Have you ever thought that how an ecommerce loyalty program can turn into a customer retention tool? It plays a major role to make your customers highly engaged and therefore it has emerged being an important thing to consider in an ecommerce business. Studies also say that eCommerce Loyalty Management can benefit in the context of so that they would be buying more, in huge quantity, or having more interaction with your brand more frequently indeed.
If you follow eCommerce Loyalty Management in your ecommerce business then chances are high that you would be having incredible profit indeed. Here, we are going to put light on various other things in a detailed manner. Let us check it out –
Interesting facts –
- As the name of this section, elaborate itself that only interesting facts are being shared here. Let us check it out to understand it in a better way –
- Your business could have incredible profit. Returning customers costs 5X less to retain customers in comparison to acquiring the new ones. Studies also say that loyal customers are supposed to spend up to 67% in comparison to new customers.
- In the 1950s, Loyalty programs were first originated when grocers used to give customers stamps in the context of purchases, eventually spawning airline miles rewards in the 1980s.
- Online retailers getting a continuous stream of at least 10+ or more orders in a month would truly come across excellent benefits right from a reward program.
- Online retailers are known for operating in a niche where customers are supposed to price-sensitive. These customers are called ideal candidates to say YES to a loyalty program.
- Talking about the loyalty program membership in the US, there are almost 3.3 billion. To put in simple words, an average could be 29 per household.
- Generally, 76% of customers do think that a loyalty program is regarded as being part of their relationship along with the brand.
12 Effective Customer Acquisition Tactics
In this section, we are going to mention a total number of effective customer acquisition tactics.
- Yes, it makes your customers stay with you on a long time basis. It makes it possible to win hearts and minds and when your customer is connected with you emotionally and practically then you are the winner in the market.
- To make them quite effective, you need to emphasize short-term hacks vs. Long-term strategy.
- The value of the customer must exceed the cost of customer acquisition.
- After product-market fit comes,product–channel fit.
- It is indeed true that every business needs a mechanism-free acquisition.
- Content is indeed an ideal your most powerful acquisition channel to make customers aware of the situation.
- Being a smart one in the business, it would be great if you pay attention towards acquiring slowly at first, perfect the product, go mainstream.
- On what type of customers you want to emphasize is also an important factor indeed. Acquire the right kind of customers, which means who are able or supposed to pay.
- Customers do always love to go with the best deals. Give ’em a deal they’ll never forget and keep coming back to your platform.
- Pay attention to the way making easy for your customers. It would be great if you could design your website to be helpful, not sophisticated.
- A/b test everything.
- We all know how the importance of influencers is increasing. Reach out to influencers can also bring more profit to your business.
What You Can Offer Them –
Have you been wondering that what you can offer them to fetch their attention? You can offer the things mentioned below through the eCommerce loyalty program. Let’s go through these –
- Discounts and rebates – This way always attracts more and more customers.
- Rewards. – It makes them feel great being associated with you and that is why most smart e-commerce platforms also prefer the same.
- Free merchandise – There is another one on the list and it is already quite popular.
- Coupons – The new-age customers do also love to go shopping where they could have coupons oriented facility.
- Access to unreleased products – This factor can make your customer a bit valuable.
Reasons To Say YES To Customer Loyalty Program
Have you been wondering that why you are required to have a customer loyalty program –
- It helps to retain existing customers
- To get more and more new customers
- Move customers up the buying ladder
- It can also help in the context of winning back lost customers.
- It also goes in your favor by increasing the lifetime value.
- Go and identify your best customers.
- You should go ahead and create your best brand influencers.
- Moreover, it is indeed an ideal way to set you apart from the competition.
- Customer Loyalty Program mitigate advertising costs
The Loyalty Advantage –
The benefits of the Loyalty Advantage are unlimited though. Here, we are going to mention the prominent ones.
- Loyalty offers are completely different from the general form of marketing. 81% have already accepted that Loyalty Programs have truly made it possible for them to keep going on with the business with brands.
- The 66% do not bother to spend to double Loyalty advantages.
- The 73% are indeed quite interested to go with brands coming with good loyalty programs.
Final Thought –
Loyalty Programs do work in long term. And the best thing is that 10x more likely to go quite satisfied but still most of them have not felt it in that specific way. If you have an ecommerce store then you must go with eCommerce Loyalty Management to go with excellent benefits.