Retailers are facing a significant challenge in understanding their customer base, as highlighted by Bluecore’s eighth annual 2024 Customer Growth Benchmark report. The data reveals that retailers only have insights on 15% to 27% of their visitors, leaving a staggering 85% of potential customers unrecognized and unaddressed. This lack of visibility creates a barrier to effective marketing and customer engagement strategies.

The importance of identifying anonymous visitors cannot be overstated. The report indicates that retailers who effectively recognize their customers enjoy a 53% higher repeat purchase rate compared to those who don’t engage in identification efforts. This translates to not only a more loyal customer base but also a considerable increase in revenue. Retailers that successfully identify customers experience an average spending leap of 69% from initial to subsequent purchases.

Moreover, the report points out that only 17% of consumers make more than one purchase from the same retailer within a year. However, sectors focusing on higher identification rates report enhanced repeat business. This trend emphasizes the value of consumer data, positioning it as one of the most vital assets a retailer can possess.

Jason Grunberg, CMO of Bluecore, states, “Knowing who their shoppers are gives them the means to execute precision strategies.” This insight allows brands to build stronger, long-term customer relationships, driving repeat purchases and innovative marketing tactics. To thrive in an increasingly competitive retail landscape, the path forward lies in leveraging customer identification strategies. Retailers that invest in these techniques are poised for sustainable growth.