Did you know you need to pay five times more the price to acquire a new customer than retain an existing one? Another study about customer retention states that a 5% increase in retention rate can boost profits by 25% to 95%. If you want to save costs and boost profits, it is time to build a strategy to retain customers and build a strong relationship with them. And one of the most effective ways to do this is by investing in a good payment gateway. Want to know how to boost your customer retention rate with an online payment solution? Keep reading to learn more.
1. Keep a simple registration process
Today, many online retailers make it mandatory for customers to register before making a purchase. This is where customers need to enter their name, surname, gender, PAN number, bank account number and many other details.
Because of this long process, customers might just drop the thought of making a purchase. To avoid this, keep the registration process simple. Invest in an online payment solution that supports quick onboarding.
2. Create an option to repeat orders
Don’t you like the idea of buying something at just one click? With this option, you won’t have to worry about browsing and looking for the right type, size and colour ever again. Imagine, the time your customers can save! This feature also encourages them to keep coming back to you.
3. Bid farewell to long call centre queues
An individual comes to your online store, makes a purchase and holds the phone for hours to know about the status of his order. Does your customer journey look like this? It is time to change it right away. This is because it hampers your customer satisfaction rate.
Instead of a call centre, address customer issues through email or social media accounts. For this, you can invest in a payment solution that comes with social media plugins. Thanks to this option, your team can address issues anywhere and anytime.
4. Send customised emails
The customer journey does not end when an individual makes a purchase. To encourage your customers to return to your online store, build a relationship with them. To do this, you can send out personalised emails. Whether you want to wish them a ‘happy birthday’ or enquire about their abandoned purchase, you can send emails for almost everything. Sending personalised emails shows your customers you value them.
5. Create a referral programme
Customers believe what other customers have to say. One of the studies states that customers are four times more likely to buy when referred by a friend. Hence, invest in a referral programme. One way to create an attractive referral programme is by offering an incentive to your existing customers.
For example, offer a discount to your customer when his referral makes the first purchase. This will encourage your current customers to refer your business to others and keep coming back for interesting offers.
From helping you make a simple registration process to creating a referral programme, one of the payment solutions in India can be your answer to a strong customer retention rate. If you are eager to encourage your customers to keep coming back, check out Easebuzz. This is an online payment gateway in India that aims to make payment simple for businesses.