Guide: How to Drive Recurring E-Commerce Sales in
I often see companies worry more about getting new customers instead of preservation of the existingBut do you know it costs five times as much to attract a new customer than to keep an existing one! Seen how is important to keep your old e-commerce customers To encourage repeat sales, I wrote this article covering all the key points. I will discuss several tips to help you create a better e-commerce experience for your customers, so they keep coming back to your site for more.
Identify the reasons why customers are leaving
First, you need to identify all possible reasons why customers are leaving your site. These could be the following: The customer has left the market. Your competitor has persuaded the customer to join their service. Dissatisfied with your service. The customer believes you don’t care about them. Once you’ve identified the reason why your existing customer decided to turn around, it automatically becomes easy for you to work on that particular segment of your ecommerce business.
Calculate CLV (Customer Lifetime Value)
To assess the value of the net profit an existing customer (if retained) can provide your company, we calculate the Customer Lifetime Value (CLV). It is a predictive analysis technique that can help you predict the customer’s entire future relationship with your company The easiest way to calculate CLV is by using the formula below: (Legend) CLV = Customer Lifetime Value CV = Customer Valuet = Average store life True: (Legend) AOV = average order valueef = purchase frequency AOV can be calculated by the formula: And f can be calculated by the formula: And t (life of the stores) is usually 1 to 3 years. This is a basic calculation shown as how many months or years the customer stays with the company before going to sleep.
Strategies to Retain Customers
It is critical for an ecommerce business to generate more online revenue by driving repeat ecommerce salesHere are some ways that customers can spend more without becoming inactive: Customers are more likely buy repeatedly on your website if the checkout process is simple and convenient. Don’t let the customer fill in the details every time they buy something take care of the automatic completion of the fields which remain the same as the name, address and card details. Your focus should be on save your customer’s time and add convenience to the process. Here are some ways to simplify the checkout process: Use AJAX to update the page dynamically without the need to freshen it up.Remove distractions (such as the main menu) and keep only the essential fields (payment details and delivery details) on the checkout page. Tools like Usersnap can help you debug your site with ease mistake on the part of the customer then flag the error using a pop-up message and tell the customer what to do next. once the order is placed, clearly state the date and time of delivery. Send emails and messages confirming the orderSure, the checkout works smoothly on all devices Have a look at the below one step checkout process for Magento:
Customers like to be rewarded. It can be in the form of Invite your loyal customers to corporate events or send them custom messages or gifts on their birthdays or anniversaries. Tools like theloyaltybox.com are a great help in automating the process of rewarding your customers. Here are a few more ways you can apply to reward your customers: Customers are looking for a platform where they can share their voice. Feedback is an important medium for this optimize the customer’s purchase processYou can request user feedback in the following ways: Send emails to customers after they make a purchase and ask them about their experiences, such as “Did you find the checkout process easy?” OR “What would you like to change during the checkout process to make it easier?” You can also ask them about them experience with the specific product they bought. you can also provide proactive live chat support to collect real-time feedback and minimize purchase friction. collect data using customer surveys. Continue with a shorter survey with a “slider” that appears on the screen when a customer is browsing your site. Who doesn’t like discounts? Continue to reward your loyal customers Sending out coupons is a great way to improve customer retention Shopify is one of the most reliable platforms when it comes to generating additional sales online. You can take advantage of Shopify’s coupon and discount feature Create coupons and assign discount codes to increase sales You can create discounts based on: Percentage – 10% discount on your total purchase.Shipping costs – offer customers free shipping. You always should be supportive for your customers and help them with any problems they may face. Bad and inefficient customer service is often one of the common reasons why customers don’t repeat the purchaseHere are a few tips for better customer service: The customer service executives should be polite and respectful.They have to listen to what the customer is sayingA good support person must be a good listener. Answer should be given in real time and all questions should be resolved at the earliest. Support agents often try to ignore customer inquiries and do not provide an immediate resolution. Consistently check with your customers whether they are satisfied with the products and services. Good feedback is crucial to the success of the business. You can view SurveyMonkey’s customer service feedback templates. The growth of an ecommerce business depends on the sales, but the sales are ultimately generated by customersTherefore, if you are trying to make the sale instead of establishing a relationship with the customers, it will only benefit you in the short term. Instead, it’s important to open up a relationship with your customer and focus on long-term benefits for your e-commerce business.
In conclusion
That is important to you maintain the right attitude with your customers at any point during the customer’s lifecycle. You have to exceed the expectations of the customers and always remain availableRemember that a satisfied customer is a loyal customer. How do you keep your customers happy? Let me know in the comments below.
How to Drive Recurring E-Commerce Sales in: benefits
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Final note
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