Retention is more important than ever

Omnichannel is not just multi-channel. Having more avenues for engagement isn’t the antidote for retaining valuable customers – customer experience needs to be high-quality and consistent across all channels.

In addition to being cheaper than acquiring new customers, retaining existing customers is also more profitable. Bain & Company found that increasing customer retention by a mere 5% correlates with up to 95% increase in profits. That’s because highly-engaged customers make purchases 90% more often and spend 60% more per transaction.

Companies with strong omnichannel experiences retain 89% of their customers, while those with weak experiences only retain an average of 33%.

But 44% of marketers say they lack a holistic view of end-to-end customer journeys and this is holding them back from improving engagement.