What is the average customer retention rate?

The average customer retention rate varies by industry, but generally, it ranges between 20% to 80%. To address the questions and rephrase them into a cohesive paragraph, let's begin with a summary. The average customer retention rate, which typically falls between 20% and 80% depending on the industry, is a crucial metric for businesses. Understanding this rate helps companies gauge their ability to retain customers over time. By analyzing retention rates, businesses can identify areas for improvement and implement strategies to enhance customer loyalty. This metric is essential for long-term success, as retaining existing customers is often more cost-effective than acquiring new ones.