Purchasing is easy.
Getting someone to purchase is tough.
But making them purchase repeatedly is backbreaking.
As a result, most brand owners do not focus too much on retaining customers. Instead, they put all their money and effort into attracting new ones.
They fail to realize that existing customers are gold, way more valuable than new customers in the long run. According to Bain and Co, returning customers spend, on average, 67% more than first-time customers.
So to boost repeat purchases, we are going to take you through 3 powerful business strategies that you can employ right away in your eCommerce store.
Successful businesses get a lot of repeat purchases because they have built a community of relationships and trust. To help you achieve the same, here are three proven strategies:
Every successful eCommerce business, irrespective of its magnitude, has something in common – a powerful Loyalty Program. Loyalty programs have always been instrumental in acquiring customers and incentivizing them to complete their first purchase. Incentives typically included credit points, cash discounts, freebies, etc.
Once you have acquired customers, you can then make the program more exciting by doubling or tripling their reward points for every purchase. This sets off a virtuous circle wherein your customers go through an endless loop of purchases, getting rewarded through points and using them for more purchases.
This is a win-win situation for all. Your customers get rewarded consistently for staying loyal to your brand while your sales multiply.
The popular beverage brand Drink Monday has nailed its loyalty program. They offer two points for every dollar spent with them. Customers can use these points to get discounts on any purchase. Additionally, the brand also offers points for customers’ social actions. For every ‘like’, or ‘share’ on Facebook, 50 points are added to the customer’s account. The same goes for Instagram and Twitter.
This strategy has tremendous potential to open the window of repeat purchases in your business. People have become more technologically advanced and are quite adept at researching and segregating the good products from the bad ones in a store. This means the focus has shifted from brand name and product quality to the buying experience.
As a business owner, the easiest way to elevate customer experience is by crafting an omnichannel ecosystem. In other words, you need to ensure that your customers can buy from you via any channel of their choice. More importantly, you must offer the same level of service in all these channels.
Start by making the purchase experience truly device-agnostic. In other words, your customers should be able to purchase from any device of their choice, be it a laptop, a mobile, or a tablet.
Secondly, invest in other channels that you haven't stepped into yet. For instance, if you have only an online website, consider building a mobile app for your business.
And before you raise your eyebrows, building a mobile app is no longer the gargantuan task it used to be a decade ago. With low-code/no-code platforms like Vajro, building a tailored app for your business takes only a few hours. And the best part is you do not have to write a single line of code while building the app.
Sale periods like New Year and BFCM are key to boosting repeat purchases. However, this is also the period when loyalty is at its lowest levels. People will visit your competitors’ websites without batting an eyelid if they find a better deal there. Also it is also impossible to offer a large discount if it starts eating up your margins.
The best way to solve this issue is by offering additional loyalty points just before the sale starts. It has two benefits. One, it will encourage people to consider your brand during these periods, even if you do not offer better deals than your competitors. Two, it will give you a helping hand during the off-season time when the footfall is generally low.
You can also consider multiplying the points for every purchase made during this sale. For instance, if one dollar equals one point earlier, make it 5 points for every sale purchase.
To wrap up, your responsibility as a store owner does not end with attracting new customers. You need to ensure that your existing customers stay with you and keep purchasing from you consistently. They will stay loyal to you only if you offer them rewards, exemplary service, and a flawless purchasing experience.
And remember - the benefits of retaining your existing customers go beyond sales and revenue. Loyal customers will automatically drive new customers to your business through word-of-mouth marketing.
Looking to build an app for your website, try Vajro now.
"Looking for creative push notification ideas? Check out our free templates and start customizing!"