The world of e-commerce becomes increasingly competitive every day, and there is more pressure than ever to disrupt, stand apart from the crowd, and stay at consumer top of mind. As retail giants Amazon and Alibaba scale up and dominate on price points, shipping costs, and product availability, retaining core customers becomes even more essential. Remaining economically relevant and connected to influential consumers is a common challenge among retailers. Additionally, considering that it costs a business five to ten times more to acquire a new customer than it does to sell to an existing one; and that current customers spend 67% more than those who are new to a site, finding an incentive to keep repeat purchasers is extremely important. One way that we’ve been able to help our clients retain customers is through implementation of on-site social loyalty programs. In the infographic below, we highlight the benefits of a loyalty program and why its gaining popularity with retailers.
By: Dave Palic