Attracting customers and retaining them has never been easy. The 2021 peak season has passed and there was plenty for retailers to learn on how to maximize their revenue and profits. In this article, Parcel Monitor covers some of the top tips that e-commerce merchants should keep in mind in preparations for peak season this year.
#1: Raise customer lifetime value by leveraging email notifications
Customer lifetime value (CLV) is one of the best metrics that enables companies to evaluate their profitability. Considering how challenging it is to acquire a new customer, every firm needs to learn how to maximize CLV.
Based on Parcel Monitor’s research, one way to do so is by sending delivery notifications like order confirmations and shipping delay notices. According to its data, the “customs” phase ranked first with an open rate of 78.31%. Delay (65.60%), failed attempt (68.64%), and out for delivery (63.76%) were the next three categories. However, the open rates for event phases like ‘processing’ and ‘issue’ were considerably lower, at 52.69% and 38.92%, respectively.
In addition, the ‘out for delivery’ event phase, which had the fourth-highest open rate (63.8%) and fourth-highest click rate (19.1%) during the delivery journey, continues to be one of the most crucial phases. Click rates for failed attempt, delay, and processing were 25.55%, 23.45%, and 21.45%, respectively.
#2: Increase brand loyalty by implementing a returns management process
E-commerce returns are a given during the peak shopping season. Nevertheless, the way you deal with returns is really important. It is therefore imperative for every company to establish a smooth and precise return handling procedure.
A great returns management procedure might be a great approach to persuade your clients to exchange their products. This, in fact, helps your company not lose out on sales of your items, clients, or money. If you can build trust in the returns management process with your clients, it will be much simpler to increase brand loyalty. Besides, this allows customers to be aware that they are protected no matter what.
#3: Maximize sales and customer satisfaction by developing an omnichannel strategy
By implementing an omnichannel strategy, businesses can offer clients the option to shop from a variety of touchpoints, including the web, mobile apps, and brick-and-mortar stores. Moreover, going omnichannel is undoubtedly necessary to boost revenue and customer pleasure. In fact, a recent Coresight Research report found that 74% of retailers had either begun to develop or already put into practice their omnichannel strategy. So what are you waiting for?
To check out the full article on the Parcel Monitor website, click here.