Eighty percent of online users from India have made purchases from E-commerce platforms within the last thirty days. This huge number can be attributed to the fact that e-commerce brands are now an integral part of our ever-growing economy. However, this statistic also shows the brands just how many competitors exist to cater to all those requests. The e-commerce sector is now a substantially more crowded marketplace, each passing day adding more.
Say you are back after traveling from a long fun trip and you are busy recalling all those wonderful experiences you had. You might spend a couple of minutes recalling the car rental experience. But more often than not, you might end up forgetting it. You may notice that it’s not really a problem with the car rental industry being deficient in certain tools, technology or the workforce. The issue here would most likely be the mindset of the service providers who would rather approach this business as just an income earning service and not exactly something that can count as experience.
Though I come from the data science background, I am compelled to avoid
using word “Predicting customer churn”. Because “Prediction” is a machine
learning term and it tends to bring along the associated overwhelm for the
business executives. This overwhelm has been the number 1 reason why most
SaaS enterprises focus on adding new customers and tend to ignore the fact
that their existing customers are leaving them every month.
If You are the founder, senior management leader or head of sales for a traditional business that is being conducted online, then you are more likely to be wondering about strategies to acquire new customers constantly. According to Peter Krasilovsky, chief analyst at Local Onliner, SMBs are more aware of ways to spend on customer acquisition than retention.