🎓 Definition
A new customer is a customer who recently (time frame defined by the Retailer) acquired the card, joined Loyalty Program, and made his first purchase. Each Retailer will define its own duration during which a customer can be labeled as New.
🧪 Example of New Customer
1,000 Customers registered on the 1st of December, as New Members, and 750 of them made a purchase on the same day. 750 Customers are considered as a New Customers for a period of time defined by the Retailer from their first purchase.
Usually, Retailer considers a Customer as New (Registered and Purchased) for a period of 8 weeks.
❓What is used for
• To understand how new Customers interacted with a Retailer, predict how they may interact with Retailer in the future and how much revenue Retailers tend to make from a single customer.
• To tell Retailers how much customers are likely to spend during their time shopping with them, usually called Customer Lifetime Value, which can help Retailers find the right combination of short-term and long-term marketing strategies.
• To identify Top customers based on their spending habits, ABC Analysis. This will give Retailers more focus on how to grow more profitable relationships with current and future customers.
🖥️ Make it happen in Ulys Customer Intelligence
How to access New customers in Ulys:2 Simple Steps
Step 1: Select the Buying Pattern under the Behaviors Menu in the Menu Bar.
Step 2: Select the Option in the Filter Menu and select the frequency and period you want to measure.
And here it is. The New customer will appear in the New vs Returning Customer widget.
You can also extract the List of Customers who are identified in each segment of New vs Returning Customers from the Table icon.
