What's the best way to handle returning vs new customer journeys?

As an e-commerce business owner, I'm struggling to create personalized experiences that effectively convert both new and returning customers. Each group has unique behaviors, expectations, and purchasing patterns, but my current approach treats everyone the same. I want to develop a strategy that recognizes the different stages of customer relationships, provides tailored incentives, and maximizes conversion rates for both first-time visitors and loyal repeat buyers. How can I design distinct yet cohesive journeys that make each customer segment feel valued and understood?