Industry:
Skincare
Problem Statement:
A premium retail skincare brand has seen a massive shift in its business in the past few years. As a traditional brick & mortar brand, they noticed a substantial online demand. They started their own E-comm platform and hypothesized that a lot of the online customers were existing offline ones. However, they didn’t know how to engage with them. They did not have the technical capabilities to track a customer’s journey through various channels or even have a loyalty program that offers an omnichannel experience.
Solution Offered:
This is a genuinely omnichannel loyalty experience that will allow your customers to complete their purchase in less time, shop more often, and increase their loyalty towards your brand.
Adoption:
The most significant data insight they got from implementing the omnichannel experience was that customers preferred coming to the stores to try new products under the experts’ guidance. But they preferred shopping online for refill items. This, along with many more insights, helped them firm up their business strategy and merchandising plan.
Results:
Despite the pandemic and the mandatory lockdown in India, this brand saw a uniform sales pattern because of the omnichannel infrastructure they had already put in place. It allowed them to see a spike in demand and continued to be low on discounts. The brand saw a significant increase in overall digital revenue, reflecting its omnichannel initiatives. At the end of 2020, they saw a contribution of 27% of their revenue from omnichannel customers.
Customer loyalty analytics allows for far more than targeted marketing. It’s a window into how customers think and, perhaps most importantly, can help predict a member’s behaviour in the future.
Let’s look at how a loyalty program software draw insights from your customer behaviour and improve return on your loyalty program investment.
It costs five times more to acquire new customers than it does to retain current customers and existing customers are 50% more likely to try a new product of yours as well as spend 31% more than new customers. Hence, it is no surprise that customer retention is a crucial factor deciding the success of any business.
We are building loyalty ecosystem
A business with a 60% customer retention rate is losing 3-4 times as many customers a business with 80% retention rates. Besides, increasing customer retention by just 5% boosts profits by 25 to 95%, according to the advisory firm Bain & Co.
Accentiv’ India delivers end-to-end solutions from loyalty program development & implementation to loyalty rewards management & last-mile rewards fulfilment.