” Save more while you spend more! “
eCommerce stores are continuously emerging because of the convenience it provides and the ability to avoid the crowd. And if you are one of them who shops from a particular online site frequently than store owners can definitely provide you with store credits.
Store credit is known to offer lucrative discounts and amazing rewards. Though cash is the king in the retail world, eCommerce sites offer varied payment methods. Some may offer even store credit to their customers.
It can help boost retention and inspire brand loyalty. Big brands have seen the benefits and doubled down the sales by offering store credits in a variety of forms.
You may ask, What is Store credit?
It is the value that you offer to customers against the purchase they make. This credit is not transferable and is limited to that particular eCommerce store.
An extra advantage is, it doesn’t expire like other temporary sales or promotions. It can turn out to be a great financial incentive to the customers.
It is generally provided against item returns that are not eligible for a refund. This credit is directly stored into the customer’s individual store account and can be used in the future for further purchase. The customer receives the credit in the amount of item’s last selling price.
Common types of Store Credit are:
- Returns and Exchanges:
When customers return an item and store offers a credit amount in lieu of the refund.
- Store credit cards, financing, and layaway:
The store owner can extend the credit and allow the customer to pay on a later date.
- Gift cards:
A gift card purchase is indirectly a purchase of store credit to gift someone else.
- Loyalty rewards:
To reward customers with loyalty programs for future purchase.
– Benefits of using Store credits:
Store credit offers you flexibility and is an added tool to inspire customers to spend more and loyalty. This whole feature can be incorporated in the store using Magento 2 Store Credit Extensions.
Additionally, it can provide other benefits like:
– Drop a curtain over a poor shopping experience!
As rightly said, “ To err is Human, to forgive divine”. Mistakes are unavoidable but how you compensate for the same is also important.
In spite of your customer having a bad online shopping experience at your store, you can make them smile by providing them with store credit. You can bring back your customer’s satisfaction.
– Limited offer to sell a particular product:
In order to avoid losses from an expired product or soon to be out of date product, offering a store credit by buying this product can enhance the sales.
You can bring out such promotions and discounts during the festive periods like New year, Christmas or Black Friday.
– Long term customer retention and loyalty:
The additional incentive offered to your customers urges them to come back to your store again instead of looking out somewhere else. Such a robust customer loyalty program gives you even the chance to show your customers what their shopping means to you.
– Encourage the customer to spend more:
This might sound vague but trust me it works. Customers shopping with gift cards often spend beyond their credit leading to higher sales. They feel better about spending more when the store offers a flexible return policy.
– Reduce the revenue lost during returns:
Store credit helps you turn the transactions into exchanges. This enables you to expand the return policy to accept returns without a receipt. This designs your policy more customer friendly and attractive.
Let’s have an overview at Magento Extensions that facilitates Store credits:
- Admin can edit the customer’s credit balance. It can be done through the admin panel by creating a new transaction or editing an existing one.
- The email notifications are enabled to keep the customers updated.
- Such extensions allow the credit balance to be visible on the front page.
- It has a dedicated customer account section.
- You can even facilitate a reward on customer sign up.
- It comes with a transparent transaction grid.
- It permits creating “Store credit product” which allows customers to buy other products at a lower price.
Let your store earn more credits by facilitating Store credits to your valuable customers! And, You can give your store a new look with some of the Best Magento Extensions.