Splitit’s Post

Check out our 2nd Annual Acquirer survey in partnership with PYMNTS According to the survey of 50 acquirers: 82% believe that providing card-linked installment plans leads to increased sales volume — a significant rise from 64% six months earlier. 56% prefer merchants to offer general-purpose credit card-linked plans, compared to 42% for Buy Now, Pay Later (BNPL) options. 87% report higher client satisfaction with card-linked installment plans. 66% are currently innovating or planning to innovate card-linked installment offerings in the coming year. These insights reveal a dynamic shift towards embracing flexible payment solutions that not only meet merchant needs but also align with consumer expectations. Read the full report: https://lnkd.in/emCMejVz

Let's talk about Net Revenue Retention in Retail... Consumers come and consumers go. And while there is a focus on CAC:LTV there is another measure to look at: Net Revenue Retention NRR is a measure of the revenue you retained less the revenue you lost. When you use customer portfolio management, you would look at Quintile 1 Defected Customers and compare them to Quintile 1 New and Reactivated Customers In this example, 8,310 consumers walked from the top-tier performing cohort and 14,690 entered that cohort. Woo-hoo! We are growing. Lifetime Net Sales per customer was $919 and the New/Reactivated are at $465 and after taking the Reactivated out, that number is even less. Net Sales per Customer for the last period for the Defected at $490 and $363 for the New and Reactivated. At the end of the day, the consumer file added 6300 customers to the top quintile and they delivered $5.3MM in Net Sales. The Net Revenue Retained is up 31% compared to what walked away. That's a good sign. But the Net Revenue Retention per Customer declined 35% and that's a warning sign. Could be because they are new, could be because they are not sticking around. Net Revenue Retention helps you look at whether or not you are replacing Defected customers with comparable New Customers. The New Q1 customers still have time to grow and exceed the performance of the lost Q1 customers. But this is the emphasis on Retention - not just keeping them, growing them, so that they fund your acquisition efforts. If that decline continues, funding dries up and capital may be needed to acquire consumers.

Digital Experience, Trade Credit Mark Home Depot’s B2B Strategy: The Home Depot, the world’s largest home improvement retailer, is shrinking its 2024 earnings guidance. “After three years of exceptional growth for our business, 2023 was a year of moderation. During fiscal 2023, we focused on several initiatives to strengthen the business while also staying true to our strategic investments of creating the best interconnected […] The post Digital Experience, Trade Credit Mark Home Depot’s B2B Strategy appeared first on PYMNTS.com. #opnplatform #b2bpayments #openpackagingnet

Often confused with the Repeat Purchase Rate, Customer Retention Rate (CRR) is one of the most crucial and misunderstood KPIs in e-commerce. For example, suppose an ecomm brand has 100 customers at the beginning of an analyzed period. During the period, it acquires 100 more customers. They had 200 actively paying customers at the end of the period. That would be the ultimate dream for any e-commerce business, a customer retention rate of 100 percent! However, if at the end of that period, the number of active customers is only 125, the CRR is only 25%. This also brings to mind another crucial metric: churn rate. In this example, where CRR is 25%, the churn rate is 75%. That’s not good. In short, CRR measures what percentage of customers continue to buy over a given period. It is the inverse of the churn rate. While churn rate measures the percentage of lost customers, customer retention shows how many you keep. So, when you add these two rates, you will get to 100%.

We’re focusing on providing you with new features and updates to reduce unpaid items and increase successful payments for the orders. However, with rising costs in the market we’ve also had to adjust our selling fees. What you need to know this March? 🔵 Reduce unpaid items when sending offers to buyers Based on your feedback to the previous improvements, we’re extending these to seller-initiated offers. Now, when potential buyers are interested in your offer, they’ll be taken directly to checkout and, in order to accept the offer and secure the item, they’ll need to successfully complete payment. 🔵 Our per-order fee is changing Starting March 15, 2024, the per-order fee on orders over $10 is increased from $0.30 to $0.40 across all categories. We understand this change can be challenging for sellers of lower-priced items, and we recognize the value these items bring to our marketplace. That’s why for orders $10 and under, there’ll be no change and you’ll continue to be charged the current rate of $0.30. Click here if you want to learn more: https://lnkd.in/eF8dXMHJ

Just a live agent jumping in to text your customers and help them checkout. NBD. Shoppers are always suprised at how nuanced and human these texts are, and it shows (bigtime) in the lift to conversions and overall store revenue. If you're curious about SMS Sales, you can learn more here: https://loom.ly/xOcK8WQ

The most successful commerce brands focus on customer retention. Why? Because repeat customers are more profitable than one-time shoppers… and we have the stats to prove it. 1. Repeat customers are more likely to purchase again and again. By definition, a repeat customer makes 2 or more purchases at your store. But if you can increase that to 3 or more purchases, the chance they’ll rebuy rises even more. 2. Customer loyalty pays off, literally. 35% of an ecommerce store’s revenue comes from its top 5% of loyal customers. Invest in this segment with point, VIP, and referral programs. 3. Focus on your best customers to boost AOV. Your top 1% of customers spend a whopping 2.5x more per order than the lower 99%. And your top 10% spends 2x more. When you want to increase basket size, focusing on your most loyal customers is your best bet. Ready to start making the most of your repeat customers? Launch a loyalty program with Smile.io to keep them coming back: https://ow.ly/Wvn150S0EF3 What do you do to reward repeat customers? Let us know in the comments! #CustomerLoyalty #CustomerRetention #LoyaltyPrograms #CommerceSuccess

We made another big step on our mission to help merchants fight churn and increase LTV. Introducing five new recovery steps in our retention Flow. Now merchants address different cancel reasons with matching strategies. For example, if a subscriber wants to cancel because they’re going on vacation, offer them to skip the next delivery. If they've run out early, let them order immediately. And if all else fails, a good old discount might do the trick. The complete list of recovery steps is: Skip, Pause, Renew Now, Swap Product, Change Delivery Frequency, Offer Discount, Ask for Feedback. The performance of each recovery step can be tracked in analytics and fine-tuned for best results.

In the fiercely competitive world of e-commerce, every sale matters. But what if we told you there's more to it than just that? 🤿Dive into our latest blog and learn how building trust and rapport with your customers can lead to something truly special: 𝐋𝐢𝐟𝐞𝐭𝐢𝐦𝐞 𝐕𝐚𝐥𝐮𝐞. Find out how repeat customers spend more, provide valuable feedback, and open up opportunities for upselling and cross-selling. It's time to elevate your e-commerce game with customer loyalty. 🚀 Read our full blog here: https://lnkd.in/d27B5Qrc #OnSiteSupport #CustomerFeedback #EcommerceSeller

EASE OF PURCHASE. "While price is an important factor affecting customer loyalty, receiving a good value and ease in making purchases actually have greater impact for the majority of consumers." Let's spend a minute with this takeaway from the article. It's helpful to reflect on what we do as retailers to create a journey of ease in the eCommerce experience. Where have you recently seen friction? What can you do for shoppers to move effortless through to purchase? https://bit.ly/43An63S