7 simple customer retention strategies for your eCommerce business
Customer retention is one of the most important metrics for eCommerce businesses. The majority of online stores fail because customer acquisition costs are too high, and they cannot keep up with customer attrition rates.
This blog post will provide you with 7 simple but effective strategies to help retain your customers so that you can grow your business!
The 7 customer retention strategies we will go over are:
- Increase Customer Engagement
- Customer loyalty program
- Provide Excellent Customer Service
- Create a customer community
- Personalized Customer Experience
- email marketing campaign
- Show your brand story and core values
First, let’s quickly explain what is customer retention
What is customer retention?
Customer retention is the practice of keeping customers happy and engaged with your company by showing them that you care about their experience. You want to show customers how important they are to your business so that they don’t leave for a competitor who may be offering similar products/services at a better price point or with more convenience factors.
In order for your customers to feel like they are valued, you need to provide them with an experience that is personalized and engaging.
Now let’s go over the 7 customer retention strategies for an eCommerce business
Increase Customer Engagement
This is one of the easiest ways to retain your customers. Adding more content and engaging with them on social media platforms will help build a relationship that could last for years! Providing an evergreen blog or adding videos can go a long way in keeping customers coming back over and over again.
Another great idea is to add a blog subscription email to your website so that customers can receive new content when it's published.
Customers who are constantly engaged with great content from you will be more likely to come back and make a purchase again in the future!
Customer loyalty program
Customer loyalty programs have been proven time and time again to increase customer retention. Over 70% of consumers are more likely to recommend a brand if it has a good loyalty program.
There are many different types of loyalty programs that you can offer your customers, but the best ones include rewards for purchasing multiple items or spending a certain amount. The more effort it takes to earn reward points means better customer retention rates!
You can learn more about increasing your customer loyalty here.
Provide Excellent Customer Service
This is one of the most important strategies when trying to increase customer retention. Being able to resolve any problems quickly and efficiently will make your business stand out from others in your industry.
Even if you don't have an eCommerce site, providing excellent service over email and social media platforms will help build relationships with potential customers who may buy products down the road!
Providing great customer service also helps create brand advocates which could result in positive word-of-mouth advertising.
Customer community
Creating a customer community on your website is another great way to increase retention rates.
Tools like forums are especially helpful because customers can ask questions or get help from other users in the same industry. This creates an environment of learning and sharing that could result in long-lasting relationships between you, your staff members and your customers!
Personalized Customer Experience
Customers will notice when you're giving them a personalized experience. Sending out an email thanking each customer for their purchase or adding in some information about the product they purchased goes a long way in letting them know that you appreciate their business.
They'll feel like they matter to your company, which makes them more likely to come back and make a purchase again later on.
Email marketing campaign
Setting up an email marketing campaign is one of the best ways to retain customers because it's so easy for you!
There are many tools out there that help automate sending emails, which will result in higher open rates over time. It might take some, and even your most loyal customers will unsubscribe over time, but that's ok! It shows how engaged your customers are in the emails you send out.
As you continue to grow your email list, you should categorize them in which part of the customer journey they are part of. This will allow more customization for the shopping experience.
Showing your brand story and core values
This is a great strategy to increase customer retention because it really helps with creating brand advocates through word-of-mouth advertising.
You can include images of people who work at your company or show how you give back to the community. If customers have a positive experience with your brand, they'll be more likely to spread the word about it!
Learn more about eCommerce (Free Course)
Moment Academy is a free course that comes with three programs which take you through the steps of making an amazing eCommerce business!
You will learn everything there is to know about creating your own eCommerce store, from choosing a domain to marketing your online store. You will also learn how Moment can help optimize your online store to the fullest!
Implement these customer retention strategies today
The number one reason that most online stores fail is the inability to retain their customers. Customer acquisition costs are too high, and they cannot keep up with customer attrition rates.
In this blog post, we went over 7 strategies for increasing your store’s retention rate, including improving customer engagement by providing excellent customer service and creating a community of loyal shoppers through email marketing campaigns or social media posts highlighting your brand story and core values.
What other methods have you found successful in retaining more customers?