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6 Reason’s Why Customer Loyalty Programs Will Help Your Online Store

August 1, 2015 By admin

As per a survey you have to put in 10 times more effort to obtain a new customer than to sell to an existing one. Indeed, existing customers spend 67% more on your products than a new visitor. Therefore following a loyalty program is always a sales booster for your store.

Customer loyalty

A loyalty program harnesses your sales by awarding customers who buy from your store regularly. 38% of the market believes that their biggest obstacle for 2015 is to increase customer retention and acquisition (sources- Teradata). This strategy is certainly targeted to get more sales from existing customers and builds a trustworthy online store. Moreover, it acts as a magnet that attracts new customers to your store.

According to a survey done by Neilsen, “the probability for 84% of the global consumer visit an online store turns positive when they see a loyalty program.”

To get an in depth knowledge of how customer loyalty programs help your online store, have a look into these six reasons listed below.

Loyalty Programs are Pocket Friendly
A generic notion is that whatever produces more profit is most of the time too expensive. The good news is that it is not applicable in the case of loyalty program.

Pursuing a new customer can be 7 times more expensive than obtaining an existing one. Therefore, the resources that are used in the loyalty program will probably be less expensive than finding a new one. Not to miss out, depending on the scope of your reward program, the tiny expenses you do is surpassed by the considerable generated business result.

Enhances Your Reputation
As an online firm your every move builds and diminishes your reputation. When you offer your clients something to stick around after purchase, the customer feels that they are taken care off and valued.

Increase loyalty

Therefore, when you start a loyalty program for your customer you not only retain the old ones but also entice the new ones to join this league. This will also augment the positive word of mouth in the market for your online store or brand.

Using Attractive Awards for more Eyeballs
The loyalty program is the most favored by marketers and retailers because they are efficient enough to improve customer retention for a particular operation. Now, when it comes to customers part they admire it for added incentives while making a purchase. As the points increases, it turns out to be beneficial for both customers and retailer. Thus, allowing the retailer to have an access of larger portion of the customers’ wallets.

Offers Market Research
When you regulate a loyalty program, you conduct a research to retrieve information regarding the customers behavior in context of the loyalty program. Through this program that you use that sort of incentive which stimulates the desire of your customers and the rewards.

This enables you to have a clear idea, regarding which specific reward will be most admired. Moreover, with the data you can attach the most pursued reward to a particular product and increase your sales profits.

Sizable loyalty landscape
The volume of loyalty program and its members in Canada is itself 120 million and in US it amounts to 2 billion members. With the amount of marketplace penetration, it is estimated that the probability of every visitor who visits your site is a member of at least one loyalty program. This way millions of people are collecting loyalty rewards and most of them are taking it for more than one. Therefore, by providing an array of programs to choose from, it’s possible that you’ll strike at least one of the programs that they’re participating in.

Big firms give big loyalty
The world of loyalty program has several other programs from where customers can choose over, while customer picks one, he overturns others. Therefore, it becomes necessary that the loyalty program should be crafted after learning about the customers behavior. Read more about customers behavior and psychology here. However, when you offer your visitors with points from the world’s biggest program you can easily leverage the loyalty build by others.

The Psychology of Winsome Prices to Make Customers Buy

The Psychology of Winsome Prices to Make Customers Buy

July 6, 2015 By admin

What does a consumer think before- during- after buying a product?

The answer unravels insights to your consumer’s thought process or psychology that apparently leads to their final buying decision.

If you are determined to make headway by achieving all your conversion aims, you need to leverage concepts gleaned from behavioral psychology of your consumers.

The Psychology of  Winsome Prices to Make Customers Buy

We are individuals with different thoughts and perception. Excluding certain instances, our brains are accustomed to react in a similar manner. When we understand these nuances of human mind and use it to influence and cater our consumers, we help our business to find creative methods to move more consumers to say YES! to your product and services.



To get a better picture of consumer psychology here are 7 psychological master keys that open up the doors to more sales.

Understand Social Psychology: Reciprocity
When someone gives us something, with the act of acknowledgment we give them something in return. This principle is called the Reciprocity. Similarly an online retailer can offer a free gift with every purchase.

A gift in the form of content that assists customers with information that helps them in selecting an item, is helpful. The recommendation is always what your visitors are looking for.

Loyalty and Consistency
The psychological principle of commitment and consistency proves that people will go to great lengths to appear consistent in their words and actions. To manifest this they can also do irrational things.

If you show your customers that you are committed by making them sign up your email newsletter, the probability of purchasing increases. And if you actually get the product in their hands even without an official commitment, the purchasing chances increases automatically.

