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7 Unique Ideas that Can Boost Your Customer Retention in 2024

Most retail businesses focus their marketing efforts on the goal of attracting new customers. But what about the customers that are already familiar with your store?  Customer retention is massively overlooked in most businesses, but it can help you beat your competition. Regardless of how much revenue you earn every year, by shifting your focus to customer retention, you can increase profit up to 25-95%.  Customer retention is easier and more cost-effective than acquiring new customers. It assists you in scaling your retail business revenue without spending thousands of dollars on marketing. According to the statistics, 65% of a company’s business comes from existing customers. So, what’s stopping you from shifting your focus to customer retention in 2024?  This blog will help you learn what retail customer retention is and share unique customer retention ideas that can help you accelerate your business growth. What Is Retail Customer Retention? In simple terms, customer retention or retail customer retention is the act of keeping your first-time customers returning for more. This is a major concern of every business owner. You always want your existing customers to buy more products from you. The more customers repeatedly purchase the more you can drive revenue at your retail location. Top Reasons Why You Need to Focus on Retention Did you know that customers’ value expands beyond what they spend on your business today? They have future value depending on how you engage and retain them for the years to come. Their value depends on your successful retention.   Here are the top reasons why customer retention should be a priority for your business in 2024.   1. Cheaper Than Acquiring New Customers Acquiring new customers not only takes time but has less ROI compared to retaining customers. This is because selling to a person who’s already familiar with your brand is easier than selling to a new customer. There is a 70% chance that an existing customer will buy from you again, as opposed to the new prospect. 2. Retaining Customers Powers Business Growth Scaling your business gets easier when you have a high customer retention rate. As your customers become loyal to your brand it’s more likely that you will get free referrals through word of mouth. This not only grows your business but also turns it into a consumer-first brand. 3. Save More on Your Marketing When you start getting customers through referrals and your customer base gets familiar with your product or brand, it’s smart to shift your focus to retaining them. Rather than using up your marketing budget on ads you can put some money and effort into retaining your existing customers. You can set up a loyalty program, and run email marketing, and promotional offers to keep customers coming back for more.   7 Unique Customer Retention Strategies to Help You Sell More There is a saying, “Make new friends, but keep the old, one is silver, the other is gold.” This adage taught us that while making new friends is fun and exciting, fostering old friendships has its own value.  The same goes for customers. While acquiring new customers has its importance, existing customers can hold more value. But often store owners pay more attention to the new customers, which significantly drops their customer retention rate.  According to the 2020 roundup of Statistica’s industry retention rates, the retail industry retention rate is fairly low compared to any other industry. On average only 63% of the customers in the retail industry purchase from the same retail store. The reason for low retention is due to the high competition. Customers are bombarded with a variety of choices, getting more options to switch from one brand to another.  So, how to retain your customers?  Fortunately, there are many ways that can help you stand out from the competition and keep your customer base happy. In 2024, you can implement the following 7 ways to make your business thrive.   1. Create a Customer Relationship Marketing Strategy Many small businesses in the retail industry lack focus on creating a customer relationship marketing strategy. The customer relationship marketing strategy is set to build the credibility of your company’s brand. It is all about centering your business and marketing efforts around customer relationships, needs, and loyalty.  By creating a customer relationship marketing strategy, you can build long-term relationships with customers to increase customer lifetime value. 2. Confront Customer Churn No technology can help you read the minds of your customers. But what if you can become aware of the customer churn before it happens? Modisoft Insights can help you notice customer behavior and buying patterns. By monitoring your customers’ purchasing trends, you can watch out for common churn signs such as spotty purchase patterns or a history of customer service complaints. This can help you reach out to your customers by offering special discounts, customer feedback, or follow-ups to keep your brand top-of-mind. 3. Start Customer Loyalty Program Customer loyalty programs are one of the most common yet successful retention strategies. These strategies not only incentivize customers to share your product and services with their acquaintances but also keep your most loyal customers happy.  Before creating a program for your business, survey your top customers to know what makes them feel most appreciated. Once you are done with the survey, focus on creating a stellar loyalty program. Here, Modisoft Loyalty can help you create exciting loyalty and promotional campaigns that can increase customer engagement. 4. Focus on Improving Customer Experience Customer experience is the key to retaining customers. By providing unforgettable customer service you stay in the customer’s mind. This is an opportunity to differentiate your brand from the competitors and attract repeat business.  But how can you deliver an unforgettable experience to your customers? At this stage, retail businesses can focus on speedy response time and error-free shopping and delivery experiences. You can use Modisoft All-Purpose POS to manage your orders more conveniently. 5. Send Personalize Offers Step into your customer’s shoes and feel how difficult

