In today’s highly competitive e-commerce landscape, retaining customers is crucial for any business looking to boost its profit. With the rise of online shopping, consumers have more options than ever before, making it essential for e-commerce companies to keep their customers engaged and coming back for more. So, how can you retain your e-commerce customers and increase profit at the same time? In this blog post, we will explore5 Ways to Keep Your e-Commerce Customers Longer and Boost Profit that can help you achieve both goals, and give you the tools you need to create a loyal customer base that will drive the growth of your business. From improving your customer service to implementing personalized marketing campaigns, these tactics will help you stand out in the crowded e-commerce market and achieve long-term success.
[04:04:46] What is Retention Marketing?
[06:25:49] The Basic Principles On Retaining Customers
[06:39:65] 1st Principle : Pesonalized Experience
[08:09:30] 2nd Principle : Customer Service
[09:55:70] 3rd Principle : Offer Incentives
[11:46:94] 4th Principle : Proper Use of Email Marketing
[14:57:73] 5th Principle : Loyalty Program
[17:08:46] How To Apply These Principles for Amazon Business?
[20:07:07] Recap of the Principles and Services Offered
eCommerce and Retention Marketing
Retention marketing is the practice of focusing on increasing the lifetime value of customers and retention rate of a business. It’s a strategy that is becoming increasingly important for e-commerce business owners, as they look for ways to grow their businesses and attract new customers. But retention marketing is not just important, it is vital. When a company can retain more of its customers, it can see an increase of profits by 20-80% (2X profits) by just a 5-10% increase in customer retention annually. And not just that, it costs 7 times less to get a second sale from a customer than it does to acquire a new one.
The 5 Principles of Marketing
- Offer a Personalised Experience
- Excellent Customer Service
- Offer Incentives or Reasons to Buy From You Again
- Use Email Marketing and Using It Properly
- Loyalty Programme
What Aspects of This Can You Use to Your Customers in the Amazon Focused Business?
- Personalization – packaging
- QR codes on packaging to somewhere else
- Give them a gift with QR code
- One of members left team and did a video
- Customer service – still applies
- Email marketing more relevant from 2023 using Amazon own email tool
- “Delivering happiness” – Zapos – sold to amazon