We are one hundred percent certain that we do not have to tell you how important customer loyalty is. We also feel we do not have to emphasize on the fact that customer acquisition is at least 5x more than customer retention and customer retention increases your profit by at least 70%. Then what is this blog all about? We’re going to take you through some of the time-tested strategies to increase your customer retention(retail business).
The United States of America saw a whopping 14.5% increase in e-commerce sales in 2019 compared to 2018. This clearly indicates two things: one is that the customers are willing to buy online and the second is that retailers do know what they are doing. So what is the fuss all about? It is about the competition in the industry and every retailer(retail business) is trying so hard to increase his customer retention. Here are a few strategies you can follow to increase your customer retention and loyalty and in turn increase your revenue.
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Do your research:
By this we mean you should know every itsy bitsy detail about your customers relevant to your business. This will help you a great deal in increasing your customer loyalty. If you know what exactly your customer is looking for, how happy he is with your products and customer service, does the customer think that your prices are competitive and you’re not out in the market to rob him, and how convenient and easy does the customer think it is to shop with you. When you learn that your customer is satisfied in all these aspects then you can rest assured that he is not going anywhere. So do your bit of research and stay on top of your game.
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Adapt
Yes, adapt to the current standards. Not all the marketing techniques you follow will work for you. Be quick and shrewd in taking calls to analyse if your strategy is working for you. If it does not, do not wait and move on to your next strategy. Your time and efforts are absolutely precious. Do not waste them on wrong strategies. Although this might seem fairly simple, you will find it difficult in executing it in your everyday operations. Adapt and move on. Make sure you put your best resources in increasing customer loyalty.
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Personalise
Personalization is crucial to customer retention. Customers do admit that they love to see what they want to see rather than unneccessary things. More than 85% of shoppers in the US admit that they want to see personalised pages and that has helped make quick decisions in buying. They have also admitted that they are more inclined towards shopping from websites that list personalised items. So, if you haven’t already done personalising then start doing. If you are already doing it, optimise it.
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Engage your customers
Engage your customers and also reward them. Nothing excites shoppers more than celebrating their anniversary or birthdays with some nice discounts from the brands or shop they love. Also, keep them actively engaged in your website. Keep adding some fun games and campaigns to your social media handles and reward them with nice hampers and discounts. This will increase your customer engagement which makes a huge impact in conversion.
These are some of the time-tested strategies you can follow to up your retail business game. You can contact us if you have any queries or need help increasing your retail business revenue. We’re here to help:)
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