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In order to talk about LTV, let’s take a look at the bigger picture first.
eCommerce is obviously booming. More and more people are jumping on the online retail wagon and this is all good because it pushes the whole industry forward.
But there’s the downside that almost no-one talks about, although everybody’s struggling with it.
It’s the fact that more and more businesses are fighting for the customer. Which leads to one thing – increased CAC (customer acquisition costs).
It’s obvious that it’s never been more expensive to acquire a customer. But the reality is it’s never going to be cheaper to acquire one, either.
High CAC is not the issue, though. Low LTV is.
Magento is one of the most popular platforms for medium and big eCommerce businesses, and for a lot of reasons. Being one of the most flexible eCommerce solutions, it allows you practically any kind of integrations and adding any features that come to your mind.
While working with Magento, you may stumble upon different challenges and being prepared for them will save you lots of time.
Let’s dive in some of the most common ones and how to solve them!
It’s very trendy to talk about data-driven marketing. Everybody’s claiming it’s the way of the future and almost everybody’s doing it.
Or are they?
Data-driven marketing is one of those buzzwords that sound awesome and intimidating at the same time. It looks like it’d make you millions, but people can’t exactly explain what it is.
Not every buyer looks the same, but boy do they act similarly in many cases.
You know, it’s people shopping at 2 a.m. or the same three products getting ordered together again and again.
You can see it when your marketing knocks it out of the park and your order forms are slammed.
You also see it when messaging misses the mark and you get snarky comments online, or a new product launch falls flat.
It’s right there in your gut but hasn’t yet made its way to the calculation center in your brain.
It’s time to take that ethereal knowledge and turn it into something that’ll help in your reality.
It’s time to create the buyer personas that your ecommerce brand needs.
We’re so damn happy to give all our users a completely new feature that directly helps improve the shopping experience, retain customers and convert more.
We wanted it to be something that gathers this feedback for you 24/7, so we made it an easy-to-use feedback form.
How to continue making money off holiday shoppers long into the new year
The holiday season is great – it’s the busiest time for online shops and helps us end the year on a good note.
But the period after that is quite hard. People close their wallets and pretty much only return unwanted gifts from their aunts.
Even so, you have to try and reactivate your holiday shoppers. They’re the best starting point for regular business in the new year and you should be engaging them, nurturing and pushing at the right times to get repeat orders.
Here are our suggestions for retention strategies after the holidays.