LONDON–(BUSINESS WIRE)–A well-known market intelligence company, Infiniti Research, has announced the completion of their recent article on supercharging your e-commerce business with proven customer retention strategies. This article helps you understand the different customer retention strategies for e-commerce businesses to encourage repeat purchases and enhance customer loyalty.
According to industry experts at Infiniti Research, more than half of a business’s future revenue will come from approximately 20% of their existing customers. Furthermore, companies must give greater focus on using customer retention strategies to retain existing customers, as attracting new customers could cost a company five times more. In the absence of strong customer retention strategies, companies will not only struggle to establish a strong customer base, but they will also see a decline in their profits.
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Proven customer retention strategies for e-commerce businesses
Launch win-back campaigns
Win-back campaigns involve contacting customers from who haven’t engaged in sales with you for a while. This is an attempt made to win back these customers using highly targeted campaigns. This is one of the most popular customer retention strategies among several old-school direct response marketers.
Before formulating your customer retention strategies, it’s critical to first and foremost understand who your customers are, and which of their actions matter to your site. Request a free proposal to know how our customer intelligence solution can help you identify your target customers.
The key idea behind a loyalty program is simple, reward your customers for frequent purchases. Customer retention strategies like giving out loyalty points is highly effective and is commonly used by several successful companies. Although implementing loyalty programs do not guarantee increased sales, when combined with a competitive product and great customer service it can play a key role in increasing sales and improving customer retention.
Subscription-based business model
Many e-commerce companies are known to resist the subscription-based business model. But before dismissing the idea completely, companies must consider the fact that if a person has been buying the same supplement every month for several years, giving them the opportunity to save time and money by subscribing to regular delivery would turn out to be favorable. If they are able to pull this off, it means that the business would gain the benefit of recurring monthly revenue.
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About Infiniti Research
Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies. To know more, visit: https://www.infinitiresearch.com/about-us
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