Being a customer, what excites you the most, rewards in terms of discounts or free shipping? The majority will answer this question as BOTH! But if we reverse the scenario and ask what makes you stop buying again and again from the same business? We know your answer must be of not getting recognition of your loyalty or no reward or sense of competition for shopping more than once. Did you know?
Customer dissatisfaction with business leads to a 68% churn rate.
Customer retention is the most beneficial aspect for businesses, but those who don’t consider it important can face loss at one point. In the gamification WooCommerce business, customer retention is the most valuable tool to sustain and keep the business in competition. But what will happen when you invest more in customer acquisition than customer retention? You may end up losing your business and loyal customers.
Many consider customer acquisition and retention separate, but let me tell you a secret, both go hand in hand if implemented with proper planning. Loyal customers are the ambassadors of WooCommerce business; if treated right, they can bring more new customers to your business. The business should keep balance on both sides.
So now you must think of how to maximize customer retention. Hold on, take a seat, and read this blog as we reveal how the magic ingredient myCred gamification facilitates you to maximize customer retention and accelerate business growth! Let’s read!
Customer Retention – Key To Business Success
Customers are an integral part of the WooCommerce business; as Ann Handley said,
Make the customer the ‘Hero’ of your story!
Since the WooCommerce business landscape has evolved, sustaining customer retention and consistent user engagement have become the new challenge. Before opting for any solution to sustain customer retention for continuous success, know what customer retention is, why it is important, and how to measure it.
Science of Customer Retention
The ability of a business to retain its existing customers in a given period of time is known as customer retention. It defines the efforts of businesses in fostering customer relationships, nurturing loyalty, and encouraging repeat purchases.
Still confused about what is customer retention? In short- it’s all about cultivating a long-term relationship that generates a continuous revenue stream and fuel business growth.
Boosting the retention rate by 5% leads to a remarkable 25% increase in profits.
Key Metrics to Measure Customer Retention
Several key metrics assist WooCommerce businesses in assessing customer retention and getting insight into performance. These are:
- Customer Retention Rate (CRR) — Measures the percentage of customers retained over a specific time. CRR discloses how businesses are successful in keeping their customers engaged and satisfied.
- Repeat Purchase Rate (RPR) – Measure the percentage of repeat purchase consumers. It shows customer loyalty and satisfaction, indicating whether they value the product or services.
- Customer Churn Rate – It reveals the percentage of customers who stop shopping from business within a specific time frame. A lower churn rate, better customer retention, and a healthier customer base.
Benefits of Customer Retention In WooCommerce Business
Customer retention holds significant value for WooCommerce business, providing massive benefits beyond revenue generation. However, some of the benefits that are worth mentioning are:
Gamification in E-commerce – A Proven Way
In E-commerce, businesses always seek innovative customer retention strategies to captivate them for long. Gamification is one of them! In recent years Gamification emerged as the most proven way to achieve user engagement and customer retention by creating a sense of competition among customers.
To know more about gamification in E-commerce, let’s study it more closely.
Gamification – The Concept
Gamification involves implementing game design aspects and mechanics in non-game contexts, like e-commerce platforms, to persuade and engage customers. With elements like leaderboards, badges, points, and rewards, businesses convert the boring shopping experience into an exciting, interactive roller coaster ride.
In other words, gamification targets the natural human desire for achievement, competition, and getting rewards, encouraging customers to play actively and remain loyal to the business.
Impactful Benefits of Gamification in E-commerce
Research reveals the several benefits of implementing gamification strategies in e-commerce. It includes:
- Improved website traffic
- Increase cart size
- Better customer retention
- More customer participation
- Boost sales and conversion rate
- Improve brand awareness
Many businesses successfully implement gamification in e-commerce and achieve enormous profits from it. WilliamPainter – Engaging Spin the Wheel Popup is one of the best success stories of it.
WilliamPainter, an exciting eyewear brand, has found an innovative way to captivate the audience by using a spin-the-wheel popup.
This strategy revolves around a discount wheel popup design to attract and grow customer participation. This gamification approach offers a chance to win discounts ranging from 5% to 15%, adding an element of excitement and interactivity.
This campaign entertains people and allows them to win rewards they can use on their future orders. It creates a win-win situation for both, encouraging customers to shop again.
myCred Gamification – Engage and Reward Your WooCommerce
myCred is a powerful plugin that lets you gamify your WooCommerce store to enhance customer engagement and retention. Incorporating game-like elements and rewards, myCred completely changed the shopping experience, persuading customers to act and fostering long-term relationships.
Do you know that myCred offers a wide range of features, including:
- Point & Rewards – myCred gamification offers customers ways to earn points after performing specific actions like leaving a review on social media, making a repeat purchase, or referring to a friend. After winning the points, they can redeem them for discounts, free shipping, or other rewards.
- Leaderboard – This feature in myCred gamification lets customers feel the competition realistically. To compete with each other to stay on top of leaderboards, customers will engage more with activities such as earning more points, making repeat purchases and spending more time on the website.
- Badges & Achievements – Customers can earn badges and achievements after completing specific tasks. It puts a sense of accomplishment and progress in customers.
To make your gamifying WooCommerce store game more strong, use myCred Add-on. To know more about adds-on, check out myCred Adds-On
Customer Retention Boosting Techniques With myCred Gamification
To keep the success long-lasting WooCommerce business should focus on implementing gamification strategies for customer retention. Some of the best-maximizing customer retention with myCred gamification are:
Social Media Contest
Social media is one of the most effective tools to retain customers, and combining it with a gamification element can be a good step. You can use social media platforms to organize gamified contests where customers can participate and win exciting prizes. This strategy helps drive user engagement, expand brand reach, and keep customers loyal to your brand, resulting in improved retention.
Offer Referral Rewards
Create win-win situations for businesses and customers by rendering referral rewards. Whenever a customer refers your brand to others, they will unlock the new bonus. This gamification strategy can advertise your business without any extra investment and let the customer enjoy the perks of loyalty.
Gamified Feedback & Reviews
Integrate gamification aspects into the feedback and reviewing process. Offer points or badges whenever customers share detailed feedback or helpful reviews. This appreciation in terms of reward influences customers to actively participate and share their experiences with other potential business customers, boosting user engagement.
Introduce active challenges for limited times where consumers can earn bonuses, badges, or other incentives by completing tasks in a defined time frame. This made an urgent and exciting environment among your customers and encouraged them to participate and stay engaged.
Exclusive Badges and Ranks
Design ranks and badges that customers can only unlock after accomplishing specific levels of engagement and loyalty. These virtual achievements make your customer feel valued and stimulate them to shop more often from your WooCommerce store.
Points for Purchase
Implementing a point system can be a beneficial customer retention strategy. Whenever customers make a purchase, they can earn a point that they can redeem for future discounts, free shipping, or other incentives. It also helps them get a top position on the leaderboard and make repeat purchases.
Maximizing customer retention with the power of myCred gamification opens up a world of new possibilities for WooCommerce stores. By infusing gamification, you can introduce a captivating environment that keeps customers loyal and returning for more. From earning points for purchasing to unlocking premium rewards on each level, myCred made the shopping experience exciting. So what are you waiting for? Gamify your WooCommerce store with myCred now and open a new horizon of success!
To install and gamify your WooCommerce store with myCred, continue with this documentation.