Returns and Exchanges as a Retention Strategy

by Ecommerce, Marketing

Email marketing, SMS, and loyalty programs are often associated with retention (rightly so). But today, we’re here to talk about a different type of retention strategy: returns and exchanges. Say what? Yes, that’s correct – we believe what our friends over at Loop Returns are saying 👇 

Growing brands know that returns are a make-or-break experience. You can get it right and win customers for life… or keep paying up to 7x more to find new ones.

 

From a Cost Center to a Profit Center

Every merchant knows just how expensive returns can be. But what’s even more costly is the loss of the customer. So, how can brands turn their returns into a profit center? Well, with Loop, brands can encourage customers to exchange for any item in their product catalog with an experience that feels like shopping. 

Here are the 5 ways that Loop does this through their bleeding-edge returns technology ⤵️

1️⃣ Make it easy for customers to find the right product

Whether they ordered the wrong size, received the incorrect color, or just want a different style, Loop makes it easy for customers to exchange products because it syncs with the brand’s Shopify product catalog. 

2️⃣ Say Hello to New Sales and Goodbye to Lost Revenue

Loop is the only returns platform with the “Shop Now” feature. Basically, it enables customers to apply the value of their return to get any other products they want — the experience feels like they’re regularly shopping (and not in a returns portal).

3️⃣ Incentivize Exchanges 

Sometimes getting a customer to make an exchange takes a little convincing. What’s more convincing than an extra 10 bucks to spend? With Loop’s “Bonus Credits” feature, brands can give their customers some extra cash when they choose an exchange over a return.

4️⃣ Build Trust Through Instant Exchanges

What helps foster loyalty more than trust? With Loop’s “Instant Exchanges” feature, brands can show their customers how much their trust and care for them by allowing them to exchange before they place their return product in the mail. 

5️⃣ Retain More Revenue Through Store Credit

Exchanges aren’t the only way to retain revenue! Offering store credit to customers as an option alongside refunds gives brands just another opportunity to retain the customer (and the revenue). 

 

Wanna learn more about our friends at Loop and how they’re revolutionizing the eCommerce returns & exchanges experience? Book a Demo. 

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