Understanding Customer Retention in the Retail Industry
Retailers that monitor customer retention and analyze its fundamental drivers have a leg up on the competition. The leaders on the retention front are using existing data, analytic techniques and well-defined metrics to signal the need to take action to improve customer retention.
Our recent research suggests, however, that there are common mistakes in any attempt at achieving a better understanding of customer retention. Retailers can learn from these mistakes and from the successes of today’s industry leaders.
Deloitte conducted a series of executive interviews across the retail sector to understand the challenges of retention and attrition in an environment where customer loyalty is waning. Our latest report explores three common mistakes that retailers can learn from when implementing retention initiatives. The report also discusses four leading practices that can be used to evaluate a retailer’s current retention situation and formulate a successful strategy for addressing it.
Download the full report below.