Do you want to boost your ecommerce sales? You need the right customer retention strategies to build an online store that will keep earning for many years to come. When implemented well, these strategies can make customers come back to your store again and again and give you repeat business.
Upselling is just raising the cost of an item that you are selling already. This kind of sales method aims at getting customers buy more of the same item, by providing them with a premium or upgraded version of the same. A high upsell and cross-sell ratio can let you earn more profits and enjoy client loyalty for your ecommerce store over a period. It is a fast and effective way of clearing stocks, although some advancement or improvement in the products must be done in order to make them more attractive for consumers, and encourage them to buy the same.
Cross-selling is to have your buyers purchase more of an item that you are selling than they originally wanted to buy. You can use such methods with free offers as well as pricing campaigns. You have to offer more value without additional charges for the same.
You can get an average revenue boost of around 10 to 30%. These strategies can make customers feel more satisfied and offer more value to their purchase experience, thus ensuring better retention.
- Recurring subscriptions
While running an e-commerce business, you have to use various techniques to boost your lifetime consumer retention. Recurring subscriptions is one of these ways. This is a one-time payment for recovering service or product costs.
At the same time, you can also get the chance to boost your customer lifetime value and reduce your average order sizes.
- Varied subscription models
You can choose from various subscription models, such as monthly subscription boxes, prime deals, free shipping etc, based on your product type.
- Segmented loyalty program
A segmented loyalty program can blend individual attributes with the preferences of customers and ensure loyalty benefits for brands. Your business can enjoy a major benefit in that way.
- Continuous loyalty programs
This can help you to create a consistent customer base. How? With continuous loyalty programs, it can encourage consumers to shop again and again from your online store. Through a loyalty program, you encourage consumers to share your brand and give them reward for that favor.