Top 3 powerful customer retention strategies for your eCommerce store

Retaining customers is essential for the growth and success of any e-commerce business. However, with so many options available, it can be overwhelming to know where to start.

In this blog post, we will take a look at the top 3 powerful customer retention strategies for your e-commerce store. We’ll explore how to create a loyalty program, personalize the customer experience and how use email marketing effectively to retain customers and drive repeat sales. With these strategies in place, you can create a more engaged and loyal customer base and increase sales from your existing customers, rather than relying on always having to acquire new ones. Whether you’re a small business owner or a digital marketer, this guide will provide you with the information you need to implement effective customer retention strategies to maximize the potential benefits for your business.

What is Customer Retention?

Customer retention refers to the ability of a business to keep its customers over time. It is a measure of how well a business is able to maintain customer loyalty and keep customers coming back to make repeat purchases. Retaining customers is important because it can be more cost-effective to retain existing customers than to constantly acquire new ones. It is also important because repeat customers tend to be more valuable in terms of revenue, as they are more likely to make larger purchases and refer others to the business.

How to Calculate Customer Retention Rate?

Customer retention can be measured by calculating the percentage of customers who continue to do business with a company over a period of time. A high customer retention rate is generally considered to be an indicator of a healthy business. There are different ways to approach customer retention, and businesses can use a combination of strategies such as loyalty programs, email marketing, personalized experiences, and exceptional customer service to improve customer retention.

Giving a better vision of Customer Retention Rate with an example:

Suppose you sell food and beverages; say the count of your September month customers is 1000 and newly joined customers is 250 but when you started the count was 800; so let’s calculate the customer retention rate according to that.

1000-250= 750
750/800*100= 93.75%

Isn’t it a great percentage of the business retaining customers? The answer is subjective as it depends on the industry you are serving. So, if you think the number is good or want to improve yours then follow the steps below to improve the customer retention rate of your eCommerce store.

How to improve the Customer retention rate of your eCommerce store?

Implement a loyalty program:

Offering rewards and incentives for repeat purchases can encourage customers to come back to your store. A loyalty program can also help to increase customer engagement and build a sense of community around your brand. Do you know 83% of people say joining a loyalty program encourages them to make repeat purchases at that business?

When you run a business you have to think of really lucrative ways to hold your customers for the long run. And, loyalty programs are the best way to ask your customers to shop again.

You can offer loyalty points to your customers at several points like:

• When they sign-up for your store
• After Making their first purchase
• After reaching the minimum value of the order
• For referring your eCommerce business to friends
• Availing of your pro membership, and even many more…

You can reward their loyalty in many ways:

• Offer free/discounted delivery
• Offer discount based on a loyalty point
• A surprise gift on order based on loyalty points redemption

Loyalty Rewards give a perfect reason to customers for making repeat purchases. All you need to do is build personalized discounts/coupons/vouchers, and referral campaigns to increase customer retention, and engagement, and stimulate revenue from your existing valuable customers.

Send Personalized Emails

Customers are touched by the personalized gestures of business owners; hence, they tend to choose that business over others. Hence, you need to shoot some smart email marketing strategies to convince your customers to make repeated purchases.

eMails you would need to send to your customers:

• Upsell Email
• Birthday Email
• Special Occasions Email
• Reminder Email
• Cart Abandonment Email
• Follow-Up Email
• Win-Back Email
• Thank You Email
• Feedback Email

What points do you need to keep in mind when sending emails?

• Create timed-based triggers for customer retention.
• Choose triggers like abandoned cart, browse abandonment, post-purchase, welcome, and more.
• Add products dynamically, based on collection and product recommendations.
• Re-target customers who have recently viewed products
• Send customized discount codes to your customers based on their shopping behaviors.

The right email marketing strategy helps you send the right email to the right audience at the right time; which is eventually helpful for customer retention.

Personalized Web Push Notification

As already mentioned above, customers are pleased with the personalized gesture; so you can send push notifications to them based on their activity on your website.

Push notifications are short, clickable pop-up notifications that you can send to a subscriber to promote offers and other content. This is how you can use push notifications to retain your customers using automated campaigns.

Do away with your worries and maximize customer retention of your eCommerce store with web push notifications.

What kind of notifications should you send for customer retention?

• Price Drop Notifications
• Back-in-stock notifications
• Time-triggered notifications
• Personalized Web Push Notifications

What points do you need to keep in mind when sending notifications?

• Stay Relevant With Dynamic Segmentation
• Write Crisp and precise content

Accomplish Your Customer Retention Strategies with AiTrillion

AiTrillion is a super app that offers several marketing automation solutions for your Shopify store in one place. You just need to install one app and you get 11+ modules along with it. AiTrillion not just saves you money but also helps you maintain your store speed because when you install 11+ different apps for each feature then it reduces your store speed.

Conclusion

In conclusion, customer retention is a crucial aspect of any e-commerce business. By implementing effective customer retention strategies such as loyalty programs, exceptional customer service, personalization, email marketing, improving products and services, understanding customer data and creating community and engagement, businesses can increase customer engagement, build customer loyalty, and ultimately improve their customer retention rate. These strategies can help businesses to retain existing customers, increase repeat sales and ultimately drive growth for your business. It is important to continually evaluate and adjust these strategies based on customer feedback and data analytics, to achieve the best results for your business. By focusing on customer retention, businesses can create a loyal customer base that will be more likely to make repeat purchases and recommend the business to others.

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