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Definition
It is the proportion of customers that, after making a purchase from your business (often 1st), return to buy your products or services in the future. Customer retention is another name for it.
Why is it useful?
Retention lets us know what percentage of users are making repeat purchases. And for how long are they sticking around with the product. The goal of a product should be to make the user experience its core value prop in the 1st use of the app itself.
Example
There are dozens of food delivery apps in the market right now. If one makes a repeat purchase from the same brand, then it means they’ve successfully retained the user. Companies practice a wide range of things to retain customers. Coupons to existing users, and referral programs, are a couple of popular marketing tactics used for retention.