Amid tighter budgets and increased competition, many retailers are focusing more on customer retention.
The fact that it is easier and more profitable to retain customers than to acquire new ones is well documented. In fact, research shows that it is 5 to 25 times more expensive to acquire a new customer than to retain an existing one.
But with the pandemic changing the way people shop, getting up-to-date consumer information has never been more important.
To bring you the most recent data, at Fresh Relevance we worked with Censuswide and surveyed 2,000 representative national consumers in the UK to identify what shoppers today want to see from retailers and brands in return for their loyalty.
Read on to find out about the top three retention trends we’ve identified and learn how to include them in your ecommerce marketing.
When it comes to their online experience, consumers demand convenience and want retailers to allow them to get the most out of their online shopping experience.
Consumers want to easily find the products of their dreams. Almost a third of loyal customers aged 16-24 (29%) want online retailers to make it easy for them to discover more products they might like.
Try using personalized product recommendations based on data like purchase history and customer browsing history to show which items are most likely to resonate with them and encourage repeat purchase.
Another way to help your customers find the right products for them is to provide recommendations from âpeople like you buyâ. This tactic examines the buyer’s product purchase history and compares to other buyers who have viewed those products, using a machine learning algorithm to recommend the most likely purchases.
Our research highlights the importance of triggered emails, with 1 in 4 buyers expressing a desire for back in stock and price drop alerts.
Out of stock alerts
Products can be out of stock for a number of reasons, but the effect can be very frustrating for customers who expect to be able to buy what they want, when they want. But with triggered back-in-stock emails that leverage shoppers’ browsing data, retailers have the opportunity to turn an out-of-stock product into a positive customer experience.
Make sure your back in stock emails arrive on time to make sure your customers don’t turn to a competitor. Additionally, make it clear why the customer receives the email with a relevant copy and image of the viewed product as displayed on your website, along with the price and a clear call to action.
Price drop alerts
It’s good to have anticipated your needs, whether it’s a cup of coffee brought to your desk just when you need a caffeine boost, or an email. from the brand you love telling yourself that the jeans you looked at last week have gone down in price.
Triggered price drop emails that let shoppers know about discounts on their favorite products are a great way to deliver useful information to your customers and keep them coming back.
As with back in stock emails, be sure to include details of the item scanned (including images) to jog the buyer’s memory.
Like any good relationship, retaining your customers is a two-way street and they expect something in return for their loyalty. When it comes to incentives, loyal customers want to know before other buyers.
Almost one in three loyal customers (29%) want early access to sales or limited editions, so consider using segmentation to send your loyal customers exclusive offers and advance sales notifications.
Additionally, nearly one in four loyal customers aged 16 to 24 are willing to share User Generated Content (UGC) on social media in exchange for rewards. Make sure to share the details of any incentive-based UGC program you have in your post-purchase emails, letting customers know what kind of content you’re looking for and how they should share their photos, right up to the point. ‘to the relevant hashtag.
By providing your customers with a convenient, relevant and personalized experience, as well as offering incentives to stay in your store, you will be able to retain customers and generate income through repeat purchases.
Download your free copy of the Fresh Relevance Loyalty Report for more information on what consumers want in return for their loyalty.