Identify important loyalty metrics during the pandemic post period. Explore blockchain loyalty programs to improve customer retention rate.
Retailers have struggled to assess loyalty services' effectiveness using their typical metrics by the end of fiscal 2020. However, after the pandemic, the business landscape has changed drastically. Consumers buy for many reasons, in various ways, and are more careful than ever before with their spending.
Emerging technologies such as AI, blockchain, and Big data have created adequate data storing and analysis tools that help retailers visualize the picture of consumption more clearly. However, even with the strong support of blockchain loyalty programs, retailers need to understand the key metrics' nature and meaning.
Statistics show that consumers are 'pouring' their money more into online shopping channels. Statistics show that online spending in the United States in the first six months of 2020 increased by 30.1% reasons, in different ways, and are more cautious with their spending decision than ever before.
As consumer habits change, brands need to redefine loyalty metrics, accurately gauge efforts for a loyalty program, and develop a follow-up plan in 2021.
Tracking of cart sizes
According to Acosta, the pandemic crisis has caused damage and financial stress for more than 37% of consumers. With such a limited budget, consumers have to seek the best deals from a wide variety of retailers. They become more sensitive to product prices. Indeed 45% of survey respondents said low prices are a significant factor in choosing where they will spend during and after the pandemic.
With the detailed price spreadsheet, consumers easily calculate the total amount to spend after applying the offers and choosing the retailer to offer the best price. So how can retail leaders ensure customers are choosing their online shopping experience over others? Let's focus on the cart size.
The number of times customers can decrease, but the basket size is getting bigger. Based on the change in cart size from time to time, retailers can offer direct deals on quantity, stimulating customers to 'add to cart' more in a single purchase.
Shopping cart size is one of the most crucial loyalty metrics that gauge shopping and customer loyalty today. Your business can rely on this data to develop consumption stimulus options suitable for the new retail industry environment.
Controlling retention rate
Loyal customers form the foundation of a strong business, so understanding your ability to keep your customer’s return or the reason for their leaving can reveal quite a bit about a company's health and future.
It is essential to understand when and whether consumers are likely to stop buying because retention efforts usually have a much higher benefit to businesses than new customers' spending. With that, retailers will decide how best to motivate consumers to remain engaged.
By tracking the diagram in the dashboard of blockchain loyalty programs, retailers will know how their most loyal customers are shopping. It's also crucial to predict whether customers are beginning to return to the old normal. Or else, they have to figure out the new normal standards.
Retailers need to focus on the scale and types of leaving customers. These loyalty metrics will give some hint of how customers respond to this crisis and for future uncertainty.
Determine actionable data
Customer data today is potentially more beneficial than ever. 74% of businesses claim they want to be "data-driven," but just 29% say they successfully link analytics to actio n, Forrester states.
Analyzing will enable retailers to recognize the consumers' arising buying habits, identify the most critical factors, and deliver the best action when they interact with the brand.
For example, customers often appreciate a tangible value; an excellent retailer will deliver this value to their customers without asking. Numerous promotion programs are trying to hit on your customers' sight every day. Good retailers will automatically notice and add available discounts because customers may not know about the promotion along the buying journey.
Providing real-time customer experiences will mark the customer's mind, pushing up larger purchases and a higher retention rate.
Blockchain loyalty programs provide the one-point-management platform to control loyalty metrics better
Both customers and retailers are adjusting to accommodate the new normal. Finding how customers adapt to the change through loyalty metrics will enable retailers to keep the connection with their customers.
Blockchain loyalty programs by akaChain allow retailers to control their loyalty program on a one-point-management platform. Retailers can conveniently read performance reports, loyalty metrics, and manage loyalty records, etc.
Notably, customer data is processed almost in real-time with safety and security at the military level. This security will give customers a sense of security and willingness to interact more with your services, which means they will return for more.
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akaChain is backed by FPT Software, a globally leading technology, and IT services provider. It is an end-to-end, permissioned, multi-chain network based on the Hyperledger Fabric. Since its Establishment in September 2018, akaChain’s product has assisted many enterprises, from SMEs to Fortune 500 firms, to transform with distributed ledger technology. The company provides a broad range of permissioned blockchain-based products and services in multiple sectors, including retail, supply chain, banking and finance, insurance, shopping mall management, etc. to transform with its distributed ledger technology. For more information, please visit https://blog.akachain.io/.
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