Customer Retention Strategy
CUSTOMER RETENTION
Customer retention is any process that the organization undertakes to reduce the customer switching to other organization. This process starts as soon as the customer comes in contact with the organization and it continues for the entire lifetime, till there is a relationship with customer. Services and products are not only the ways through which the organization can attract new customers and retain then, the services offered by the organization to its existing customers also has a strong impact in building a relationship with the existing customers and attracting new customers.
Retaining the customer is all about giving the customer everything more than what he/she expects from the organization. The expectation of the
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Customer retention strategy in an E-commerce company except from maintain the customers and clients will also help in the advertising and the growth of the organization.
Some of the reasons why a customer retention strategy should be implemented in a digital space are:
• Customer loyalty Any customer retention strategy I formed to build loyalty of the customers towards the organization. Retention strategy will help in forming brand loyalty by providing the service of the organization in such a way that the customers will not try to visit the competitors to place their orders. By adopting the retention strategy the organization will be able provide the products and services in the best possible price than the competitors there by giving the organization a competitive edge over the others which will indirectly lead to building customer loyalty.
• Word of mouth advertising A satisfied customer will always recommend his friends or family member to make purchase from the same organization from where he purchases. For instance a loyal customer who has been purchasing from Flipkart from past 6 year because he is satisfied with the service delivered by the company will always recommend his friends and family to purchase from
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They also provide credits on purchase for the customer who make their first purchase from their site if they place an order for the second time. This help in influencing the customer make purchase from the same site. SOME PROGRAMS ADOPTED BY BRANDS TO BUILD CUSTOMER LOYALTY
• Amazon Prime
Amazon introduced a new program called as the Amazon Prime to give its customer an additional benefit that none of the brands offered to its customers. In this service the customer has to subscribe for it by paying an amount of $99. Through subscribing to this service the customer can get free two-day shipping on any eligible item without a minimum-order balance, and free same-day delivery (in 14 metro areas) on eligible orders more than $35. Prime Pantry Delivery costs a flat $5.99 for delivery of heavy and bulky items.
Due this program the customer who have subscribed for this program give first preference to amazon to make any purchase and end up buying what they want from Amazon. This develops loyalty for the brand in the minds of the customer.
• Flipkart
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