10+ Customer Retention Statistics: A Must-Know in 2024

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Customer retention is a vital focal point in the business world, with an average retention rate of 75.5% across all industries.

Remarkably, just a 5% increase in customer retention can elevate profits by 25 to 95%. Additionally, repeat customers tend to spend 3X more than one-time shoppers.

For a clearer perspective, I’d like to share the most important customer retention statistics that are crucial to note immediately. 📊🔍

Customer Retention Statistics: The Key Data

75.5% is the average customer retention rate across all industries.
On average, repeat customers spend 3X more than one-time shoppers.
A 5% increase in customer retention results in a 25 to 95% increase in profit.
It costs 6X more to acquire new customers than it does to keep existing ones.
Repeat customers spend 67% more than new customers on average.
Every year, the average company loses 10-25% of its customers.
80% of profits are generated by 20% of customers.
65% of a company’s sales are generated by repeat customers.
50% of existing customers are more likely to try new products.
84% is the customer retention rate in the media and professional services industries.
Effective onboarding processes can increase customer retention by 50%.

If you want to learn more about customer loyalty, then we suggest you to visit our customer loyalty fact page to learn more about how customer loyalty improves a business’s bottom line. Also, if you want to know more on the difference between customer acquisition vs retention then you can check out this customer acquisition vs. retention statistics page.

Sources:

Customer Retention: 5 Unique Strategies to Increase Profits | SuperOffice
How Many of Your Customers Are Repeat Shoppers? | Yotpo
Customer Retention Versus Customer Acquisition | Forbes
Demandsage
Repeat Customer Rate | KPI example | Geckoboard
Zippia
Shop Circle on LinkedIn: Did you know the average company loses 10-25% of its customers each year?… | Linkedin
Your Most Powerful Competitive Advantage is Customer Retention | American City Business Journals
The 80-20 Rule (aka Pareto Principle): What It Is, How It Works | Investopedia
Average Customer Retention Rate By Industry & How to Improve Your SaaS Retention Rate | Userpilot