Establishing a business and seeing it get the recognition it deserves feels like a mission accomplished. However, without customers, your business is a lost cause. Getting a new customer is not an easy task. You need to look at various factors; improvements are being made on technical and non-technical factors. After gaining a new customer. The most important task is how to retain them and make them your returning customer.
It is five-time beneficial to retain a customer rather than gaining one. According to recent research, every year businesses are losing up to $ 1.6 Trillion due to the loss of a customer in the hands of new competitors.
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What is Customer Retention?
Customer Retention is the strategy of the companies to turn existing customers into permanent or repeating customers, preventing them from redirection to the competitors.
The significance for customer retention is important for all sorts of businesses but when it comes to e-commerce businesses, it holds prominent significance because in online businesses you lack the opportunity to convince or to talk to your customer in person. So, there is a crucial need for Customer Retention Optimization.
What Are the Benefits of Customer Retention?
There are several significant benefits of Customer Retention Optimization. Besides keeping your customers stick to your products and making them your loyal customers which is profitable, there are several other benefits as:
- It is a cost-effective way to get a hold of already existing customers.
- Loyal customers are more advantageous.
- It will help your brand to stand out from the crowd.
- The more the amount of engaged the customer is, the better feedback and more feedback are expected to be received.
Ways to Optimize Customer Retention for Ecommerce Business:
Talk About your Product:
Whenever launching a new product or making improvements to the already existing one, this is the very first step that should be done in the right and appropriate manner to attract, to engage your customers. talk about it with your potential customers. Tell them what you have done to make the improvements, certain changes of formula or the change in the packaging, whether you change the content or the labels, inform and educate your consumer.
Post content on your Blog, Social Media Channels, and Emails about the benefits, usage, and uniqueness your product preserves. If you are offering electronics, show them in a video how your product works and how to operate it.
Stay Updated on Social Media Channels:
Stay up to date on your social media. It is your chance to stand out from the competitors as millions of potential customers are using social media channels including Facebook, Instagram, WhatsApp, and Twitter, you can engage them with your brand.
Work on your social media strategy to build a stronger and healthy connection with your targeted audience. This will not only become the reason for your brand profit but the more the number of followers and connections you have on social media, the higher the chances of your brand to stay on the top and will attract new customers more efficiently and cost-effectively.
Work on User Experience and Personalize It According to Customer:
Pay strong attention to user experience as your customer can not meet you in person, there only way to connect with you or your brand is through the website. So, keeping that in mind, work on a smooth experience for customers when they explore your website. Your e-commerce website should be:
- Easy to use and explore
- A website should portray the theme and should be attractive enough
- Your check out section should be simple and vivid
- The website should be highly responsive and doesn’t take a longer time to load
- Make sure your website is mobile-friendly.
Besides, provide your customer with a customized user experience. Personalize the user experience by the already present data in the database of their purchasing history. That way they can connect to your brand more loyalty and can bring new customers with them too.
Offer Free Delivery, Offers, and Exchange/Return Options:
Providing satisfaction and easiness to your customer should be your priority. With thousands of brands working in an e-commerce business, just one fault can navigate them to another brand to have the smooth experience you failed to provide.
For this purpose, you can come forth with new offers and deals at the end of the month or on special days and events. Also, offer free delivery on the launch of a new product or at the end of the season. Furthermore, certain items provide the return option too. This will crave your potential customers to not only shop from you and stick to your brand for future purchasing but will come back with new customers.
Ecommerce businesses must invest in strategies to retain customers to their brand so that they can add value to their business. They must analyze the ways mentioned above to optimize their Customer Retention next time they failed to meet the expected profit from their business.