{"id":21585,"date":"2022-12-07T09:34:16","date_gmt":"2022-12-07T09:34:16","guid":{"rendered":"https:\/\/mailinvest.blog\/index.php\/2022\/12\/07\/customer-retention-strategies-ecommerce-companies-should-apply-in-2023\/"},"modified":"2022-12-07T09:34:16","modified_gmt":"2022-12-07T09:34:16","slug":"customer-retention-strategies-ecommerce-companies-should-apply-in-2023","status":"publish","type":"post","link":"https:\/\/mailinvest.blog\/index.php\/2022\/12\/07\/customer-retention-strategies-ecommerce-companies-should-apply-in-2023\/","title":{"rendered":"Customer Retention Strategies Ecommerce Companies Should Apply In 2023"},"content":{"rendered":"

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As you build your ecommerce brand, your initial focus must be customer acquisition.<\/p>\n

However, too many online retailers continue to spend most of their time and energy on attracting new shoppers and neglect customer retention as their businesses grow.<\/p>\n

But building a loyal customer base is essential to creating a successful ecommerce company.<\/p>\n

In addition to the savings in customer acquisition costs, repeat buyers will likely make larger purchases and act as unofficial brand ambassadors, recommending your company to others.<\/p>\n

While the research on customer retention still cited in the industry is from 1990 \u2013 long before the advent of online shopping \u2013 that study by researchers from Bain and Harvard found that a 5%<\/a> increase in retention rate led to increased profits of 25% to 95%.<\/p>\n

If the pertinent metric for ecommerce is even half of that, customer retention is worth investing your time and money.<\/p>\n

Dozens of strategies, from minor tweaks to major initiatives, can improve your retention rate.<\/p>\n

Here are 12 that you can apply to improve customer retention in 2023.<\/p>\n

6 Marketing Strategies For Customer Retention In 2023<\/h2>\n

Your marketing team can play a critical role in customer retention and acquisition. In fact, marketing targeted at past and current customers is one of the most effective things you can do to increase sales.<\/p>\n

These six (mostly) low-cost and high-impact strategies could lead to positive returns in 2023.<\/p>\n

Leverage Data To Understand Your Customers And Tailor Your Marketing<\/h3>\n

An advantage of ecommerce over traditional retail is the wealth of data at your disposal.<\/p>\n

However, all that information does you no good unless you invest in the tools you need to analyze it.<\/p>\n

A customer relationship management (CRM) platform like Salesforce Commerce Cloud<\/a> or Zoho Commerce<\/a> offers tools to enhance customer retention.<\/p>\n

Leverage the data you have on your customers to deliver relevant messages that will drive repeat sales.<\/p>\n

That inside knowledge<\/a> gives you a huge leg up on the competition, so make the most of that advantage.<\/p>\n

Reward Customers For Referrals<\/h3>\n

A referral from a friend is an excellent way to attract new customers.<\/p>\n

If you\u2019re doing everything right, your customers are talking up your business for free because they love your products or services, and want everyone to know about them.<\/p>\n

However, you can juice your referral pipeline with incentives or rewards for referrals that lead to new business. There are plenty of tools out there to help you do so, such as Referral Candy<\/a>, Ambassador<\/a>, and Referral Rock<\/a>, to name a few.<\/p>\n

A referral coupon also gives you data points to better understand which customers give your business its most significant boost.<\/p>\n

Offer Strategic Coupons<\/h3>\n

Time coupons<\/a> and discount codes to optimize customer retention.<\/p>\n

For example, a coupon after a first purchase incentivizes a second purchase, making the customer a repeat buyer.<\/p>\n

Do some A\/B testing<\/a> to determine optimal discount amounts and timing for different customer profiles, then automate a program to deliver those to your customers.<\/p>\n

Show You Care With Customer Service<\/h3>\n

Human, personal customer service is expensive, but it can pay big dividends.<\/p>\n

A positive resolution to a customer\u2019s problem encourages customer retention while feeling ignored or (worse) mistreated can lead to angry posts or reviews.<\/p>\n

Engage With Customers On All Channels<\/h3>\n

Engage with consumers on social media.<\/p>\n

Have staff available to provide personal responses to customer service inquiries and other questions and comments on social channels.<\/p>\n

Emotional connection and the feeling of being heard will increase customer retention.<\/p>\n

Email, Email, Email<\/h3>\n

Email can seem very old school in this age of Slack, WhatsApp, TikTok, and ever-proliferating social channels, but here are the basic facts:<\/p>\n