When we created a smart replenishment platform for the consumer packaged goods (CPG) industry, our goal was to help brands figure out how to drive repeat business. After doing just that and more since launching, we decided the best way to own our company vision and mission was to put our name behind it.
PRZM is now REPEAT.
"The first version of our software was used for our own brand, UNDR, which we launched in 2017. We experienced the complexity of getting customers to reorder in a delightful and frictionless way and we wanted to build something better, something with the consumer replenishment experience at the core. What we built worked for our own brand, so we wanted to share it with the world, thus REPEAT was born. As we like to say: 'we lived our way to the problem' we’re now solving for other brands.” — Kim Stiefel, REPEAT CEO & Co-founder
Smart replenishment is the most effective means for ensuring your customers know when and where they can find the products they love without having to do much work. In fact, with little more than an opt in for friendly reminders of when, say, their acne wash is running low, these customers will have a convenient, effortless path to restocking their previous purchases. And brands will have tons of new data on the buying habits of their customers, which can help inform future product decisions.
It might sound crazy that people rarely buy from the same brand again, but in reality 72% of CPG customers will never repeat their first purchase. That’s a ton of additional revenue going somewhere else, and research shows that repeat customers are lucrative customers.
Repeat customers spend two-thirds more than one-time customers, and they have a much higher lifetime value for brands. At REPEAT, we created the tools brands need to drive repeat purchases, and our own customers are increasing customer lifetime value by up to 20% and decreasing time between purchases by up to 50%.
“As a high-growth business, customer retention is a huge area of focus for us. When we started off with REPEAT, we were looking for a solution for retention and a simple way to turn one-time buyers into loyal customers. REPEAT has helped us get data-driven insights surrounding the health of our customer lifecycle, giving us the visibility we need to take action and drive results. Beyond the insights, the REPEAT platform drives repeat purchases, increasing our pool of returning customers and extending customer lifetime value. We also love that REPEAT offers our customers a simple reordering experience.” — Taran Ghatrora, Blume, CEO & Co-Founder
Curious how it works? Want to turn those one-time buyers into repeat customers? Schedule a demo today to get started.