Joe Vancena is the Product Marketing Manager at Loop Returns. He has designed retention programs for some of the largest eCommerce brands on Shopify, and has worked with over 750 brands in total to define best practices for apparel, footwear, intimates, cosmetics, and accessories. He believes all customer love is created post-purchase – and is excited to share his findings with the 2x eCommerce community.
Your customers’ journey doesn’t end after a purchase. What happens after a purchase is made, is what differentiates one DTC eCommerce brand from another. For instance, do you have a seamless and automated Return and Customer Service Program in place to assist customers that want to return an item? How is customer experience over a return process? And are you giving customers a sufficient range of options that encourage customer loyalty?
What most eCommerce brands miss in their customer retention efforts is that building a relationship with each customer is an investment in itself. One way to look at it is through incentivising your customers with free shipping or store credits. But the real deal happens when you create tailor-fit Customer Retention programs based on your rate of product returns and refunds, your purchase rates, AOV, and your conversion metrics.
On today’s episode, Kunle and Joe dig deep into analysing return metrics, industry benchmarks, and a roadmap to building a CX pipeline that reduces refunds and cuts down overheads whilst expanding your customer base.
On today’s interview Kunle and Joe discuss,
Return Metrics to Measure
Metrics and Benchmarks to Compare your DTC Business from
Strategies for Customer Retention Program
Predictions on Returns for the next 12 months
Podcast Show Notes:
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The foundation of your data is in your return reasons so categorize them, and break down the data into multiple metrics.
When your customers return an item, it’s mostly because they’re disappointed so what you should do is to delight them back through a seamless return process (automation) and incentives.
Have a built-in process flow for your returns and enhance the customer experience with ease of use. Not all customers would opt for a refund so present them with return options such as store credit, free shipping, or special discount codes.
Customer acquisition is closely related to return reasons (e.g. sizing problems) so when you fix the issues to bring down your return rate, you’re also increasing your customer acquisition.
Identify which shipping policy leads to more refunds which you can do through an A/B Split Test.
If you have a problem with overheads expenses particularly in shipping fees, a higher AOV will offset the cost of shipping.
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