Customer Retention Strategies for E-Commerce Companies

In this article we will talk about how e commerce companies are working hard to retain their existing
customers. We all know that repeat customers are always good for any business. Study shows that if company increases its retention rate by 5% it increases profitability by 25%-95%. According to KISSmetrics Analytics, the global average value of each lost customer is approximately $243 (Rs 16,038.00), which in any terms is huge loss to a business. E commerce companies are now taking various steps in terms of retaining their customers. They understand the importance of customer retention. Retained customers not only increase the revenue of the company but also bring in the new customers.
Top Ecommerce Companies are rigorously working towards their customer retention policies. These companies are trying to retain their customers by providing them value added services or by appreciating their loyalty towards the company in one way or another. For example, Flpkart allows users to send "@flpkrt" followed by a particular item to their phone number in order to get pricing update. They started this service when company’s core team analyzed that many customers are using their smart phones form placing orders. E commerce companies also stared the loyalty programs for their repeat customers as part of showing gratitude towards them. Companies also give a personal touch. They ask the customers about their experience if doing business with them. This gives them valuable feedback from the customer’s end. Single day delivery of the products is quite a hit among customers. This played a major part in retaining the customer. On festivals like Diwali, Holi, Eid etc companies send personalized messages to customers. Companies prefer sending text messages because messages have phenomenal open rate. Approximately 94% messages are read within five minutes of sending them. All the companies with customer retention policies have same motive of making customer realize that they are always on high priority for them & whenever customer plans to buy anything online he should first consider the old company where he made the last purchase.
Amzon world’s biggest online retailer launched its Prime Loyalty Program, three years after its entry in Indian market. They are trying to win bigger more share of Indian market than its nearest competitors Flpkart. Prime services will get one day or two day delivery service irrespective of order size & can have early access to some deals. Amzon also offered free trail of 60n days to make its client base for Loyalty Program.
Above were few of the strategies that e commerce companies plans to retain their customers. They understand the value of existing customers. To maintain their brand names these companies are working 24/7 to give best possible products & services. In this fight of customer retention between various e commerce companies, it is the customer who is getting rewarded with new services, loyalty programs, discounts & offers.
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