You always want to make sure that you keep customers loyal and coming back. That’s handy and it will help ensure people will see you as a great company. That’s why having an option to provide store credit is always handy. Is it possible to do that in WooCommerce? The short answer is yes, and there are plenty of plugins for it. Not only will you boost customer loyalty, but people will appreciate it, and you will have a much better experience in the end.
Why is store credit a brilliant customer retention strategy?
Obviously, it makes a lot of sense to retain customers, because it costs 5-7 times more to gain a new customer when compared to keeping an existing one. Plus, offering store credit establishes a relationship, and it shows that yes, you are thinking about the customer and him having the best experience. They see that, and they will appreciate it by coming back and buying stuff. The longer you make these customer relationships, the more you can benefit from them.
The benefits of providing store credit over discounts
You always have the option to offer discounts, or you can go for a store credit option. Both of these are obvious solutions, and they can come with an amazing ROI. With that being said, store credit enables future purchases, and they preserve the brand value. Not only that, but you can establish a psychological ownership that allows customers to focus on future purchases.
Handling refunds is a lot easier, there’s no messy process. Instead, the customer can have his store credit and use it whenever he wants. It also makes cashflow management a breeze, which in turn can lead to better solutions.
How to store credit encourages repeat purchases?
Does store credit enable repeat purchases? A lot of the time it does, because it brings a reason for customers to come back. Even if they had a bad experience or there were issues, store credit shows you are sorry and you don’t want to lose customers. For a client, that means a lot. Plus, the store credit can be used at any time, and it’s not tied to promotions or discounts. And not only that, you can tie it to loyalty programs, too, if you want that. It’s great, and it truly shows the value you can offer to your customer base.
How do you set up store credit in WooCommerce?
Usually, the best system you can use here is to rely on plugins. And these plugins can be used as a part of the loyalty program, or maybe you can recover abandoned carts and provide store credit that way. Some companies even have launch promotions using store credit, which is always nice. It’s even possible to have store credit as a part of account creation. That’s important, and it just shows the inherent value you can provide to clients via store credit.
Best plugins for managing store credit
Now that you know the benefits of sharing store credit with clients, you should find the right plugins for that. Here are some of the main ones:
- YITH WooCommerce Account Funds is great for things like customer top-ups, store credit wallets and many others similar to that.
- WooCommerce Smart Coupons is also good, because it offers credit and coupon management. These are excellent ways to keep people coming back for more.
- PW WooCommerce Store Credit is another good one, especially if you want a simple way to implement store credit.
- TeraWallet is a good option, too, because it offers a digital wallet experience. It’s easier for customers to manage all their current stuff, and the ROI you get is quite impressive. With that in mind, it becomes easier for them to manage their store credit and even top up the credit, if they want.
How to track and adjust customer balances automatically?
There are multiple methods you can use to adjust and track the customer balance automatically. For example, you can use plugins and enable account credit tracking there as well. You can also automate store credit rewards via setting up rules. And, of course, there’s always the option to use store credit in the form of refunds. It also makes it an easy way to prevent abuse.
Conclusion
It’s important to offer customers the option to own some store credit on your WooCommerce store. Aside from being a great way to handle refunds, it also allows customers to establish a simple buying experience. That’s especially true if you can top up your wallet and in the end, it will lead to better results every single time. That’s important, and we highly recommend using a WooCommerce store credit system, if possible. It will allow your business to handle challenging situations with ease, while also generating good faith with customers, too!
