With Artificial Intelligence slowly getting into our lives, it has a major impact on how digital businesses are...
Are you running an e-commerce business and wanted to grow it by pace? If yes, getting new customers is not enough as there are lots of e-commerce retailers, who think that by getting new customers they can expand their e-commerce business worldwide, but they are living in myth.
Across the world, you would find lots of e-commerce professionals, who are spending their hours, weeks and months on figuring out how to get new and more customers. If you are also one of those businessmen, who are trying to get new customers, my question is for them – Why?
Why do you want to get more new customers? If you are thinking that you want to make money, let’s have a look some specifics that may bombshell you:
When it comes to small businesses, they think that obtaining new customers is the least important way to make more money.
Then, what’s the most efficient way?
It’s your present customers, who already purchased your products from your website. The ones who are raising their hands to purchase your products from their hard earned money.
According to latest research that proves it – A Bain & Company report tells that getting new customers cost 6 times higher than retaining an existing one. And businesses who improved their customers’ maintenance rates by 5% saw boosts in their profit from 5% to 95%.
Turning your existing customers into repeating customers is one of the best and excellent ways to make grow your business. So, instead of trying to get new customers, you can manage your old ones. Moreover, return customers also tend to purchase more from company; however, if they do, the operating cost to serve them decreases.
If you want to help your accessible customers to purchase more, then below mentioned three strategies can help you out:
Understand Your Customers’ Requirements
First and foremost important thing that you can do is understand your customers’ requirements. If you understand that what they wanted to purchase and needs, you can serve them in a better manner and make them happy.
Today, you can find lots of e-commerce websites that understand their customers’ needs and offer them such products that they are looking to purchase. For example: whenever you visit Amazon.com, you can find something like this:
At Amazon, you can find products that you are interested in and Amazon can also do a favor of suggesting some other products like what other customers are looking, most viewed items and more. It is one of the best and highly effective strategies, and Amazon also says that more than 35% of product sales result from recommendations.
Apart from Amazon, Jabong also confirms this as it also gives its suggestions to its visitors. In the below given image, you can see that how Jabong has suggested some other movies to its website visitors
It comes to know that approximately 75% of the product purchaseing choices come from Jabong’s suggestions. So, you can imagine that how it affects your business if you also suggest your existing customers to buy more by anticipating their needs!
It is also highly essential to know that what your customers want and be able to provide them what they are looking for. If your customer has already purchased any product from your site, you can send an email suggesting him/her more products from the same category.
Offer Customer Support Every Time
Second most essential strategy is to provide your customers a complete support every time. No matter, whether they are asking for help for how many times, you should always provide support to your customers.
You know that if you serve excellent customer support, above and beyond is the norm. It is not possible to develop a family of loyal customers without an exceptional customer support, so e-commerce retailers should provide a great customer support to their customers.
Recompense Your Customers
According to 2012 survey that performed by ClickFox, 54% of consumers would think that boosting the amount of business they do with a company for a loyalty reward, and more than 46% said that they already have.
When it comes to highly effective loyalty programs, grocery store memberships, and frequent flyer programs, credit card rewards and many more are some best recompense thing for your customers. There are numerous small businesses, which are generating huge revenue by providing their customers loyalty rewards.
If you reward your customers, it can result in 178% more repeat business than unstamped ones. The customers, who are with the pre-stamped cards, started with progress and the purchase was maximize. It is one such strategy that is also known as artificial advancement.
So, these are three major strategies to expand your e-commerce business worldwide without getting new customers. If you want to get complete information about ecommerce business guide, you can click here.