Winning a new customer costs more than getting an old customer to come back
-- Some business proverb
Getting your past customers to come back and make repeat purchases is the holy grail in ecommerce.
Regular stores at industry rates might get 27% of their customers to come back a second (or third) time.
So how would an 80%+ repeat purchase rate sound?
What if every 4/5 customers would come back to your store every month and make another purchase?
Are you picturing dollar signs right now?
This is why subscription box services have gotten so popular.
By combining the predictable and stable revenue of SaaS with a collection of physical products, all "curated" by your store, you can build up a very solid repeat customer base.
Each box is just like a regular order, just one that is presented nicely and that every customer gets. Pretty much any store with a few dozen products can do this.
(Subscription boxes are also an easy way to clear out some aged inventory too)
The stores with the healthiest metrics in Repeat Customer Insights sell subscriptions and heavily promote that product to their customers.
While there are 100s of ways to market to new and current customers, sometimes it's best to step back and look outside of the box. Or rather, look inside the box.
Would you like to see how you stack up against the industry metrics? Repeat Customer Insights will analyze your store's metrics and show you where in your repeat customer funnel you can improve.
Segment your customers automatically with RFM
Segmenting your customers has always been touted as a powerful marketing tool but many stores avoid it because it can be time-consuming.
Repeat Customer Insights will automatically segment your entire customer base for you based on the valuable data Shopify has already collected for you. Ranging from 5 to 30 to over 125+ different segments using RFM and other models, you can pick how much power you want to harness.