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e-Wallet for Shopify: Customer Retention Strategy

Initiation

Customer Retention Strategy is one of the major concerns if you run an e-commerce store. The Sales of your online store depend on the factor that how you understand the requirements of your customers & give your best to implement the things accordingly.

Trust has become even harder to gain if you are new to the e-commerce industry. If you are successful in building customer trust, it becomes easy for you to get a boost to your online sales. It has been observed that if you are able to satisfy your new customers, you will get the full chance of turning them to regular customers.

Having said this, all you need to do is just explore to have the reward system for your customers and let them shop more from your website.

CONCEPT OF DIGITAL WALLET

Digital Wallet Concept is widely implemented in every other plugin created for e-commerce platforms. Let’s talk about Shopify if you run a Shopify store then, there is no need to develop this via codes.

There are lots of apps in the App Store that can be simply installed to your Shopify store with ease on a subscription basis. Wallet Management by Webkul is one of them if you want to have wallet concent in your e-commerce store.

Most importantly, as we are discussing rewards here, offering Cashback to customers can be the ultimate idea. And the Wallet Management App for Shopify is all set to put forward this feature for you.

e-Wallet: Bring Enhancement in Online Payment

With the enhancement of online shopping pattern, Payment platforms continue to evolve. Whether it is in the form of e-Wallet concept or any other concept of online payment transfer. You can observe the involvement of a large audience who are switching from an offline payment method to an online payment method. This is because of the fastest transaction speed & a well-managed platform to have the complete transaction details.

e-wallet Concept is changing the way to share/transfer money with family, friends & relatives. Talking about the e-commerce industry, the e-wallet concept is booming like ever. The reason is quite obvious. As the e-commerce world is all about buying & sellers of products online, there are tones of sharing & transferring of money processed on a daily basis.

Considering this fact, you need to think one step ahead to implement the e-wallet apps so that being a merchant; you can let your customers avail the wallet benefits on each transaction done from your store.

Following are some advantages of using e-wallet while purchasing products.

  1. Real-time transactions from anywhere.
  2. Connected with Crypto Trends.
  3. No Need to carry a wallet in hand.
  4. Fast Payment Transactions.
  5. A Secure Option to money transfer.

Offer Rewards & Build Customer Loyalty

Being an online store owner, you always think of upgrading your website by integrating new features. Especially when it comes to the payment process, you always need to think twice. This is because it includes the involvement of not only the store merchant but your valuable customers too.

And if you run a marketplace then, vendors will also be involved who can sell & fulfill your products from their end. So, in addition to the requirements of a secure payment method, you need to think of introducing e-wallet concept to your store as well. This concept will retain your customers.

Both of these requirements can be fulfilled using Wallet Management App for Shopify. So, let’s proceed to get into the details about the exceptional features & functionalities of the wallet app.

 

Following are Some Fruitful Strategies to Retain Potential Customers:

Strategies to Retain Customers

  1. Offer Cashback to Customers

Customers love to have cash backs in their e-wallet while purchasing products. So, you can have the ability to create cashback rules & conditions based on which the customers will get the cash backs in their wallets.

2. Money Transfer from One wallet to another

Transferring money always takes place between two friends or relatives. This becomes more easy with the Wallet Management App. This app facilitates the users to transfer money from one wallet to another. Thus, customers can now have more flexibility in payment transfer via wallet.

3. Reward Customers on New Registration

Offering reward points to new customers will let the customers explore your brand. Wallet Management App helps the merchants to provide cash back to the customers once they get registered for the first time to your website. Thus, you can have more customers in less time span.

4. Refund Request Option for Customers

Offering refund request option to the customers builds trust among customers. This feature is already there in the wallet app through which customers can anytime request the admin to refund the amount. You as a merchant will get the request & refund the money to the customer’s wallet.

This seamless transaction of the amount between the merchant and the customer will help to build up trust & long term relationship between them.

5. Aware Customers about Wallet Cashback

How customer will get to know how much amount he/she needs to spend in order to get cash back?

You can grab this idea of showing a banner or label on the cart page of your store. Now, once the customer adds the products to cart and added amount is not satisfying your cashback rule then, at least he/she will know how much the additional amount he needs to add in order to earn cash back on that purchase.

Gist

Being an e-commerce store owner, once you follow the above strategies, you will have a huge list of potential customers who will be actually knowing your brand value and trust you undoubtedly.

Among 100, it is better to have 20 loyal customers instead of 80 one-time customers who actually don’t know your brand value to a certain extent.

And if those 20 customers will be happy with your brand & support, they will last forever and you can retain them easily and will help other customers to know & try your product. This increases the chance of improving the sales performance of your website as well as the number of genuine customers.

Want to have a Digital Wallet feature for Your Shopify Store? Do refer this: https://webkul.com/blog/shopify-wallet-management/

Connect in case of any questions!

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