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It’s a tough time to be an eCommerce brand. Global eCommerce sales are expected to increase by just 9.7% this year, marking the slowest pace of expansion in more than a decade. Fears of recession, rising customer acquisition costs, and privacy changes have all converged to create a deep well of uncertainty across the industry — one that we’re feeling, too.Shoppers are feeling the uncertainty as well. In May 2022, we surveyed 2,000 consumers about their outlook and shopping habits. Here’s what we found:More than 51% said news about the economy has them spending less. 69% are more likely to shop in-store than they were a year ago. More than half are spending less on electronics, home decor, and clothing and accessories.But there was an important silver lining from the survey, too — one that will be essential for brands to understand as they navigate the coming months.Those shoppers who said they’re spending less? More than 82% of them said they still buy from their favorite brand. Plus,
What is a referral program? A referral program turns customer advocacy into a cost-efficient revenue driver by encouraging shoppers to recommend your products. Brands offer referrals through multiple channels, including on-site pop-ups, custom pages, SMS campaigns, and email campaigns. Most brands also encourage referrals through reward schemes, like “Give $10, Get $10.”Imagine this: You’re a pet care brand. One of your loyalty members belongs to a Facebook group with 5,000 members. Someone asks for recommendations for leashes. Your customer responds and recommends your product. Three other people chime in to say they love it too.Not only does the original poster consider buying your product, but so does everyone else reading the comments on that post. If your customer also posts a referral link, they get rewarded for anyone reading who decides to purchase your product. What are the different types of referral programs?Brands can use several types of referral marketing programs to thei
Together with Social Snowball, we’ve put together a quick guide designed to help you spread the word about your new affiliate program on multiple channels. Building an affiliate program is an easy decision when considering its many amazing benefits: it will boost brand awareness and credibility, bring new website traffic, and generate more revenue. The process is pretty straightforward, too: you just choose an affiliate app or an affiliate network and set it up in no time.But, the next step is a bit tricky. Once you have an affiliate program, you need to find affiliates. And even if this might sound like a simple task, it’s definitely not an easy one to achieve. This article will go through the best marketing channels for finding quality affiliates. But first, let’s start with the basics. What is an affiliate program?An affiliate program is a performance-based marketing program through which you compensate another business or individual (the affiliate) for bringing you customers or le
Inflation is at its highest in 40 years. As a result, shoppers have lower disposable income, and eCommerce merchants are feeling it. Interest rates and supply chain issues have only compounded the impact on business. We partnered with 12 leading digital commerce experts to bring you this comprehensive eCommerce playbook for inflationary times. Download your copy now This comprehensive playbook includes expert tips and strategies to help you get more growth with lower costs in a recession.
To get your brand up to speed, we’ve compiled eight secrets to drive customer retention. 1. Build long-lasting consumer trust with social proofCompiling customer reviews is more than an acquisition play; it should be the first step in your retention strategy. Collecting and highlighting reviews and visual user-generated content (VUGC) across customer touchpoints engages shoppers immediately, establishes trust, and puts them on track to becoming repeat customers.Yotpo’s research found that 94% of purchases are for products with 4- or 5-star reviews, which shows how much trust consumers put in the word of their fellow shoppers. How do you get more positive reviews? Offer points to your happy loyalty program members in exchange for their feedback. User-generated content (UGC), like written reviews, photos and videos, boosts brand trust and, ultimately, sales. 2. Encourage loyalty program sign-upsLoyalty programs empower brands to motivate desirable customer actions, like repeat purchases
How The Honest Kitchen developed a customer retention program that rewards customers in a meaningful wayCase Study
Founded in 2002, The Honest Kitchen is an innovator in the pet food space. With the goal of helping pets achieve good health through human-grade pet food, products from The Honest Kitchen can be found in more than 5,000 pet supply stores across North America. 🐕 The Honest Kitchen’s human grade foods aren’t something customers switch to on a whim. Instead, it’s a careful investment in the overall health and wellbeing of their pet that’s typically decided on after extensive research and consideration. And, once customers see the impact their human grade foods have on their pet, they stay loyal to the brand.The Honest Kitchen had been using an out-of-the-box solution from Magento for reviews and loyalty, but they were running into limitations. For example, there was a gap between customers who were subscribers and customers who were part of their loyalty program. And the brand had no way of easily allowing subscribers to redeem loyalty points on subscription orders. They also had the c
Hi everyone! Have just 2 minutes? Take our survey about customer retention! 😄With acquisition costs on the rise, we’re hearing a lot about retention these days. So, we want to hear from you: Is your brand actually shifting to focus on retention? How? What’s changed (or hasn’t!) for your brand? We’re writing about retention over here at Yotpo, and we’d love to feature insights from this community of experts. 🤓🤝 Take the survey (it only takes 2 minutes!) here! https://wss.pollfish.com/link/5b3ded67-d0da-4e65-9db0-1002ab871f65
Does anyone have some great examples of ways in which they have engaged their existing customers with the launch of reviews? For example; sending out a launch eDM to their existing customer base or a website banner/pop-up encouraging return-visitors to review their prior purchases via the product page for a reward?
Hello! I want to transition our loyalty program from points never expiring to expiring after 1 year of inactivity. Does anyone have any recommendations or insights on an appropriate timeline to transition? Also any recommendations on how to communicate the change would be appreciated! Thanks!
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