Customer Retention refers to the ability of a business to keep its existing customers over a period of time, maintaining their loyalty and continued patronage. This concept involves strategies and actions designed to encourage customers to keep purchasing a company’s products or services rather than switching to competitors. High customer retention is often an indicator of customer satisfaction, product or service quality, and the effectiveness of a company’s customer relationship management efforts. It is crucial for long-term business success, as retaining existing customers is typically more cost-effective than acquiring new ones.
