Stop overlooking customer lifetime value in eCommerce

Customer lifetime value (CLV), or CLTV, estimates the total profit a business can expect from a customer over the duration of their relationship and is presented as a key measure for eCommerce retention, loyalty, revenue growth, and customer-acquisition efficiency. It can be calculated by multiplying customer value, derived from average purchase value and purchase frequency, by average customer lifespan. Businesses can use predictive CLV models, which analyze buying behavior through methods such as machine learning, or historical models based on past purchasing data, though historical approaches may overlook changes in customer activity. Suggested ways to raise CLV include improving post-purchase onboarding, increasing average order value through cross-selling, upselling, or longer subscriptions, building genuine customer relationships, collecting and acting on feedback, responding quickly across communication channels, and providing strong omnichannel customer service. The text also promotes Airwallex as a platform for international eCommerce payments, currency accounts, transfers, and local payment methods.

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