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Loyalty Progam

Loyalty Programs

Loyalty programs are a fantastic way to show your customers some love and keep them coming back for more. And let’s be real, who doesn’t love a little extra love? In this blog, we’re diving into the many benefits of having a loyalty program like Cartzie for your business.   Loyalty for life: Loyalty programs are a fantastic way to reward your customers for their loyalty and encourage them to keep coming back. By offering incentives like discounts, rewards, or exclusive offers, you can create a sense of loyalty and appreciation among your customers that will keep them coming back for more. Personalized experiences: A loyalty program can help you personalize the customer experience and make your customers feel like VIPs. By using the data collected through the program, you can tailor your marketing efforts and offer personalized recommendations or promotions that will make your customers feel like you really know them. Customer retention: Customer retention is crucial for any business, and a loyalty program can help you keep your customers around. By rewarding your customers for their loyalty, you can encourage them to continue doing business with you and reduce the risk of them straying to a competitor. Boosting customer lifetime value: Loyalty programs can help you increase the value of each customer over their lifetime. By offering incentives and rewards, you can encourage your customers to spend more on your business and make more frequent purchases. It’s a win-win situation! Improving your brand image: A loyalty program can help you enhance your brand image by creating a sense of community and exclusivity. By making your customers feel like they’re part of a special group, you can create a positive brand association and increase brand loyalty. Plus, it’s a great way to make your brand stand out from the competition. In short, having a loyalty program like Cartzie can be a powerful tool for building lasting relationships with your customers. By offering incentives, rewards, and personalized experiences, you can encourage customer loyalty and improve your business’s bottom line. Don’t miss out on all the benefits a loyalty program has to offer – give Cartzie a try today!

