It’s no secret that most retailers make the majority of their yearly revenue during the holiday season. Black Friday, the most anticipated shopping day of the year, was right around the corner. And don’t forget Cyber Monday, the biggest online shopping day of the year, which is predicted to earn almost $2.2 billion for retailers. During the last few days, retailers will have acquired millions of new customers, of which, only 30% of them will return without additional marketing. This is the problem many retailers are facing. How do you get the most out of your holiday shoppers and how do we keep them coming back?
That’s a great questions, and here are 3 ways you can keep your new shoppers coming back for more.
New customer welcome email
This one is a given. Retailers will acquire millions of new customers over Black Friday and Cyber Monday. It only make sense to welcome all of your wonderful new customers and let them know how much you appreciate their business. New customer welcome emails are the perfect way to start a relationship with your new customers on a positive note.
Since most retailers only have about 60 days to convert a first time buyer into a repeat buyer and maximize their lifetime value, timing is everything. This is why we want to have each new customer greeted with an engaging email and even a discount or two. Providing a discount, promotion, or special deal for your new customers if they make their second purchase within the 60 day ‘honeymoon’ period. The second purchase is very important because 70% of the shoppers who make that second purchase will become repeat buyers.
Use post purchase recommendations
During Black Friday and Cyber Monday, retailers will not only acquire new customers but a mountain of information on customer’s brand and product preferences. It should be common practice to provide shoppers with next-sell recommendations after each purchase. These recommendations can even be included into the transactional thank you email or the shipping confirmation.
For customers with a high likelihood to buy these recommendations alone are probably enough to get them to come back, whereas customers with a low likelihood to buy may need an additional discount or other incentive.
Identify your new VIP customers and create a loyalty appreciation program
During Black Friday and Cyber Monday, retailers will encounter a lot of big spenders. Maintaining a good relationship with your highest spending customers requires a personalized approach. We want to be able to flag high value shoppers, and engage these customers as soon as possible and thank them for their business. A simple thank you goes a long way. For example, you have your CEO sign hand-written cards. People like to be recognized in special ways.
In addition to a thank you note, consider personalized discounts, promotions, event tickets, or any other gifts that your VIP customers will enjoy. Take into account a customer’s brand or product preferences, and you can truly personalize the shopping experience for each of these best customers.
Learn more about what consumers want in their personalized shopping experiences in our latest consumer survey report.