It’s no secret that retail sales are shifting towards the digital realm. Global E-commerce sales rose from 15 percent in 2019 to 21 percent in 2022. The E-commerce market is predicted to surpass $6.5 trillion during 2023.
On top of this, volatility in consumer behavior is at an all-time high. According to the PwC Customer Loyalty Survey 2022, 30% of customers today say they’re increasingly likely to try a new brand. Younger age groups tend to be increasingly brand agnostic.
It is well understood that customer experience is critical to influencing customer behavior. So, how can brands combat these headwinds in E-commerce? To meet the needs of growth and offset rising customer acquisition costs, E-retail priorities are shifting from pure acquisition plays to customer growth and retention. Customer loyalty strategies are becoming even more important, and the opportunity for the growth of loyalty management systems (LMS) will continue to increase over the next few years.
Creating a more structured approach to retaining customer interest and converting browsing to purchase is one goal of a customer loyalty strategy and can yield triple digit ROI on loyalty investment. A well-conceived loyalty strategy should present the value proposition to retain that customer.
Comarch has developed an integration between its loyalty management system and two e-commerce platforms (Shopify and Magento) which collectively represent about 20% of the global market share for E-commerce platforms.
Find Out How To Tailor The Right Loyalty Solution For Your Business Using Comarch’s New Automated Demo System Here.