If you run an eCommerce store, you would be worried about one thing: CUSTOMER LOYALTY. This is something that affects the revenues and profits. Store credit is the value eCommerce stores offer to the customers. It is an effective tool that boosts revenue. Most of the eCommerce giants have used store credit customer retention strategies to make their business grow.
Thinking of how to gain new customers all the time? – Then you could be making a huge mistake. The fact is that most of the eCommerce stores agree that they get most of their business from the old and existing customers. You should focus on the strategies that can help you get repeated business from the existing clients. The chances of making sales to an existing customer are higher as compared to gaining sales from new ones. Hence, focus on the strategies that can help you grab the attention of the existing customers through different channels.
Implement a Loyalty Program
Millennials look for loyalty programs when shopping online. Many small and large eCommerce stores that offer loyalty programs enjoy great sales as compared to others that do not offer any rewarding programs to the users. For instance, if a customer places 3 different orders at your eCommerce store, then you can offer them a discount on the next purchase. This will motivate the users to buy products from your store repeatedly.
Most of the eCommerce stores focus on “Buy One Get One Free” strategies while a few others prefer to choose free shipping options to grab the attention of more and more shoppers online. Loyalty programs of different kinds can be used to pull more users and make more sales via online stores.
You can also seek help from experienced eCommerce website development companies or digital marketing experts to help you design the best system for increasing your sales.
Some of the common strategies of loyalty programs are:
This is a popular technique used by most of the eCommerce stores that is very effective. It helps to grow online sales. When a customer makes a purchase, they gain points. For instance, a $100 worth order would gain points worth $5 and they can be redeemed on the next purchase within 30 days. This would add up to the sales and you can enjoy repeated sales.
If the customers are loyal to your brand, you can reward them. Long-term members can greater benefits from this tier system. Different tiers can be provided to the users based on the number of orders they place. Bigger the order amount, bigger the rewards would be.
Refer a Friend:
A large number of customers use this program to offer rewards to users who refer their friends. People would enjoy such rewards for referring their friends to your eCommerce store.
Related Reading: How Should Small Ecommerce Businesses Promote Their Products Online?
Encourage the customers to make a second-time purchase
When a customer makes a purchase from your eCommerce store, it becomes easier for you to encourage them to make another one. When a customer makes the first purchase at your eCommerce store, more than half of your job is done. Most of the hard work is required to pull the attention of new customers and make them purchase products from your store. Once they buy products from your eCommerce website, it is half the battle won.
You can find different ways to make a second purchase from your site. Send them a personalized email about the current offers or promotional offers running on your store. Make the customers aware of the loyalty programs or ask them to leave feedback or product reviews so that they visit your website again. When they visit your website again, show them recommended products so that they may be tempted to buy other items from your online store. It can be a good idea to shoot emailers with recommended products matching their previous orders and searches.
Prevent abandoned carts
Most of the eCommerce website owners are worried about abandoned carts as this could be hurting their sales and profits. You could be losing a lot of opportunities if you do not do anything to retain the people who have added the products to their carts but left without placing the orders.
Have you ever thought why do users leave the website without making a purchase? The major reason could be high shipping costs, long delivery timelines, and long checkout process. It is important to mention the shipping rates, delivery timelines, and ensure that your site has an easy and fast checkout process. Adding a valid SSL certificate to your online store would help to build trust among your users.
You can send out automated emails to the users who have abandoned their carts. When users would receive an email with a link to complete the purchase, they would take proper actions and complete their purchases.
Exceptional Customer Support
Retaining customers is only possible when your eCommerce store offers great customer support. 4 out of 10 customers are likely to switch to your rivals if they do not get the expected service for products or services. Implementing chatbots on your eCommerce website can help you deliver great customer service and make your customers happy and satisfied.
Related Reading: Top 50 Ecommerce Marketing Tips To Outrank Competitors In 2020
Remember that your customers are your assets, and so, you should look for ways to retain the existing ones and capture the attention of new customers also. Store credits can encourage your customers to make more purchases from your eCommerce store, and help you make more profits.
Looking for a sure-shot solution that can help your eCommerce business reach new heights? We are there to help you plan the best store credit strategies to help you make more sales without spending a fortune.