How Does Customer Retention Improve Ecommerce Store Performance?
Every year, the e-commerce market is growing at a rate of 13%, which means that more and more shoppers join online stores every new day. If we examine the statistics deeply, people in the age group of 23 to 35 prefer to buy goods online, no matter how expensive, bulky or small it may be.
Buying things online has become less trendy and more comfortable in recent times. But, as the audience opts for online shopping, merchants switch from offline to online markets.
They have to keep pace with the development to stabilize their business. Since there are many storage options for purchasing goods, this creates commercial rivalry on the web.
Mostly, people like to search on Google about products, services, websites and their customer reviews before making a purchase. So, if you are not within the scope of their searches, you may never get a chance to tell them about your business or product.
So, as a novice online merchant, you must have two main services –
- Website Development and Design
- SEO Services.
Luckily, Studio45 does it all. We are known as the Best SEO Company and Shopify Development Company in India. Therefore, you can collaborate with us for website development, design or SEO services for your branding, marketing and advertisements.
To help our readers get a substantial idea about how customer retention can increase revenue, we’ve posted a full-proof guide.
Retention and revenue for your online business
As business owners, we always strive to grow our customer base. Since a 2% increase in customer, retention has the same effect as a 10% decrease in cost. Therefore, the concept cannot be just to increase the number of new customers, but it is to satisfy the people or customers that you already have.
You don’t need to force them to trust your products or services, it’s like your product should satisfy all the essential requirements that customers want everywhere in a product.
It can be more beneficial if you start a loyalty program to give your customers a reason to engage with your brand in the long run. In addition, you can reward customers for their loyalty, encourage them to purchase and ask them to leave product reviews or share pictures on various social media platforms for branding.
People trust the comments of customers who have already used your products to brag about your business. This way you can connect with more and more customers. The objective is simple, you can stay connected with the current customers and promote your brand to them to earn more customers.
Earn new customers with retention
You can make your customers feel special to earn new customers more profitably. Your customers will tell others about their positive experiences with the product. As stated earlier, customers believe more in comments and they buy after getting references from friends or family.
If you have an eCommerce store, it is better to invest in customer retention and loyalty programs to reap the long-term benefits. Keep reading for more thoughtful ideas to enhance your business image.