10 Proven E-commerce Customer Retention Strategies
You've probably heard that attracting new consumers is more expensive than keeping your current clientele. But can you successfully re-engage shoppers and drive repeat purchases? Ecommerce customer retention strategies provide appropriate guidance on how to develop a strategy for boosting client value and techniques to develop your customer retention rates plan. Are you aware that gaining new clients and keeping existing ones are two factors that aid an e-commerce business's growth? You should be.
Finding new consumers is a job in and of itself, but making sure they return may be difficult. If you're seeking some tested strategies to turn one-time buyers into repeat customers, then this article is for you. Here, you will learn the proven eCommerce customer retention strategies to get new and existing customers to stick around, which will greatly impact and benefit your online store over a long period.
10 E-commerce Customer Retention Strategies that Work
Many effective customer retention strategies can bring a competitive edge in luring existing customers to return for more. For this to happen, the effectiveness of your marketing strategy must be actionable. However, we have done the leg work for you. Read on -to explore the "ten" tested and trusted eCommerce customer retention strategies;
Create a "Subscribe now and Save" Feature
Businesses will still gain from eCommerce memberships even if their company doesn't entirely rely on a "paid subscription" by rewarding customers who treat their transaction as a contract. You can make it very simple for consumers to decide to buy from you again by providing free shipping or a discounted price in return for joining automated repeat deliveries at a duration of their preference.
They appreciate that being loyal customers results in savings, and they won't avoid placing a manual order the next time they run out of your product. By removing all obstacles to future purchases, you will boost sales and customer lifetime value, as it translates to a -win-win for all.
Provide Exclusive Discounts
Another effective technique to convey your concern for loyal customers is offering exclusive deals that others don't enjoy. Make it abundantly obvious that the discount you are offering is a token of gratitude for their support of your company. Providing them a discount or promotional code for a special occasion, like celebrating their first purchases from your store, can be something to implement quickly.
Proactively Ask For Customer Feedback
It takes a lot of proactive work from your end to deliver an excellent user experience. But it's important to remember someone on the other side of those customer retention initiatives -so that you don't become completely preoccupied with chasing repeat purchases.
In any enterprise, everything you do centers on your customers. Please give them a voice in decisions as well. Ask your consumers how well they're doing -to stay in touch. Use client surveys to gauge how pleased they are after every purchase. But back it up with outreach to buyers to arrange in-person discussions regarding their experiences with your business. It would be best if you encouraged them to suggest initiatives you can put in place to boost customer retention rates.
It will help if you keep a close watch on your reviews. Most of the time, businesses don't even need to ask the consumers what they think. Based on customers' feel about a company, they will share their experiences for all to see. To find out what kind of comments buyers give, keep a close check on the well-known review websites.
Examine the causes of customer churn
Retailers don't necessarily have to halt selling products when buyers quit purchasing from them. You can address any problems if you map out the areas in the customer journey that made previous customers quit. It gives you a chance to win back users who have already abandoned your business and keep them from doing so in the future.
Monitoring this key metric is one technique to identify where failures occur in the customer lifecycle. Some of the indicators to check are:
- Churn rate
- Subscription rate
- Customer retention rate
- Return and refund rate
- Customer lifetime value
With the help of customer insights and relevant data, you can conduct additional research and create the right workarounds for customer concerns. For instance, if your refund and return rate are high, you should investigate -if there is a problem with the product item or whether it does not fit the actual description in your store.
Integrate your product into the customer's lifestyle
Do you know what "sticky product" means? No, we're not referring to the incident where a child reaches for the "home radio speaker" with strawberry hands. Instead, we are talking about the goal of making a product part of the consumer's lifestyle to the point where they must keep purchasing it. The concept is popular in the tech industry, but the feeling is universal.
Creating a sense of community among your shoppers is one approach to making your items unforgettable. It ultimately boils down to them becoming a part of a larger primary purpose. Offering them something they cannot get elsewhere is one method to make your product distinctive. For example, It could be a completely original product or a design.
Re-target Past Customers With a New Product Update
Although it is feasible to win back users, this does not imply that it is simple. The amusing win-back emails that businesses send out later are well known to most buyers. To this effect, customers won't give your business a golden chance because they are accustomed to the old trick by now. So, how do you go about it?
Show your customers how your service or product has improved. Let them know that -you have paid attention to client comments and taken action to address their concerns. At this point, product update emails become very handy in this situation. Sending emails with product updates is a smart idea whenever you expand/improve your product range or your list of choices. By so doing, a customer who has previously bought from you and enjoys your brand is more likely to return and buy from a different category.
Implement email marketing
Email marketing is an invaluable strategy for remaining in the minds of buyers and maintaining customer relationships. Always give purchasers the opportunity to opt-in to your mailing lists. Please don't assume that since a consumer has made one transaction, they will want to receive emails from you, as this will likely result in the message entering the users' spam folder. However, display your mailing list via the page customers see after making a purchase, the specific store page, and the email they receive as confirmation.
Develop a creative social media marketing plan.
Using social media to communicate with your clients, both old and new, is a clever idea. You can engage a wide range of consumers via different social media sites. By conversing with your followers on social media, you can announce new goods and develop a brand culture.
The two largest and most popular social networking sites are Youtube and Facebook; 73 percent of American grown-ups use YouTube, and 68 percent use Facebook.
Set up a Referral Program
A user referral program has two advantages: it stimulates new leads, and it compensates your existing customers. That implies that it may have a far higher value than other types of marketing, such as paid advertisements or any form of influencer marketing.
Committed Customer Service
After or before a purchase, the customer expects an excellent customer service experience. Often time, they might require further product information or may require assistance with a purchase-related challenge. Therefore, you may respond to all of their questions 24/7 with the aid of a personalized support system. From this approach, there will be a favorable perception of your company and Increased customer satisfaction.
Best Practices: E-commerce Customer Retention Strategies
Provide an effective user dashboard
Many online retailers let customers choose between checking out as a visitor or setting up an account to simplify future transactions. Due to this, it's vital to offer customers an easy-to-use dashboard, as it gives them a thorough understanding of their interactions with your business.
Optimization of the Online Ads
One element of a successful digital marketing strategy is putting customer retention methods for e-commerce into practice. You must optimize every marketing channel to ensure the right audience sees your ads; if you want to get the most out of your promotional campaigns. Although retailers can't think like an artificial intelligence machine, and due to this fact, employing AI tools like ConvertedIn will help in the integration and optimization of your ads campaigns across many platforms with the click of a button.
Your brand will benefit more by utilizing effective eCommerce customer retention strategies rather than concentrating on increasing the customer base. By providing a good user experience, you will witness repeat purchases and a great return on investment.
Therefore, to ensure that customers stick with your business for a longer period, treat them like your friends and implement the proven strategies outlined in this eye-opening article.