Smart Pricing Strategies that Inspire Customer Loyalty

So you’ve put in time, effort, and hard work to attract new customers to your store. What is the next checkbox on your to-do list? Bringing those customers back again.

A study by RJMetrics on ecommerce buying behavior discovered that nearly 32% of first-time customers return for a second purchase. That may not seem like so much, yet listen to this: the consumers who did make those second purchases probably like to return for a third, then a fourth, etc, on an incremental scale:

Bring a customer back only once and you’re more likely to count them among your most loyal shoppers. However, how do you even start establishing that sort of “I’ll only buy from you” loyalty, anyway?

One of the most ideal ways you can create longtime loyalty is with smart pricing strategies. We aren’t speaking about offering coupons nonstop — we’re talking about rewarding buyers for always selecting your store, or giving discounts they can’t find anywhere.

Following are a couple of strategies you can try to bring those first-time buyers back again and again.

The first tactic to try: promise a reward after they purchase

By now, you’ve most probably seen so many new customer acquisition strategies. You may have even been told to try discounts or coupons for first-time customers. This strategy is specific is a little short-sighted — a returning customer might feel slighted when they come to know that they can’t receive that same discount, or even redeem the same coupon so many times.

Read more: https://www.builderfly.com/smart-pricing-strategies-that-inspire-customer-loyalty

Builderfly is the best Ecommerce platform to build an online store for web and mobile. I work as Business Development Executive at www.builderfly.com

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