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Membership levels based upon the amount a customer spends are the most common form of loyalty program. The appeal of a loyalty program like this is that it motivates customers to climb the loyalty ladder to reap even bigger and better rewards. Cements Loyalty – A loyalty program is a crucial customerretention strategy.
Retailers have clocked a seismic shift in customers being more open and willing to share their data to enjoy a tailored, holistic and rewarding shopping experience. Classic loyalty programs are centred around capturing data and are powered by the adaptivity of data sharing.
The evolution from subscriptions to memberships Over the years, the subscription model has become a significant and growing component of e-commerce, with retailers across industries from fashion and beauty to food and digital services adopting it to drive customerretention and predictable revenue.
Did you know that the cost of attracting a new customer is five times more than the cost of retaining the existing one? Because of these exorbitant costs of customer acquisition, businesses are shifting their focus on customerretention to drive repeat purchases among customers. Check out the screenshot below.
Employ Customer-Generated Reviews to Boost Credibility Trust is a vital element in online shopping. One way to build this trust is to prominently display customer reviews for your products. This forms a part of social proof, which potential shoppers heavily rely on during decision-making.
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