Developing strategies to reduce customer churn rates and boost customer loyalty is the first step in creating customer relationships that endure through times of uncertainty and success.
Did you realize that acquiring a new customer is five times more expensive than maintaining an existing one? To cut costs associated with acquiring new customers, the main rule of every business is to keep them satisfied and build long lasting relationships with them. According to research, increasing client retention by just 5% can boost profitability by as much as 95%. Keeping current customers can therefore have a favorable impact on your revenue.
But at its core, customer retention is about forging closer bonds with your present clients and making them feel valued. As a result, businesses must consider their clients as people rather than as a percent, transaction, conversion, or sale.
Why Is It Important to Retain an Existing Customer base?
When compared to new consumers, existing customers are 50% more likely to buy something from you and spend 31% more money. Thus, maintaining your current customer is not only less expensive but also ultimately more profitable.
Your existing customers are more likely to refer your business to family, friends, or acquaintances in comparison to the new ones.
Looking at the above statistics and after a lot of research, Flits started a customer loyalty program for an add-on boost to sales. With Flits' cutting-edge rewards program, businesses can boost repeat business and convert customers into brand enthusiasts. These include credits for birthdays, sign-ups, referrals, after-each-order credits, monthly credits, subscribers, product review credits, and repeat customers
Flits focus on the essential requirements of Shopify merchants, such as an attractive customer account page, a next-generation rewards program, social logins, wish lists, integrations, and customization by particular company requirements. Additionally, social login can be enabled to simplify the creation of verified client accounts. A shorter registration process will encourage more visitors to begin browsing products and make purchases.
So let us take a look at what Flits store credit programs involve.
Shopify store credits that can be converted will promote customer involvement. By giving customers converted Shopify store credits, you may raise customer engagement.
How can customers accumulate credits?
On signing up.
Benefit: Giving new consumers credits upon signup will encourage them to create a user account on your website. This accomplishes two things: it could result in sales, and it gives you access to customer information for marketing and market research.
Benefit: When someone subscribes, you can guarantee that they won't miss any new products you introduce to your business, which will ultimately increase sales.
On inviting friends.
Benefit: Your product will reach out to other customers.
On providing feedback or product reviews.
Benefit: A lot of people now research products based on customer reviews. They are an added advantage that leads to a boost in sales.
Encourage your customers to interact and thank them when they do so. Provide credit for all kinds of communication, even the brief ones.
Benefit: This will increase customer involvement.
To give merchants the choice of processing a customer's claim using in-store credits, we linked the Simply Shipping Protection application with Flits.
This allows you to quickly apply credits to the customer's account based on the refund value.
Go to the Flits Dashboard and Contact support.
You will receive the User ID and API Access Token from the Flits team.
Once received, navigate to the Integrations section in Simply Insurance Dashboard and enter the User ID and Access Token to connect the Flits app with Simply Insurance.
Raise the order claim.
Once processed, you will be able to refund customers using the credit points from the Simply Insurance app, and the credits will directly reflect in the Flits Dashboard.
This integration is a brilliant and a great example of how to retain your customer base. Shopify users benefit from these straightforward yet effective solutions since they take care of the repetitive tasks and a lot of other factors associated with running a business.
So if you want to
Boost client satisfaction
Improve your post-purchase process
Create a new revenue stream
Increase the value of your brand