By the end of 2020, over 15,000 retail stores had shut shop in the US, mostly declaring bankruptcy, as strict restrictions led to slim revenues and rising debt. Of course, a large number of retail stores were making a steady transition to the online space, a step that was influenced by both the pandemic as well as adaptation to a growing trend of doing business online.
Customer acquisition and customer retention, quite simply put, are the two main pillars that hold up a business, no matter what the nature of the business is. While the former entails the strategy of acquiring new customers through various marketing campaigns, the latter is about converting them to loyal customers by strengthening the buyer and seller relationship.
Did you know that a staggering 88.05% of shopping carts were abandoned globally in March 2020? The automotive industry scored the highest abandonment rate at 96.88%. While many shoppers add items to cart and proceed towards the checkout simply to find out what the total cost, including shipping, is going to be, there are many other reasons behind the high abandonment rate.
Capturing the customer at a high level of purchase intent and bringing them to your site depends on the effectiveness of your internet marketing efforts. For your site to rank high on search results, the SEO / SEM of your company must be in extremely capable hands.