Customer retention is the skill of maintaining your existing customers for an extended period. It implies converting your current customers into regular consumers. Once a person has purchased from your e-commerce site, establishing loyalty in them prevents them from going towards your competitors.
How does customer retention benefit you?
If you want to have maximum profit for your e-commerce store from a single consumer, building their trust in you is very important. The more they acknowledge you, the more they will buy from you.
Preserving your existing customer and maximizing their business with you is sevenfold more profitable than chasing new leads and customers for your e-commerce store.
There are different marketing tools available like SMS marketing tools, email marketing services, and social media marketing platforms through which you can engage and retain your old customer on autopilot.
Once the customers become trustworthy about your company, they explore your products further, which becomes more beneficial for you. Moreover, they promote your product to their colleagues and private groups.
Best practices for customer retention on your online store:
Reward existing customer
Everyone admires rewards in the form of gifts and prizes. So why not reward your customers for buying from your e-Commerce store?
Rewarding your customers makes them feel gratified and creates an urge to buy from you again.It makes your relationship with customers stronger. Reward acts as an extra motivator for your business.
You can reward your customer in the form of an additional deal or bonus on their purchase. Extra few percent off on a specific product from another online shopping site.
Tell your customers exactly why they are being rewarded; it shows that you value them for their loyalty.
Send Relevant Email campaigns.
An email campaign is the best strategy to stay in touch with your customer. It is one of the most practical ways to keep an existing customer for the longest time. It enhances their experience with you and your reputation.
You can send different types of emails such as:
Welcome Email: This email tells your recently joined customers who you are and simple steps that they must follow next.
Reminder Email: A simple, generous reminder email about some items they have left in the cart or any new suggestions for them.
Giveaway email: Short email telling them about ongoing or upcoming offers and rewards on their favorite items.
Though there are varied email campaigns, you must remember one thing: you should never send multiple campaigns simultaneously. Use different email campaigns at relevant times with some intervals between them.
Expand Customer Service Channels
You should have outstanding customer service to retain your customers for a longer time. It is essential to be available for your customers whenever they have difficulty purchasing, payment methods, availing offers, etc.
In this era when everything is going digital, people are more and more engaging on social media. You should take advantage of this and use your official social media accounts to engage with your customers.
You can assist the customer in solving problems publicly on social media. For Example, on Twitter; You can upload a story asking about your customer’s problems and give a solution to them on the social media stories. It will build the trust of your existing customer as well as generate new customers.
Use Personalization to engage customers.
Customers appreciate it when you keep it personalized. When you email consumers, make sure to start the subject with their first name, it makes them feel that you know them.
Send deals on their birthday and anniversary. Send them an email to wish them and then tell them about special offers on their wonderful day. Also, you can send an email a week before their anniversary and birthday and show options to buy gifts.
Tell them about the newly released products of their concern based on the last purchase. This level of personalized emails and contents encourages the customer to return to your e-commerce site and purchase again.
Get Regular Feedback and Suggestions
Companies need suggestions to know where their customers are facing problems and so that they can improve customer experience.
Ask for customer feedback and suggestions after the purchase. Ask them: How was their experience shopping with you? If a customer unsubscribes your company’s email, ask them the reason for unsubscribing.
I am sure the strategies mentioned above will be able to maintain your customers lifelong and generate good revenue. Implement these strategies and retain customers in your E-commerce store.