The Liking Factor
You are likely to say ‘yes’ to a proposal if you like it. This is the reason why brands hire your favorite celebrities to promote their product.

Branding is essential to trigger the principle of liking. Every aspect of your store from colors to fonts, from images to overall content – everything contributes to your brand’s personality. Indirectly it implements your goal to create a personality that is cohesive and like-able for your target customer. Along with that social link plays a major role here. So don’t miss it!

Display What Others Are Buying
People like to move in herd that’s how fashion is built. If what you are doing is ‘cool and trendy’, people will copy you.

You must have seen people wearing the same shoes, shirt or you may have visited certain store where you saw three T-shirt of the same color but different sizes. You probably felt a quick connection with that person based solely on that one data point.

Online stores can play off this idea by showing different product with the help of cross selling and up selling.

Authority
Does your product have a scientific reasoning. Display content through professionals with good credentials. Look for expert curation, as products made available to the shoppers these days are so vast that it’s hard to actually convince them. So, an expert support in form of content boosts customer’s buying decision.

Social Proof
The social approval or liking of the product efficiently works to influence the buyers decision. Anything and everything that is popular on your site can always trigger better responses.

If any product of your website is frequently purchased, show it up to your visitors. Quote such products as “Best Sellers” or “Most Popular” product on your online store.

Show sales deadline
Deadlines or impending out of stock announcement can increase sales at a fast pace. This tactic creates to tune the visitor into a mode of urgency to buy the product.

To make it more effective make your offers available only for a particular period of time. While doing this, make sure you highlight it by stressing on ‘Today Only’, ‘Limited Time’, ‘Offer Ends Today’ and anything engaging that conveys your message. Encourage your visitors to take an instant action.

customer-confidence

7 Must Haves That Make Your Online Store Trustworthy

June 19, 2015 By admin

Trust stands as the epitome, the very foundation of any business to work successfully. This is particularly true in the case of online stores where trust is a deciding factor for a consumer to think of buying from your online store.

According to a survey, among 1000 consumers, 550 are ready to buy from the trusted store owners for a better shopping experience. Along with that, it also gives a clear idea that the rest 45% either don’t have a clear idea about a good shopping experience or are in a hurry. So, being a retailer what do you do to build that hard to gain consumer trust?

Certain consumers think that it is risky to make online transactions in an online store until they are confident about the credibility of the store. This is one of the reasons why consumer buy a product at a higher cost price from a well known brand, rather than a lesser known web shop offering the same product at a lesser price. However, by giving attention to certain major aspects you can build strong consumer trust and confidence.

customer-confidence

Here are 7 must haves for your online store to increase that trust factor:-

Promote positive feedback
Exhibit the positive reviews in the most promising form. Get feedbacks from customers without making them feel they are giving a feedback. A 5 star alternative while checking out may be a simple method to begin getting feedbacks. Testimonials that speak out the heart of your consumers in your favor will add in building your trust and credibility. Showing the customers that you bother about their experience go a long way in building strong trust.

Identification
Maintain a page on “Who we are” with the complete information about your company. This will certainly help customers to build trust in your store and will create the awareness of physical existence. You can also post images of your office with guarantee marks and insignia. Keep clarity and a transparency about the identity of your company to increase the credibility.

Secure customer information and checkouts
Fraudulent online transactions, credit card frauds and scams are a big deterrent that stops people from buying online. If you can build a trust with customers here, you can automatically increase your online sales. Tell customers how buying from your online store is absolutely secure and full proof. Having credible links to back what you say will only reinforce your point. Magento has some great features that help to promote the security of customer information.

With the secure payment systems of Magento you can easily assure your customers that their payments travel through a system that is certified and guaranteed. Display trust seals that show how the checkout through your website will be totally safe and without any loss for them.

Create a Community
Provide a destination where your customers can share their interest about the products. Allow your customers to ask questions, write comments and help each other make decisions based on real product skill. Social media can stand out as a major location of great help.

Personalizing
Show your customer that you care about them. Majority of your visitors trusts stories, faces and videos much more than just plain text. Show them what your business looks like with an office with workers. Also remember to show customers faces by using pictures of the customers using your products on the important pages (like the home page).

Write your policies with complete clarity
Give a clear idea to your customers about the policies you hold. It is also very important that your policies are easily accessible to the visitors of your site. You can display all your policies on the product page so that the customers goes through it without any difficulty.

Display all the information related to order and shipping information
People like to have all the information beforehand, more specifically at the time when they are making the buying decision. So it is necessary that you display complete information with a small image, product details, quality of each product and price per product. And give an absolutely clear display of the product prices, shipping fees and the total cost before a customer buys a product. Don’t keep any charges hidden.