It is not difficult for e-commerce firms to lure customers through discounts. The real challenge lies in retaining them without burning a hole in your pocket.
At the recently concluded Techcircle Startup 2016 summit, a panel discussion titled ‘The art and science of customer acquisition and retention’, moderated by Karthik Reddy, co-founder and managing director of Blume Ventures, saw founders and senior executives of several startups speaking about the need to quickly grow the customer base, the challenges faced in converting casual consumers to loyal customers and how to ensure a better user experience to keep the customer coming back. The participants included Amit Kumar Agarwal, founder and CEO, NoBroker.com; Vishal Anand, chief product officer, Dailyhunt; Amarendra Sahu, co-founder and CEO, Nestaway; Karthik Sathuragiri, director, emerging businesses – APJ, Akamai Technologies and Rahul Zutshi, general manager and head of corporate strategy, Ameyo Emerge. The big question: Is it actually possible to grow customer base while keeping a tight leash on costs? The panellists shared their customer acquisition and retention experiences, and the strategies they have devised to grow their customer base while trying to walk the path to profitability.
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