Want to encourage customers to purchase from your store? eCommerce Loyalty Program does that for you. An eCommerce loyalty program helps in motivating customers to make repeat purchases in your online shop by rewarding them. Freebies, discounts, coupons, or cashback, all these things can be used as rewards. One of the best examples of an eCommerce loyalty program is Starbucks Rewards Program which lets customers earn stars and for each dollar spent, the buyer can earn one star. After 60 stars, customers will get a free drink or a free slice of cake.
In this blog, we will try to understand- what makes this program important and the benefits offered by it.
Should smaller businesses focus on attracting new customers? or should they focus on existing ones and make sure they come back again and again? These are some of the questions that can make budding business owners confused. In case you are one of those budding eCommerce owners and unsure whether you should focus on acquisition or retention, here’s why both types of buyers- existing and loyal buyers matter.
Retention is an effective way of growing your business and customer loyalty is a major part of it. As per studies, 75% of customers have switched brands for a better loyalty program whereas 52% of customers will prioritize and shop from brands where that have points and rewards in their account.
eCommerce Loyalty Program comes with significant advantages that help your eCommerce store to grow. Following are the perks of the program.
One of the major reasons for using the eCommerce Loyalty Program is that it boosts customer retention. Existing customers love to be rewarded for more purchases. Furthermore, of companies that run loyalty programs on eCommerce stores, 81% of shoppers remain loyal to such accompanies according to studies. On the other hand, 69% of shoppers say they choose retailers based on customer loyalty and earned rewards.
Hence, such studies have proven that loyalty programs love the opportunity to receive rewards as well as can achieve frequent conversions. Moreover, they are more likely to stay in your business and avoid switching to competitors once customers earn points and level up.
eCommerce Loyalty Program is advisable for merchants that are looking for higher sales. Increasing customer loyalty is very simple. Furthermore, this program even allows store owners to reward their lifelong customers by staying loyal to their business. The more customers you keep, the more your business will grow.
A 5% increase in customer retention can increase a company’s profits by 25% to 125% according to an interesting study. Moreover, 81% of shoppers believe that the loyalty program is more likely to continue shopping under the brand. 62% of US mobile shoppers say the loyalty program will increase store visits.
eCommerce Loyalty Programs offers budget-friendly sales as well as an efficient marketing strategy. Furthermore, if we compare customer acquisition and retaining existing customers, customer acquisition is about five times more expensive than retaining existing customers. So to attract existing customers instantly use Loyalty programs. With proper loyalty reward software and optimized content, it’s also very easy to manage.
On average, loyal consumers spend 67% more than new consumers. This is a non-negligible statistic. At the same time, acquiring customers can cost at least five times more than retaining existing customers. So to have a positive impact on your business, you can apply this idea. Moreover, Loyalty program members can bring more value to your business during difficult times.
Knowband is famous for offering some of the best plugins for eCommerce systems. With years of experience with eCommerce websites, Knowband knows what works best for the merchants and what does not. Along with efficient plugins for different eCommerce platforms such as Opencart, Prestashop, Magento, and Magento 2, Knowband offers the most efficient after-sales support.
- PrestaShop Loyalty Point Module
- Opencart Loyalty Points extension
- Magento Loyalty Points Extension
- Magento 2 Loyalty Points Extension
The module is beneficial for Prestashop store owners as it allows the admin to provide the store credit to the customers for certain actions. Certain actions include- New order, Sign-up on the store, etc.
Permitting admin to provide loyalty points or store credits to their customers, Knowband’s offers Opencart Loyalty Points Extension. Furthermore, this extension allows customers to make use of their next purchase in the store in the form of a discount.
Magento Loyalty Points Extension permits online merchants to provide loyalty points on specific events. Specific events include new registration, first order, on ordering any specific product or products of any specific amount.
Magento 2 Loyalty Points Extension allows online admin to provide loyalty points to online buyers. Loyalty points can be offered to online shoppers at different events. For instance, new signup, first order, purchasing a specific product, ordering a product from a specific category, and placing orders of a specific amount or more.
When loyalty programs come with so many benefits hence it would be great to start one for your business today. With the assistance of Knowband modules, you can make this process easier and can take your business to next level.
As Knowband offers efficient post-sales support to the customers hence feel free to write us at email@example.com.