It’s no mystery that customer retention costs are much lower than customer acquisition costs.
You are not living amidst a zombie apocalypse where every customer has constant needs (brains). No! The privilege of living amongst billions of people is immense to your eCommerce store. Every hour of every day, people are consuming products, and I bet someone sitting next to you might be consuming something. Consumption has become an ambiguous term and does not limit itself to eating products. Today, you get products for beauty and wellness, clothing, athleisure, and more.
Harvard Business Review says, “Acquiring a new customer is five to 25 times more expensive than retaining an existing one.”
Humans and convenience are like business and money. You know, like business needs cash and assets to survive. Humans survive in comfort. And the evolution towards it continues. For business, the goal is to acquire customers and then chalk out a retention model. Here are a few tips to retain customers that you can introduce to your eCommerce Shopify store without breaking a sweat or bank.
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1. Use that Subscription Button
The term seems so familiar yet undermined – Simply by interacting with your customers, and you can overcome the gap between you and the leading eCommerce sites. A subscription model allows your customer to reach out to you and vice-versa. It is a quintessential element in the growth toolkit and a sacred place where you can keep the customers and retain the churn rate.
Subscriptions are becoming a game-changing aspect for every eCommerce. You can toggle the subscription button on the checkout page or after completing the order page, and it acts as a final CTA to retain customers. The subscription market for physical goods has grown over 90% YoY and is now accepted by all verticals.
2. Reduce Customer Churn
If there were seven sins in eCommerce, Customer churn would be one of them. It is a common misconception that one-time customers can not be retained. When we talk about DTC, the probability is either your customer will need the product again or some new trend will emerge.
Why is the probability high that your customer is likely to return?
- Every product has a shelf life. Unless it’s a virtual product.
- You live in the 21st century, where everything is accessible at your fingertips.
- Your customer has decided to shop from you; it is unlikely he will put the same energy into deciding on the same product for a different brand. (Unless, of course, you do not have confidence in your DTC business).
- You can leverage Consumer online shopping value, E-satisfaction, and E-loyalty through different virtual tools.
3. Interactive checkout systems
A smartphone is the first interface/medium through which a customer interacts with your product. Make sure your Shopify store has a mobile optimized checkout, which might boost your sales chart.
Checkout abandonments are a real headache. Therefore, the final destination of your store should seem as impressive and appealing as the product pages. One-page checkout yields maximum results and minimises customer churn.
You can get interactive checkouts purely through design changes. Shopify allows for a test run to ensure the checkout flows. The more simple the checkout process, the better.
4. Shape the purchase intention
Once you have acquired a customer, lead him to sign up for your subscription; now, what’s next? You can increase the recurring revenue for your Shopify Store through a detailed analysis of purchase intention.
Prosper Insights & Analytics states, “Customers stock up on basic and household goods.” Every DTC brand has the potential to flourish with Shopify Analytics. Invest in good images for your products. You can use an image as the header or as the background. Moreover, an excellent product image can change the purchase intention of viewers when they visit the site. They are more likely to get the product for its displayed quality and authenticity.
5. Think of a design during the inception of your Shopify store
Many Shopify store owners save the date for later for the designing part of their store. “Let’s put up the inventory and get started”, they say. In reality, it costs them a few customers. Studies show that around 18% of customers don’t trust the site with credit card information, and 13% of Websites have errors/crashes.
During the design and development process, the experts help you identify all the loops and give a rounded look to your Shopify store. Many people mistake design for the Logo. It is not surprising, as not everyone has seen the sophistication of good UX design.
You can outperform your competitors through a functional UX design for your Shopify store. Moreover, in a sea of eCommerce businesses, you get a real chance to stand out with good credibility.
6. Promo codes and discounts
Studies have shown that “16% of customers abandon the cart because they couldn’t see/calculate total order cost up-front.” The number of elements shown to the customers during the checkout is a decisive factor. There is a reason people get the store audit to identify any potential UX issues.
Redesigning your page will make your store mobile-friendly. Consider using whole number prices, a large Call-to-Action Button, few to no pop-ups, change the formatting and optimize for different screens such as mobiles, tablets and PC. Some essential tips are:
- Display price and product on the same page.
- You can add extra work/price information according to your design.
7. Let your customers pay how they want
The magic spell of convenience continues. Shopify allows integration with international monetary platforms, including PayPal, visa, GooglePay and more. The payment portal on the checkout option should be secure. For the same reason, Shopify ensures end-to-end encryption and no data is saved.
Each payment method has its pros and cons. Therefore, you can pick a payment option that suits the size, demographics and type of your business.
8. Digitalise customer service
Let’s face the truth, you can not be available 24/7/365. Right? Business owners are humans, after all. Then, how do you work your way around customer service? Here are a few tips you can follow, and yes, Forbes approves of these tips:
- Humanise ChatBots
- Make renewals hassle-free
- Higher Customer Satisfaction
A chatbot will navigate your customer through the site with any general store-related query. You get to be time, cost, and energy efficient. Customer service interactions are not limited to chatbots; you can navigate the user to the help center on your website or related blog post.
9. Promotional Period
The retention model works through various channels. Practical strategies to retain customers have been flash sales, seasonal sales, clearance sales, and promotional events. The key is to deliver value to your customer to stay.
During this period, you can experiment with interactive content. For example, holiday marketing campaigns are the best way to capture customers’ attention. You can organize a flash sale or set up an email marketing campaign giving ten percent off the whole festive week.
10. Social media strategy for your DTC
Pairing the social media content with customer testimonials brings credibility to your D2C brand. Another trend is infographic images with high-resolution product images. Offering your customers varied quality over the digital channels makes your D2C brand familiar.
- Support user-generated content
- Inflate chances of Word-of-mouth.
- People might share your products across social channels. Make the handles visible and accessible.
- You can use contrasting themes or coordinate with the elements on your website.
- Nowadays, the trend is to mention social handles on the product pages.
The customer is the king, and convenience is the treasure for the customer.
The debate between customer retention and customer acquisition is never-ending. Different approaches lead to different results. But designing the Shopify store is a quintessential element to everything else. Your marketing strategy will yield long-term results and retain customers through a seamless user experience without friction.
The time to celebrate customer retention as much as customer acquisition is here.