The post Everything You Need to Know About Customer Retention appeared first on PayU Blog.
]]>Customer retention is vital for your business – not only to survive and grow but also to create a brand and generate goodwill. Earning customer loyalty is a challenge in today’s market. But before knowing how you can earn customer loyalty, increasing your customer retention rate is important. For that, it’s crucial to understand what customer retention is. Let’s find out!
As the name suggests, customer retention is the facet of retaining your customers such that they become loyal to you. However, customer retention is more than just keeping and maintaining the customers. It is a metric that shows customer satisfaction, customer engagement, repurchase behaviour, trust in the brand, and the emotional connection with your brand. In short, customer retention depicts the entire customer relationship with your organisation.
Customer retention begins from the first purchase by a customer and covers all the subsequent interactions with the customer. Brands use this analysis to determine customer experience and success in delivering optimal customer experience. This study, conducted over time, will help you decide whether or not you are on the right track towards engaging and building trust among your customers and delivering up to their expectations.
In today’s cut-throat competition, believe us, you cannot afford to lose customers. Losing customers reduces revenue generation, increases customer acquisition costs, making your competitors stronger in terms of customer base and revenue. Therefore, you should always strive to increase customer retention.
To increase customer retention, organisations deliberately build strategies to keep their customers happy and satisfied. Following are some of the key customer retention strategies that you can employ:
Customer focus is the key. Customer retention is as necessary as customer acquisition. By implementing the above tactics, you can successfully retain your customers and stand out from the competition. You can boost customer retention rates by focusing on little aspects to deliver convenience to existing customers.
For instance, streamlining the payment system can help you deliver convenience to the customers in terms of payments. This is especially true for online businesses. The PayU payment gateway has been providing a seamless checkout experience to the customers when it comes to payment. With the best payment success rates and acceptance of international currencies, you can deliver the best payment experience to your customers.
The formula for calculating customer retention rate is:
(No. of customers at the end of the period – New customers added) / No. of customers at the start of the period * 100
Organisations can determine the purchasing pattern of customers with the help of customer data. This enables a better understanding of customer choices and preferences, thus helping deliver personalised services.
Customer acquisition is more expensive than customer retention. This is one of the prime reasons businesses should focus on customer retention as much as they focus on customer acquisition.
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]]>The post Ecommerce Businesses: Automate COD Refunds with PayU Payouts, Win Customer Loyalty appeared first on PayU Blog.
]]>The more time refunding takes, the more apprehensive customers get about the e-commerce brand. On the other hand, if you issue those refunds instantly, this encourages them to use your platform more and builds trust.
At PayU, we constantly work towards bringing innovative payment solutions to improve customer experiences for all kinds of businesses. We’ve revolutionised how e-commerce businesses can initiate refunds, quickly and easily even for their COD orders!
One of our innovative products, PayU Payouts enables merchants to provide instant refunds to their customers directly in their bank accounts. Read in detail about PayU Payouts here.
First and foremost, sign up on PayU. You can use any of the following 3 ways to initiate instant refunds for your COD orders:
You can provide instant refunds to your COD customers directly into their bank accounts in 3 simple steps:
1.Add money in your PayU Payouts account – Deposit money in your Payouts Account provided by PayU through RTGS or NEFT
2. Add Customer’s Details – Add details of the customer such as Bank Account Number, IFSC Code, Amount and other details in the CSV file and upload it on the dashboard (as mentioned above), along with the amount to be refunded. You can add multiple accounts and save them for repeat payments in future
3. Issue Refunds instantly in just one click! – Your customers will immediately receive payments in their bank accounts
“We use Payouts for disbursing payments. It is easy and we are able to track & download all reports easily from the Dashboard – Pravin Patel, MD, Maayo LLP”
You have an e-commerce business and offer great support to your customers. Why not enhance their payments experience by providing them refunds instantly and make it a memorable one? Who knows your first-time customers turn into your loyal consumers!
You can not only initiate refunds, but disburse vendor payments, employee salaries and much more with PayU Payouts. To know more about Payouts and our other payment solutions,
The post Ecommerce Businesses: Automate COD Refunds with PayU Payouts, Win Customer Loyalty appeared first on PayU Blog.
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