The formula to calculate Customer Retention Rate (CRR) is:
\[ \text{Customer Retention Rate} = \frac{\text{Total Customers} - \text{New Customers}}{\text{Existing Customers}} \times 100 \]
Customer Retention Rate (CRR) is a metric used to measure the percentage of customers a company retains over a specific period. It indicates the company's ability to keep customers coming back and is crucial for understanding customer loyalty and business sustainability.
Let's assume the following:
To calculate the Customer Retention Rate:
\[ \text{Customer Retention Rate} = \frac{2000 - 1500}{1000} \times 100 = 50\% \]
Therefore, the Customer Retention Rate is 50%.