Loyalty Programs: 12 Best Practices To Retain Your Customers
April 27, 2022
3.8 billion — that’s the number of memberships US customers hold in loyalty programs. There’s
Improve business performance with loyalty
Monetha Loyalty is built to drive your customer retention. This leads to other business metrics improved too: AOV, cLTV, CAC, and more.
Trusted Shopify partner
Retention: Make customer stick with you
79% of consumers are more likely to stay with a brand that has a loyalty scheme.
Don’t ever let anyone fool you, the main reasoning behind a loyalty program is to retain customers and reduce churn.
If you give your customers reward points that they can redeem for free products or a discount on their next purchase, you also give them a reason to continue shopping with you and earn more rewards for staying loyal.Increase sales
75% of consumers would rather choose a shop that offer rewards.
When your customer retention is increased, your sales grow too because existing customers will be making more frequent purchases. Additionally, the mere presence of a loyalty program that gives rewards may be a decisive factor for new visitors to choose your shop over competitors.
Improve Customer lifetime value
58% of consumers purchase from a shop whose loyalty program they are enrolled in at least once a month.
Customer lifetime value reflects how much money a customer brings you in total. Repeat customers grow their customer lifetime value with every purchase made. Moreover, once a customer has discovered the benefits of your loyalty program, it doesn’t just encourage repeat sales, it shortens the length of time between sales.
For more insights, check our article “How a loyalty program can affect customer lifetime value”.Get more out of your loyalty program
Give your business a jump-start with Monetha!
Trusted Shopify partner
Increase Average order value
54% of customers spend more because of a loyalty program.
Average order value is one of a few metrics that do not necessarily grow when a loyalty program is introduced. At the same time, statistics says that customers tend to spend more when they can get more rewards or other benefits for that.
Reduce Customer acquisition costs
70% of consumers would recommend a brand that has a loyalty program they like.
When you retain more customers, you can spend less on customer acquisition efforts. That’s the obvious part, but there is more.
An attractive loyalty program can help convert “window shoppers” to buyers, improving your conversion rate and, as a result, reducing CAC (customer acquisition cost).Boost your revenue
18% of additional revenue can be generated by a loyalty program.
Revenue is eventually the primary metric for ecommerce businesses. It is driven by all the metrics above: when they grow, revenue increases too. The exact growth will depend on many factors, like specifics of your products, but on average a loyalty program can generate about 18% of additional revenue.
More benefits for your business
Loyalty, rewards, and beyond
Retain value of your brand
Loyalty rewards train customers to buy products at full price and help you avoid the discount spiral.
Affordable and easy-to-start
Build an effective loyalty program effortlessly and with any budget. Our support team is always around.
Accept loyalty points as a payment method
Let customers spend their loyalty points at your store to increase retention and brand loyalty.
Plan your sales
Customize, schedule, and track loyalty campaigns with the integrated campaign manager.
Manage stock and get rid of slow-moving products
Your loyalty program works as an inventory management tool. Give more rewards for products to create higher demand on them.
Reach a new audience
Get listed in the Monetha cashback app and showcase your products to thousands of new customers.
Customize the look of your rewards
Looks like your native loyalty program. Adjust texts and styles to customize it even further.
Cover costs with our Partner program
We will add ~$1 worth of points to your loyalty budget for every new customer joining Monetha from your loyalty program.
Learn more about loyalty
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