What is a repeat purchase ?
A repeat purchase is when a customer buys from an online store or brand again. A customer making repeat purchases is an indicator of brand loyalty and higher profit margins.
Why is a repeat purchase important?
Konigle's research on repeat purchases shows that less than 20% of shoppers buy from an online store a second time. But those who do, have ~4 times the Customer Lifetime Value than those who don't. That means when customers are loyal and buy again, the store not just spends less to get new customers but customers buy more too, resulting in higher profit margins for the online store.
How to increase repeat purchase?
Here are a few tactics to consider: