e-commerce companies are encouraged by insights indicating that 64% of customers are prone to repeat purchases, emphasizing the importance of nurturing existing customer relationships.
To thrive in this evolving environment, the focus of e-commerce brands must shift from acquiring new customers to fostering loyalty and advocacy among existing customers, as they are more likely to yield repeat business.
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