Customer reward or customer retention programs are a great way to thank those who have purchased your products in the past and get them to buy from you again. Create your own online store with a customer incentives feature and watch your sales grow.
Customer reward or customer loyalty programs are primarily used by e-commerce businesses as a customer retention tactic. It not only keeps your customers satisfied, but also helps to generate more sales with all of the repeat purchases.
Why is it so important to offer customer rewards? Here are some eye opening statistics. It is 7 to 10 times more expensive to acquire new customers than it is to sell to existing customers. Repeat customers typically spend 33% more than new customers, and customers that belong to a loyalty or incentives program are likely to spend 4 times as much as those who do not.
Here is a brief rundown of how a customer reward program works. The customer makes a purchase. Based on factors such as how much money was spent, how many products were purchased or types of products purchased, the customer will earn reward points. When enough points have been accumulated, the customer is able to redeem it either as discount towards future purchases or as a gift certificate.
There are certain things the e-commerce business owner must do in order to make a customer reward program work better. First make sure the customer reward points are easily redeemable when the customer is checking out. Give all visitors to the site clear and concise instructions on how the program works, and display image or text links throughout the site promoting it, preferably in the header, footer or sidebar.
It all comes down to making your customers happy, this can easily be achieved by providing them with incentives. With reward points, your customers earn points for being loyal, the more they buy the more points they will earn. And as repeat customers, they are likely to buy more, helping to boost your sales.
What you need is an e-commerce solution that has a customer rewards program built right into the store admin, allowing you to create your own rules to calculate points, gives you the ability to redeem points for gift cards and lets you set parameters such as point threshold required to receive rewards.
Core Commerce offers a fully functional customer rewards program that is simple to set up and use. With design tools to set up your store in minutes, a full list of growing features at your disposal and superior support, it’s no wonder they are rated one of the best e-commerce solutions. Try it absolutely free for 15 days without giving them your credit card information.
Customer Reward Related Terms
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