Read More
stock image showcasing customer retention

7 Unique Ideas that Can Boost Your Customer Retention in 2024

Most retail businesses focus their marketing efforts on the goal of attracting new customers. But what about the customers that are already familiar with your store?  Customer retention is massively overlooked in most businesses, but it can help you beat your competition. Regardless of how much revenue you earn every year, by shifting your focus to customer retention, you can increase profit up to 25-95%.  Customer retention is easier and more cost-effective than acquiring new customers. It assists you in scaling your retail business revenue without spending thousands of dollars on marketing. According to the statistics, 65% of a company’s business comes from existing customers. So, what’s stopping you from shifting your focus to customer retention in 2024?  This blog will help you learn what retail customer retention is and share unique customer retention ideas that can help you accelerate your business growth. What Is Retail Customer Retention? In simple terms, customer retention or retail customer retention is the act of keeping your first-time customers returning for more. This is a major concern of every business owner. You always want your existing customers to buy more products from you. The more customers repeatedly purchase the more you can drive revenue at your retail location. Top Reasons Why You Need to Focus on Retention Did you know that customers’ value expands beyond what they spend on your business today? They have future value depending on how you engage and retain them for the years to come. Their value depends on your successful retention.   Here are the top reasons why customer retention should be a priority for your business in 2024.   1. Cheaper Than Acquiring New Customers Acquiring new customers not only takes time but has less ROI compared to retaining customers. This is because selling to a person who’s already familiar with your brand is easier than selling to a new customer. There is a 70% chance that an existing customer will buy from you again, as opposed to the new prospect. 2. Retaining Customers Powers Business Growth Scaling your business gets easier when you have a high customer retention rate. As your customers become loyal to your brand it’s more likely that you will get free referrals through word of mouth. This not only grows your business but also turns it into a consumer-first brand. 3. Save More on Your Marketing When you start getting customers through referrals and your customer base gets familiar with your product or brand, it’s smart to shift your focus to retaining them. Rather than using up your marketing budget on ads you can put some money and effort into retaining your existing customers. You can set up a loyalty program, and run email marketing, and promotional offers to keep customers coming back for more.   7 Unique Customer Retention Strategies to Help You Sell More There is a saying, “Make new friends, but keep the old, one is silver, the other is gold.” This adage taught us that while making new friends is fun and exciting, fostering old friendships has its own value.  The same goes for customers. While acquiring new customers has its importance, existing customers can hold more value. But often store owners pay more attention to the new customers, which significantly drops their customer retention rate.  According to the 2020 roundup of Statistica’s industry retention rates, the retail industry retention rate is fairly low compared to any other industry. On average only 63% of the customers in the retail industry purchase from the same retail store. The reason for low retention is due to the high competition. Customers are bombarded with a variety of choices, getting more options to switch from one brand to another.  So, how to retain your customers?  Fortunately, there are many ways that can help you stand out from the competition and keep your customer base happy. In 2024, you can implement the following 7 ways to make your business thrive.   1. Create a Customer Relationship Marketing Strategy Many small businesses in the retail industry lack focus on creating a customer relationship marketing strategy. The customer relationship marketing strategy is set to build the credibility of your company’s brand. It is all about centering your business and marketing efforts around customer relationships, needs, and loyalty.  By creating a customer relationship marketing strategy, you can build long-term relationships with customers to increase customer lifetime value. 2. Confront Customer Churn No technology can help you read the minds of your customers. But what if you can become aware of the customer churn before it happens? Modisoft Insights can help you notice customer behavior and buying patterns. By monitoring your customers’ purchasing trends, you can watch out for common churn signs such as spotty purchase patterns or a history of customer service complaints. This can help you reach out to your customers by offering special discounts, customer feedback, or follow-ups to keep your brand top-of-mind. 3. Start Customer Loyalty Program Customer loyalty programs are one of the most common yet successful retention strategies. These strategies not only incentivize customers to share your product and services with their acquaintances but also keep your most loyal customers happy.  Before creating a program for your business, survey your top customers to know what makes them feel most appreciated. Once you are done with the survey, focus on creating a stellar loyalty program. Here, Modisoft Loyalty can help you create exciting loyalty and promotional campaigns that can increase customer engagement. 4. Focus on Improving Customer Experience Customer experience is the key to retaining customers. By providing unforgettable customer service you stay in the customer’s mind. This is an opportunity to differentiate your brand from the competitors and attract repeat business.  But how can you deliver an unforgettable experience to your customers? At this stage, retail businesses can focus on speedy response time and error-free shopping and delivery experiences. You can use Modisoft All-Purpose POS to manage your orders more conveniently. 5. Send Personalize Offers Step into your customer’s shoes and feel how difficult

Read More
Loyalty Progam

Loyalty Programs

Loyalty programs are a fantastic way to show your customers some love and keep them coming back for more. And let’s be real, who doesn’t love a little extra love? In this blog, we’re diving into the many benefits of having a loyalty program like Cartzie for your business.   Loyalty for life: Loyalty programs are a fantastic way to reward your customers for their loyalty and encourage them to keep coming back. By offering incentives like discounts, rewards, or exclusive offers, you can create a sense of loyalty and appreciation among your customers that will keep them coming back for more. Personalized experiences: A loyalty program can help you personalize the customer experience and make your customers feel like VIPs. By using the data collected through the program, you can tailor your marketing efforts and offer personalized recommendations or promotions that will make your customers feel like you really know them. Customer retention: Customer retention is crucial for any business, and a loyalty program can help you keep your customers around. By rewarding your customers for their loyalty, you can encourage them to continue doing business with you and reduce the risk of them straying to a competitor. Boosting customer lifetime value: Loyalty programs can help you increase the value of each customer over their lifetime. By offering incentives and rewards, you can encourage your customers to spend more on your business and make more frequent purchases. It’s a win-win situation! Improving your brand image: A loyalty program can help you enhance your brand image by creating a sense of community and exclusivity. By making your customers feel like they’re part of a special group, you can create a positive brand association and increase brand loyalty. Plus, it’s a great way to make your brand stand out from the competition. In short, having a loyalty program like Cartzie can be a powerful tool for building lasting relationships with your customers. By offering incentives, rewards, and personalized experiences, you can encourage customer loyalty and improve your business’s bottom line. Don’t miss out on all the benefits a loyalty program has to offer – give Cartzie a try today!

Read More

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About Altria

Altria Group, Inc. is one of the world’s largest producers and marketers of tobacco and related products. They have been the undisputed market leaders in the U.S. tobacco industry for decades.

