Repurchase Rate
Repurchase rate is the percentage of customers who make a second purchase within a specific timeframe. It's a key metric to measure customer loyalty and satisfaction
Formula for Repurchase Rate
Repurchase Rate = (Number of Repeat Customers / Total Number of Customers) * 100
Importance of Repurchase Rate
Customer loyalty: A high repurchase rate indicates strong customer satisfaction.
Customer lifetime value (CLTV): Repeat customers contribute significantly to CLTV.
Marketing effectiveness: Measures the success of retention strategies.
Product performance: Reflects customer satisfaction with the product or service.
By tracking repurchase rate, businesses can identify areas for improvement, implement retention strategies, and increase overall customer value.
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