Securing repeat customers is essential for the long-term success of any business. By fostering customer loyalty and encouraging repeat purchases, you can establish a solid customer base and drive sustainable growth. In this article, we will explore effective strategies and best practices to help you cultivate repeat customers and build strong, lasting relationships that contribute to your business's ongoing success.
This article is in collaboration with CJDropshipping
At the end of this article, you will have a super effective strategy to increase your customers’ value, you will also be able to understand why it is effective and how it works !
Ready? Let’s get started!
Increase your customers' value by adding new products to your shop.
What is a repeat customer ?
In e-commerce, a repeat customer refers to a customer who has made multiple purchases from an online store or website. Unlike a one-time customer who makes a single purchase, a repeat customer demonstrates loyalty and ongoing engagement with the brand. Repeat customers are valuable assets for e-commerce businesses as they contribute to revenue growth, provide positive word-of-mouth referrals, and often have a higher lifetime value. Building and nurturing relationships with repeat customers is a key focus for businesses aiming to establish long-term success in the competitive e-commerce landscape.
The importance of repeat customers
Repeat customers play a crucial role in the success of any business. Here are some key reasons why repeat customers are important:
Repeat customers generate a significant portion of a business's revenue. Studies show that it can cost up to five times more to acquire a new customer compared to retaining an existing one. By focusing on building loyalty and encouraging repeat purchases, businesses can drive consistent revenue growth without the need for constant customer acquisition efforts.
Increased Customer Lifetime Value (CLTV)
Repeat customers have a higher customer lifetime value. As they make multiple purchases over time, their cumulative value to the business increases. By nurturing relationships with repeat customers and providing excellent customer experiences, businesses can maximize their CLTV and overall profitability.
Reduced Marketing Costs
Acquiring new customers through marketing efforts can be expensive. Repeat customers, on the other hand, require fewer marketing resources and costs to maintain their engagement and loyalty. By focusing on retaining and satisfying existing customers, businesses can optimize their marketing spend and achieve a higher return on investment.
Valuable Feedback and Insights
Repeat customers provide businesses with valuable feedback and insights. Through their continued engagement, businesses can gather data on preferences, purchasing patterns, and customer satisfaction levels. This information can be used to refine products, personalize marketing campaigns, and enhance the overall customer experience.
Get repeat customers and Increase your customers' value by adding new products to your shop.
When we talk about customer value, we are referring to the monetary value of your customers. The more money a customer has made for you, the higher their customer value.
How can the value of a customer increase? It is simple, either because he/she buys from you again or because he/she brings you new customers.
And it is very important to invest time and energy in increasing the customer value of a client, because it is a much less expensive process in terms of money and energy than going out and finding new clients.
Why is this? If someone has already bought from your shop, it means that he/she has already been seduced by your product offer, and if you don't sell poor quality products, then he/she will be satisfied with your product, will have confidence in your brand, and will therefore be much more likely to buy from your shop again compared to a prospect who has never been your customer and who is visiting your shop for the first time.
So, as we already said, there are two ways to increase your customers’ value, and the most obvious one is…getting your customers to buy again (and it makes sense of course!).
Well, when you put it that way, it sounds pretty simple, but in reality it’s not that easy to make your customer buy more than one time. So you need to have a strategy or to think about a smart growth hack.
Thus, in this article we’ll see together why adding new products to your shop is a very effective strategy to increase your customers’ value !
Why is it pretty hard to make your customers buy more than one time ? (Especially when we start e-commerce)
Let's talk a little about human psychology.
First of all, in the word "re-purchase" there is "purchase", which includes a monetary expense, and today, in our world, money is one of the most precious goods, so when we don't have an abundance of it, we think more than once before spending it.
Now let's talk about the word "re-purchase" itself. Logically, the products you sell have a lifetime. In general, this lifetime is pretty long if you don't sell consumable products, and this explains in large part why it is always complicated to get a customer to buy again in a rather short time (even for a satisfied customer).
