Customer Retention - Not Everyone Tells You About This

Just a couple of years back, I used to love grocery shopping (not that I don’t like it now). But back then I loved grocery shopping for a whole different reason. Grocery shopping for me was a calorie burning regime! A trip to the grocery store weekly once was a weekly exercise routine in my chart. Fast forward to the present, the rise of subscription shopping has completely revolutionized a shopping experience. The fact that customers could receive regular supplies of groceries and any other essentials, without having to worry about stocking up on these items from a brick-and-mortar store was something which changed the mindset of people. Everyone loved technology for once. But the rapid rise in subscription based e-commerce over the years has induced problems for various companies (sellers). With at least 10 new subscription based businesses coming up each month, retaining customer loyalty has become incredibly tough!So how do you ensure that your subscribed customers stay with you for a long time?

Flexible Payment Models

Who doesn’t love choices? It is always a great idea to provide your customers with a choice. One way of doing this is to provide them with options to pay through different automated methods like direct debit and various other continuous payment gateways.rnAnd to make things even more convenient, you can offer them with options for the billing frequencies such as weekly, monthly, annually etc. And to support all these functionalities, make sure to have the necessary firepower like a cloud billing solution. Customer Service “Your customers don’t measure you on how hard you tried. They measure you on what you delivered.” These words by Steve Jobs defines how a customer sees us. Your customers are your most valuable assets, and it is very important that you keep them happy, by delivering them not just your product, but an entire experience. And the best way to do it is through your customer service reps. You reps need to be the best and the friendliest ones in town and they must be willing to go to any extent to keep your customers happy.

Discounts & Offers

Discounts are the best way to increase the value of your customer lifetime. When you offer customer additional value by giving them some great offers or discounts on a long-term subscriptions, the fact that their loyalty has been rewarded keeps them rooted to your system.

Data Monitoring

You can't afford to set everything right at once, and then sit back and enjoy as the action unfolds. It doesn't work like that. You need to constantly monitor some of the key performance indicators which are related to your e-commerce business for better performance. Analysing metrics such as average revenue per user, customer lifetime value, cost acquisition etc plays a major role in business performance and will help you stay on the right path.

Innovation & Transformation

For every subscription based business models, innovation is the driving force. You stay in the game, only when you are ahead of the curve. In a world driven by competition, you need to stay ahead of your competitors in every aspect of your business. Be it the innovative customer outreach and retention programs, your pricing schemes or the technology you invest on, always be the leader of the pack! “If people like you, they listen to you. If people trust you, they do business with you”.