The online eCommerce marketplace is the new face of the current shopping era. This has made many businesses obsolete and adopts other digital strategies to expand their business.
This mode of business gave birth to new strategies to attract more customers and also gave an opportunity for many sellers to showcase their products to a larger audience.
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This raised their chances of making new sales to more customers which helped them gain more revenue from the business. This generated more revenue on the global level and contributed to the economy.
This growth curve is expected to grow even further in the upcoming years and made people become loyal customers who always wanted to purchase from this form of business.
So, if you have an eCommerce business and struggling with retaining customers let’s learn from the best in the business; Amazon.
Amazon is the billion-dollar eCommerce marketplace that hosts more than 9.7 million vendors helping them run a business on the global level. This helps many small and medium shops that almost lost their presence in the real world this helped them stay in the business.
But have you thought about how they retain their customers on a global level and make them complete purchases on a regular basis?
Let’s take a look into the strategies on how to retain customers like Amazon.
Strategies to retain customers:
- Understand Your Targeted Market
- Personalize Customer Experience
- Focus On FOMO
- Identify Potential Customers
- Create A New User Experience
- Use Effective And Creative Methods To Reach Your Users
- Maintain A Simple Checkout Process
- Use Rewards To Create Loyal Customers
- Focus on the Customer Journey
- Provide Maximum Value (CVP)
- Optimize Logistics And Delivery
- Maintain A Easy Return Policy
- Be Open To Complaints
- Provide Legit Information
- Track And Analyze Data
- Provide Customer Education
- Understand Your Targeted Market:
The primary step in retaining your customers is by understanding their needs and wants. Create a plan based on their expectation of your business and creative ideas and strategies based on them.
This step can be done with the help of market research and it helps you to understand behavior patterns and other purchase behaviors.
Use a good analytics tool or expert to gain a better view of your target market and use the results to change your strategies for the market.
- Personalize Customer Experience:
While having a business online the biggest failure can happen on the misinterpretation of the service you are trying to provide the users.
This is because a study revealed that 82% of customers will repel out of your business when they face a bad experience or if they perceive your business experience in a wrong way.
So try using codes to personalize your customers experience they experience in your business based on their search results and preferences to create more value for your experience.
- Focus On FOMO:
FOMO (Fear Of Missing Out) this factor can make a user become impulsive and make a purchase in a short amount of tie only based on the demand for the product and the offer that you place on it.
Creating a sense of energy about a product or your business can help you create a constant demand for a product or brand in your business listing.
Promote ads on flash deals and other exciting offers on your platform to gain more sales in a short period of time because this can create a state of emergency so that the customer wants to make a purchase.
- Identify Potential Customers:
Collect data from users and visitors and analyze those data to find out the patterns from the obtained data. Analyze every user and find the possible customers who might make a purchase.
Make personalized promotions and reminders so that you can reach your customers to create an intent to make a purchase. If they are not attracted by this measure then use offers with these personalized reminders and promotions to create the urge to grab the best deal.
- Create A New User Experience:
The best way to maintain customers visiting your business and making purchases is by updating the experience they gain from your business at the right time.
Analyze your competitors and follow the latest trends in the market to evolve your experience and maintain the optimized value they gain from you. Use new technology to gain more advantage over your competitors.
- Use Effective And Creative Methods To Reach Your Users:
Promoting and reaching your customer is the best way you can gain an opportunity to make a purchase or to create a purchase intent in your customers.
So, become creative when you reach out to your customers and use captive words and sentences to attract them and gain their attention. Try using images and attractive templates so that you can convey your message at a glance.
- Maintain A Simple Checkout Process:
The most commonly expected and used strategy to maintain a good business flow and customers using your business is by maintaining a simple checkout process that any user can use from any place on this globe.
Too many steps from searching to final payment can reduce the tolerance the user has for your business and can abandon the journey in a very short period of time.
- Use Rewards To Create Loyal Customers:
The best way to make a customer into a loyal customer is by using a reward program. If you are observing a number of purchases made by a single customer over a period of time provide them with rewards.
This will make customers who have a good purchase history become a loyal customer who uses only your business to make purchases. Provide suitable rewards that will induce more purchases.
- Focus on the Customer Journey:
Customers’ journey is the process of coming into your business and searching for a product until they make a purchase is considered the complete customer journey.
Many customers and visitors may not complete this journey to find out at what point they are abandoning the journey and find possible solutions and implement them at that point to stop this.
- Provide Maximum Value (CVP):
Customers, only expect value from anything they do from searching to purchasing. So, the best way to retain them is by constantly updating the value points and focusing on the Customer Value Proposition.
- Optimize Logistics And Delivery:
The best way you can make your customers buy more products is by providing free shipping and delivery for their purchases. But is not going to be possible in all circumstances to try to provide minimum wages for logistics and if you can afford provide free shipping to create more trust in your customers.
- Maintain A Easy Return Policy:
Returns are one part where the user feels like it is more work or it is not possible to make a return and get the money back and this creates fear in your service. So host an easy and simple return policy so that you can help maintain trust among your customers.
- Be Open To Complaints:
The best way to sustain a business is by providing the utmost fastest solutions. So that, any issues can be identified and corrected at the right time this may lead to a dip in sales.
Be open to complaints and respond properly so that the customer can do more purchases from your business over and over again.
- Provide Legit Information:
Always provide information that is legit and true and never deceive your customers just to make them visit or purchase the product.
The best way to gain trust and retain customers is by being transparent to the customers about your products and the service that you are about to provide them.
- Track And Analyze Data:
Invest in data analytics and understand the performance of your business and act accordingly. Use the proper tools or experts to make changes in your business and your strategies. You can also change your areas of focus and products to boost sales.
- Provide Vendor Education:
The last but not the least way to retain customers is by educating your vendors because the more sales they make the more beneficial for your platform.
Educate them about the lags and other business operations and the areas they can focus on so that they can update their tactics to make more sales. You can also inform them about the statistics of the business and product performances to keep in trend.
The above-mentioned are the strategies that Amazon uses to retain its customers and you can implement these in your business to retain more customers because it is applicable to both small and medium businesses based on their capital.
To conclude, the best way to retain more customers and gain more revenue from your eCommerce business is by updating your strategies and following the latest trends.
