While acquiring new clients is a terrific way to win sales in the short term, forcing more business from existing clients provides a much better return in time and money spent. Creating retail plans that lead to repeat sales ought […]
While acquiring new clients is a terrific way to win sales in the short term, forcing more business from existing clients provides a much better return in time and money spent.
Creating retail plans that lead to repeat sales ought to be a priority for each retail business. After all, there is very little point focusing on customer acquisition in the event you then fall short on forcing repeat sales and maximising the lifetime value of new clients.
This is not to say that client acquisition should not be a company priority. It absolutely should. But given how expensive it is, a double focus and different set of repeat sales applications should be implemented to recover your investment.
Repeat buying inherently drives long term loyalty and drives referral and word advertising. Studies have shown that:
- If a client comes back to make a second and third Buy, they have a 54% chance of making another purchase (vs. 27% after only their initial purchase)
- A client who has bought with your shop twice before is twice more likely to convert than a first-time client
- Fashion customers buy 67% more per purchase after buying a company for 30 months than they spent in their first purchase
A small improvement in the proportion of repeat purchases could have a significant effect.
When retailers present our recommended procedures outlined below, typically we find that this increases repeat sales by 4 percent — that equates to $34,000 additional yearly profit per store.
So how would you drive repeat sales?
The first step is capturing key profile information about a client during their first trip (typically by signing them up to a loyalty program and / or email database) in order to immediately communicate with them over time.
Once you have this set up, other can initiatives can follow such as;
Produce a great welcoming experience — It is frequently said that first impressions are the ones that continue and the same holds for retail. So the first step (and possibly among the most important) is welcoming new clients after their initial purchase to reveal how much you appreciate them. This may include sending them a note to express your gratitude, encouraging them to sign up to your loyalty program and following up with the client following a relevant quantity of time to discover if they’re happy with their product and general experience.
Introduce a birthday effort — Capturing your clients birthday date or month permits you to create one of the very best sales driving and dedication building campaigns in retail. Emailing or posting them a little gift, voucher or exclusive promotional offer does wonders to expand your connection and increase your share of wallet.
Layout a tailored second buy program— Use information to tailor communications and offers to your clients, such as cross-selling high-margin free items, offering loyalty points with their next deal, offering a time-limited offer, or reminding them whenever they have to replenish/stock up on their previously purchased thing. Receiving plenty of supplies and promotional emails can be off-putting to a lot of clients so tailoring your communications will be sure they’re receiving just what is pertinent to them. This may be accomplished through segmenting your email database based on demographics or client behavior, as opposed to sending the same blanketed supply to all clients.
Introduce exclusivity and neighborhood — Make your customers feel special by providing a tiered loyalty program and then sending presents, exclusive samples or inviting them to in-store events. Not only will this surprise and delight the client but it is going to help build a real connection with you and your brand.
Roll a re-activation program–Each retail business has clients who have lapsed — or are in the chance of doing this. Like the next buy program, the best way to keep these clients is by way of attractive offers like sending gift vouchers, offering loyalty points with their next purchase or supplying them with a time-limited offer. Effective means of sending these offers include email, messaging, direct mail and paid social concentrated activity.
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