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138. [BIZ BITE] How Much Should I Give Back in My eCommerce Rewards System

eCommerce Badassery · June 16, 2022 · 4 min

Summary

This episode cuts straight to the chase on optimizing your ecommerce rewards program. Learn the industry benchmarks for reward payouts to ensure your program is competitive yet profitable. Discover actionable tips to leverage your loyalty initiatives for maximum customer retention and average order value, while avoiding common mistakes that can derail your efforts.

Key takeaways

Themes

customer retentionconversion & cro

Topics covered

ecommerce loyalty programsreward payout percentagescustomer lifetime valuerewards program roicommon mistakes in rewards programs

Episode description

A rewards program doesn't have to give a lot back to be successful. Tune in to hear the industry benchmark for how much most rewards programs give back to the customer, plus hear some quick tips on how to leverage your rewards program and some things to watch out for. Read the Full Episode Transcript http://ecommercebadassery.com/137 FREE Resource Library Every freebie I’ve created to help you grow the traffic, sales, and profit in your eCommerce Business, all in one place! http://ecommercebadassery.com/freestuff Want More Badassery? Join the eCommerce Badassery Facebook Group and connect with other eCommerce entrepreneurs just like you! http://ecommercebadassery.com/facebook Let’s connect on Instagram @ecommercebadassery https://instagram.com/ecommercebadassery Ready to Level Up Your Email Marketing & eCommerce Business? Try the Klaviyo Email Marketing Platform - Built specifically for eCommerce, serving entrepreneurs, and iconic brands. https://ecommercebadassery.com/klaviyo Work With Me Interested in getting my brain focused on YOUR business? Learn more about my services… Email Marketing Help: https://ecommercebadassery.com/email-marketing eCommerce Help: https://ecommercebadassery.com/ecommerce-help Rate, Review, & Subscribe Like what you heard? I’d be forever grateful if you’d rate, review and subscribe to the show! Not only does it help your fellow eCommerce entrepreneurs find the eCommerce Badassery podcast; it’s also valuable feedback for me to continue bringing you the content you want to hear. Review Here: https://podcasts.apple.com/us/podcast/ecommerce-badassery/id1507457683 This podcast uses the following third-party services for analysis: Chartable - https://chartable.com/privacy

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Frequently asked about this episode

What does this episode say about customer retention?
Aim to give back 5-10% of a customer's spend in your rewards program; this is a common and sustainable industry benchmark.
What does this episode say about conversion & cro?
Structure your rewards to incentivize specific behaviors that drive profitability, such as repeat purchases, higher AOV, or referrals.
What does this episode say about customer retention?
Keep your rewards program simple and easy to understand for customers to maximize engagement and avoid frustration.
What does this episode say about customer retention?
Regularly analyze your rewards program data to understand its impact on customer lifetime value and overall profitability.

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