Building a Successful Retail Loyalty Program


Research shows that it costs up to five times more to acquire a new customer than retaining an existing one. It has also been proved that a 5 percent reduction in customer defection rate can increase profits by 25 to 85 percent, depending on the business. In the US, only 12 to 15 percent of customers are loyal to a single retailer, but even this small percentage generates between 55 to 70 percent of the sales, according to the Center for Retail Management at Northwestern University.

For a long time, retail businesses focused on expanding their customer base without any particular attention towards retaining them. But businesses now realize that it is more important and profitable to focus on customer retention and building customer loyalty.

Read full story...


CMSWire.com - All News

Libraries lend themselves to business

Manchester’s central library has reopened after a £50m refurbishment with a mission to inspire a new generation to read – and start businesses
Financial Times - Entrepreneurship

Technology helps kitchen table start-ups

Entrepreneurs embrace online techniques to found companies, with government research showing that 2.9m businesses operate from homes around the UK
Financial Times - Entrepreneurship

3 Cool Ways to Print Your Instagram Photos

If you want your pictures in the physical world, these three businesses have you covered.


Entrepreneur

The rise of Britain’s halal foodies

From cakes to meat dishes and non-alcoholic wine, independent businesses are aiming to satisfy the tastes of the discerning new Muslim middle class
Financial Times - Entrepreneurship

Amazon Debuts An Official Mobile App For Amazon Sellers

Amazon quietly launched a new mobile application designed for Amazon Sellers, the individuals and businesses who leverage Amazon’s scale to reach the company’s millions of shoppers by listing their products on Amazon’s site. Amazon Seller, as the app is simply called, offers a suite of mobile tools that allow sellers to search and scan barcodes of items, check prices, sales… Read More


TechCrunch
Sarah Perez

Migrants set up one in seven companies

Almost half a million people from 155 countries have launched UK businesses that are trading with at least £1m in revenue, according to research
Financial Times - Entrepreneurship

VideoGenie Goes Beyond Video With StoryBox, A Product That Collects Positive Testimonials

VideoGenie is a startup that helps businesses collect and highlight video testimonials from fans. But it seems that founder and CEO Justin Nassiri doesn't want to limit this to video. So VideoGenie has launched a new product that it calls StoryBox, which aggregates all kinds of content about a brand. The company says the testimonials can include tweets, YouTube videos, Instagram photos, and… Read More
TechCrunch » Social
Anthony Ha

UK financial data provider raises $17m

DueDil has the largest single collection of data on businesses in the UK and Ireland – but it still lets most users gain access at no cost
Financial Times - Entrepreneurship