Moreover, if your customer's previous purchases were quite expensive, chances are that he has already browsed the vast majority (or even all) of the items in your store, but that they probably did not interest him.
Therefore, to face this difficulty and get more new purchases from your customers, there is a simple and pretty obvious solution: Update your catalog regularly with new products!
Let’s see how to do it smartly in the next part...
Why adding new products to your shop will increase your customers’ value ?
Now since the importance and the pain point of increasing customer value are revealed, then what can we do to deal with this crucial issue? No need to make things even more complicated, the key solution is simply about adding new products to your store in a smart way.
So when the keyword comes to “new products”, to break this part down, here are three reasons you would like to know about why adding new products to your store can increase customers’ value.
First of all, adding new products means bringing new chances to boost the purchase incentive of your customers. People are easy to be attracted to new things, and new products can represent new trends and interests. Whether consciously or not, customers are always looking for something new to ensure their needs, for you, this is the opportunity to increase the repurchase rate.
Adding new products can also help you create a better mix of products that appeal to different customer segments. This means you can better meet the demands and preferences of a wider range of customers, which undoubtedly will increase their value perception of your shop.
Moreover, The addition of new items can improve the value proposition of the existing products in your store, especially when you are selling consumable products - the customers come back and find more selectable supplements, and that’s how your customers’ value is enhanced as well.
Discover the best way to get repeat customers in your shop
After talking about how can adding new products help you to increase the repurchase rate in your store, now it’s time to dig deeper into what is called “in a smart way”. As you may be wondering, how can we know what kind of new products are good to go or how to find such products?
So here, you need to come up with some practical strategies for exploring the right products to add to the selling list, which is going to get shoppers to purchase multiple times on your website.
One effective way is to keep an eye on the latest trends. You can do this by using keyword research tools such as Google Trends or Amazon Best Sellers to identify what is currently popular and in high demand.
You can also search on social media platforms such as TikTok, Instagram, or Pinterest to see what is trendy now and what kind of products are able to catch up with this trend and then to be popular among your target shoppers.
Speaking of which, the practice of keyword research doesn’t mean you have to chase every single new trend that is going on right now, it will do no good but only make you feel lost. The suggested way is to always narrow down to a specific range or choose topics based on the niche you are selling in.
One more doable strategy to look for new products is to utilize the feedback from your customers. For example, what did they say about the product previously they bought from your website? Are they satisfied? What kind of problem they are looking for products to get it solved in daily life? What else are they expecting in terms of their reviews on the product or your website? Not only product reviews, but you could also send satisfaction survey emails to hear from customers directly.
After all, finding new winning products for your website is an ongoing process that requires research, creativity, and a willingness to adapt. By staying on top of trends, and asking your customers for feedback, you can find products that will make your customers come back for more!
How CJDropshipping will help you to implement this strategy?
“But what if I didn’t know where to find reliable suppliers for the new product I’m going to sell?” “What if I didn’t have the access to proven winning product collections?” If you are worried about problems like these, then don’t be! With a powerful product research and sourcing team, CJdropshipping is a professional one-stop dropshipping solution platform dedicated to providing product sourcing and fulfillment services to help every online seller with product selling, the best part is, it’s totally free to log in and use!
If you have no idea about what kind of products are selling well currently, or you would like to expand the range of product catalogs in your store, just log in and browse freely on CJ’s homepage - CJ offers a wide range of products in various categories, including fashion, electronics, home, garden, and more to ensure that you always have access to the latest trendy products.
Additionally, by offering customized sourcing services, they can help you find specific products that are currently not available in their catalogs. You can provide them with a product description, link, or image, and they will find a supplier who can provide the product at a competitive price!
With first-hand data sources, CJ is able to identify new products that are in high demand and likely to be profitable for your business and to make sure every seller from different niches can find something new that catches the latest trend.
This means that you are able to leverage all the free resources from CJdropshipping to hunt for new products, find the suppliers, list them to your shop, and make sales directly. Because CJ can also help you to ship out the parcels to your customers’ addresses so that you could save more time to focus on new product research to improve upon customer value!
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