How to ensure that a customer will return to a store and continue buying? The success of a commercial enterprise lies not only in making sales, but in getting buyers to return multiple times: this is the secret, and it's called loyalty. Additional services can drive loyalty in retail or in any business niche.
Perhaps the simplest and most straightforward way to build customer loyalty in retail is to thoroughly understand what satisfies them firsthand. This is just a preliminary step, as consumer demands evolve and surpass themselves, and initial expectations are generally exceeded.
A major challenge can be finding or acquiring new customers, and there are many reasons that can be used in this regard.
Statistics that speak about customer loyalty are revealing: maintaining already loyal customers is cheaper than converting them, up to 500% less. For example, the competition may be gaining an advantage due to the quality of the products or services it offers.
The retail sector must pay attention to these numbers, which speak to the need to diversify strategies or promote additional services to improve performance.
Customer loyalty and retention
In retail, as in all businesses, customer loyalty is important. You'll likely hear "loyal" and "loyalty" in marketing discussions, but both terms don't mean the same thing nor do they assure the same level of commitment from the customer.
Loyalty in retail is related to everything that allows a product or service to stay in the mind of a customer. This is brand positioning. On the other hand, loyalty is more of a sentimental fact. Choosing a particular product or service over another is more about preference; in other words, loyalty requires a comparative framework that provides a measure of multiple satisfactions.
However, loyalty and retention come together in decision-making, and typically, loyalty leads to a state of customer loyalty to the brand. This is known as the loyalty effect, and in terms of numbers, according to a survey by Constant Contact, 82% of retail store owners stated that loyal customers were the most promising way to grow their business.
5 Customer Loyalty Strategies in Retail
Customer loyalty in retail imposes strategies that are not different from those applied by large companies and industries in different sectors. The future of retail goes hand in hand with technology and adapts rapidly to the demands of the times, being an industry that constantly surpasses itself.
You can list a large number of loyalty strategies. Among the most common and successful ones are the following:
1- The novel fosters loyalty
Some customers seek exclusivity. Being able to offer it to the most valued customers by giving them the opportunity to purchase the latest arrivals in the store is a proven strategy. This is particularly appropriate in sectors such as fashion, technology, and sporting goods.
2- Fostering loyalty beyond a single purchase
There are people who don't necessarily make purchases in a store, but their social media feeds are filled with promotions from it, and their likes indicate their online retail following. Rewarding these individuals in some way can easily transform them into customers, into buyer personas.
3- advantages and discounts
This old rewards system is unmatched. Customers seek to buy more to accumulate coupons or points that generate discounts or advantages in their future purchases, or even a gift from the store. According to RetailMeNot, coupons foster loyalty and retention, as mentioned by 68% of the surveyed consumers.
4- gamification and motiviation
The movement in retail marketing can involve unconventional interactions with customers. Nowadays, gamification, which involves applying games or playful elements in a marketing environment, can stimulate purchases and motivate a niche of customers, for example, the youth demographic.
5- discounts and promotions
Every customer likes to feel special in some way. Customers who have shown an intention to purchase aimed at loyalty will appreciate knowing that they are considered as VIP customers, to whom exclusivity and good prices are offered before others. It's a good strategy for retail sales.
Additional loyalty services in retail
Just as a welcoming greeting, maintaining the store, and other details make a difference between one commercial establishment and another, in retail, there are services provided that add value to customer loyalty.
Among the loyalty strategies in retail that have a great effect are the additional services, i.e., those whose access is limited to customers who have a connection with a company, either through a loyalty program or some type of membership.
Making a purchase in a digital retail store, for example, without having to pay for delivery or shipping costs, can be considered as an additional service that undoubtedly generates satisfaction for the user, especially if this service is only provided to loyal customers.
Let's look at some examples of additional services that have made a difference. These are provided by large multinational corporations, but they can easily be assimilated by the retail sector, with the necessary adaptations.
Amazon Prime is Amazon's premium program. It allows customers to have their purchases delivered in less than 24 hours or to not be charged for delivery, among other benefits.
LastMile by Beetrack is software that allows tracking the route of a shipment and monitoring the needs and preferences of consumers. Sparta, a highly reputable Chilean company, is a leader in the sports market, and through LastMile, it can meet 99% of its delivery deadlines.
In retail, things don't vary much when it comes to additional services: automatic purchases, express orders and deliveries, price comparison with refunds if a cheaper option is found, or in food retail, allowing food tastings, are part of these services that can make a considerable difference in customer loyalty.
To make it all work, maintenance is the key
Why should you be impatient to have a good maintenance plan?
Because predictive maintenance not only helps you keep your equipment running smoothly, but it also helps you save time and money. Who doesn't want that, right?
With predictive maintenance, you can monitor the status of your equipment in real-time and anticipate potential failures before they occur. This means less downtime, lower maintenance costs, and more efficient production. It's like having a superpower for your Retail!
Optima Retail:Â Experts in Retail Maintenance and Repairs Worldwide - Ensure worry-free support by providing you with a dedicated Facility Manager who will always be your contact.