Drive product rebuy via Loyalty
Description
There are solutions that provides (or at least claim to provide) smart product recommendations via AI-driven models that can customize the upsell and cross-sell prompts integrated into the e-commerce platform. However, these models typically only rely on the online data and the fact that the person is already on the e-commerce site going through the checkout process.
These type of product recommendations engines can be complemented by a more broader product rebuy engagement journey with loyalty items and actions. Through analysis you can identify certain segment of members that buys a certain set of products and when the optimal time is to engage with them and give them specific loyalty offer to trigger a rebuy from the member. This complements and can enhance your standard product recommendation engine to further drive your rebuy percentage.
Examples of strategic benefits:
- Increase in spending through rebuy: The most important benefit is to drive the spending of rebuys
- Customer retention: Enabling existing members to rebuy a product to an attractive offer when it is the right time increases their connection with the brand, improving retention rates.
For certain companies having the right product rebuy engagement journey may yield substantial benefit as long as you to constantly review and refine this journey. Another aspect is to ensure that you focus on areas that actually will make a difference to avoid spending time and effort on something that will only result in minimal benefit.
Concept
Identify purchase patterns of member segments and set up a rebuy engagement journey with loyalty and rewards structures to enhance your product rebuy strategy.
Please contact Memberson for further details about this best practice, examples and details around the concept, execution, KPIs and how to set up in Memberson Loyalty CRM platform. Our Loyalty consulting experts can guide and help you to design, set up and execute on this best practice.
