Name a business that can dare to exist without repeat customers! They are one of the most significant assets any eCommerce business can have. Getting them for your eCommerce business is vital for its growth. If you don't get them, you might end up with many one-time customers. It can be good for cash but not so good for your bottom line.
Why are repeat customers important for eCommerce business?
New customers cost more: It costs five times to acquire a new customer than the existing one. Bringing new customers to the spending levels of repeat customers can cost 16 times more.
Easier to sell: Repeat customers are easier to sell as they already know, like, and trust you. The reason is your business has already demonstrated itself as an expert in their industry and given them a positive experience
Spend more money: Repeat customers spend more money because they are already familiar with your product. They feel confident about it and can see the results themselves - hence their trust towards your brand is higher than when they were considering a new purchase.
Promote your business: You do not need to spend on advertisements and brand ambassadors to promote your eCommerce business. Repeat customers do this job free of cost for your business.
Contribute to customer retention: By increasing customer retention by 5%, a company’s profitability will increase by an average of 75%.
Bring more profit: A slight price decrease can prompt first-time buyers to switch from one company to another. Customers who buy from you again are less price sensitive. When they have a positive experience with you, the price change will not be such a big deal to them.
Build your brand: Your repeat customers help build your brand by strongly recommending your product or service to friends, family, and colleagues.
Ways to get repeat purchase for eCommerce business
1) Offer incentives and a loyalty program
The customer loyalty program creates a bond between the customer and the business. It encourages customers to return to you again, dig deep into their pockets and spend much more than they may have intended in the first place.
The best loyalty programs understand the value of customer relationships and make it easy for people to love their brand so much that they want to stay loyal. It is all about making customer relationships more personal and increasing customer satisfaction through better customer service, improved product quality, or other factors.
A customer who feels appreciated and rewarded will be more likely to do repeat business with you and spread word-of-mouth recommendations to their friends.
Fynd Platform helps you create customized coupon offers for your loyal customers. Get to know about them here.
2) Retarget your customers
Retargeting can bring back cart abandoners who browsed your site for different products but did not buy. You can use app notification or email marketing for retargeting customers that have added products to the cart, which can be in the form of exclusive offers like free shipping & discounts.
Email retargeting with triggered emails – A browser cookie records the recent website activity by customers, then you can send a more refined, trigger-based email – such as an abandoned cart campaign.
Email retargeting with retargeted ads – You can re-identify people who visit your site using behaviour data and browser cookies and then retarget them with ads on Facebook and Google.
Another area where retargeting works well is social media. If a customer has previously visited your site, you can place an ad in their Facebook or Instagram feed to jog their memory and entice them to return.
Facebook & Instagram retargeting Ads provide the tools to create custom audiences from your email list or website visitors to retarget past site visitors to get them back on your site, show them new products, and hopefully convert them.
3) Offer exclusive deals to social media followers
Social media followers love exclusive deals, so offer something that they can't get anywhere else. It will give your business a unique edge over competitors and bring in repeat customers.
Facebook, Instagram, and Twitter are all effective ways to inform followers of new products and drive sales. Offering an exclusive discount or special offer to those who follow you on these channels can be an excellent way to get more eyes on your feed.
Fynd offers exclusive deals and discounts like upto 50%-60% off using coupon codes exclusively for popular brands.
4) Run a referral program
Research shows that 75% of consumers don’t trust advertisements, while 92% trust recommendations from friends and family. So, a good referral program can turn your existing loyal customers into an army of brand evangelists that would help you acquire more new customers with significantly lower CPAs.
Running a referral program for your eCommerce business can make it easier to grow repeat customers. An existing customer who refers friends and family to your company is eligible for the reward, and the more people they refer to, the larger the bonus you can offer them. This way, existing customers get one more strong reason to stay on eCommerce websites, earn revenue & inspire other customers to grow their earnings.
Fynd refer and earn program helps earn free shopping worth Rs 2000. Refer 15-30 friends, get Rs 1000 free shopping. Refer 30+ friends, get Rs 2000 free shopping.
5) Offer free shipping
90% of consumers would shop online more often if given the option of free shipping. It makes the free shipping option a highly critical feature to keep online shoppers happy and attract repeat business from eCommerce customers.
Another research found that contingent-based free shipping encouraged customers to buy more when they return on a future visit. So, eCommerce businesses need to think beyond product discounts and start offering free shipping.
In the long-term, offering free shipping will benefit your business by increasing Customer Lifetime Value (CLV) and helping you build a thriving customer base of loyal repeat purchasers. Moreover, it can be a great way to cement your position as an eCommerce company with a competitive edge in the marketplace, especially if you are in an industry that sells widely available products or even commodity products that compete heavily on price.
We all want a business that consistently generates profits year after year. This is where returning customers come into play. They are an indistinguishable part of the eCommerce brand and ensure that you never have a shortage of business and always have a steady flow of orders.
We hope this blog post about getting repeat customers for your eCommerce business has been helpful! Fynd Platform has world class tech resources to build a no code eCommerce platform in 30 minutes, allowing solopreneurs, homepreneurs & entrepreneurs to build and scale their business online. To learn more, Book a demo or get in touch with us right away.
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