Altria Group is known for owning the most enduring names in American business including but not limited to Philip Morris USA, John Middleton, and U.S. Smokeless Tobacco Company.

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Benefits

  • Monitor and track all promotional efforts by directly integrating deals into insights
  • Receive Altria rebates smoothly by sharing scan data reports
  • Generate Altria scan data report program at a click

Pricing

Included in Advanced Plan

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About Cartzie

Cartzie is a loyalty application designed by Modisoft, with you in mind. It is a one-stop loyalty and online ordering solution that is fully equipped with all the tools needed to make your business grow.

With Cartzie, you can do curbside pickups, delivery, and drive-thru ordering. Cartzie has revolutionized the way businesses interact with customers.

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Benefits

  • Add delivery options for your customers
  • Boost your marketing efforts through targeted campaigns
  • Take your business online in a few clicks
  • Receive payments online for your orders

Pricing

+$59 per month with Retail Plans

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About Comdata

COMDATA has been serving businesses for over 45 years and is recognized as a leading provider of commercial payment solutions. They specialize in serving the trucking industry and are known as an issuer of fleet fuel cards, trucking permits, corporate spend cards, and paperless payroll cards.

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Benefits

  • Automatically transfer sales data from the Comdata POS into Modisoft back-office software
  • Get an all-in-one solution to monitor and track your sales separately
  • Easy accessibility to manage all your fuel sales

Pricing

Included in Advanced Plan

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About DoorDash

DoorDash, Inc. is a food ordering and delivery platform based in San Francisco. It is the largest food delivery company in the United States with more than 50% of the market share in the convenience delivery category. It provides an on-demand food delivery service to restaurants and stores. Their services help businesses innovate, grow, and reach more customers.

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Benefits

  • Receive order directly into your POS System
  • Manage your online DoorDash menu
  • Enable DoorDash orders for your customers

Pricing

+$69 per month for Third-Party Order Management

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About Fintech

Fintech has been dedicated to serving the beverage alcohol industry for the last 30+ years. Established in 1991, Fintech operates from its headquarters based in Tampa, Florida. Supported by TA Associates and General Atlantic, Fintech automates alcohol invoice payment, streamlines payment collections, and facilitates comprehensive data capture for 1 million B2B business relationships.

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Benefits

  • Import vendor invoices directly into your back office
  • Optimize purchase order management
  • Improve your alcohol vendor management

Pricing

+$5 per month

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About Gilbarco Veeder-Root

Gilbarco Inc. is a supplier of fueling equipment including fuel dispensers, payment systems, point-of-sales systems, and support services. The company operates from Greensboro, North Carolina.

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Benefits

  • Effortlessly connect your POS data from the Gilbarco system to Modisoft Insights

Pricing

Included in Advanced Plan

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About Instacart

Instacart is a delivery company that operates a grocery delivery and pick-up service in Canada, and the United States. It is one of the largest grocery marketplaces in North America. Instacart makes the delivery process easy for store owners.

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Benefits

  • Monitor and manage your Instacart inventory levels from Modisoft Insights
  • Updated Instacart inventory levels in real-time
  • Avoid stockouts by ensuring accurate inventory levels

Pricing

+$15 per month

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About Retalix

Retalix Ltd was established in 1982 and is now owned by NCR Corporations. It develops licensed and supported software applications for retailers, wholesalers, and distributors of fast-moving consumer goods.

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Benefits

  • Easily Import sales data for reports and analytics from the Retalix POS system
  • Monitor sales in real-time

Pricing

Included in Advanced Plan

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About Paycue

Paycue is Modisoft’s preferred payment processing provider. It helps businesses to streamline their setup process to be faster and more efficient. Paycue assists businesses with faster payments and smoother customer interaction.

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Benefits

  • Enjoy minimal fees on transactions
  • Seamless integration
  • Speedy transactions
  • Secure payments

Pricing

No monthly fee. Only pay when you sell.

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About Plaid

Plaid Inc. is a financial service company that builds a data transfer network that powers digital finance and fintech products. Plaid assists businesses in connecting their financial accounts to fintech services. The company's product enables applications to seamlessly connect with the user's bank account.

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Benefits

  • Build a quick and secure connection to your bank account
  • Easily manage your bank reconciliation to match your book records
  • Experience an easier way to connect with your bank account

Pricing

Included in Advanced Plan

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