The Single Customer Email that Can Propel Retail Loyalty and Repurchase Initiatives
To some retailers, email receipts are primarily a way to convey a customer’s transaction in a digital format, but in truth, they offer the potential for so much more. With up to 75% of customers now opting for digital receipts and open rates between 45-80%, ereceipts may represent the single most effective tool to capitalize on consumer attention and interest beyond the sale.
Impact of Digital Receipts on Voice of the Customer (VoC) Initiatives
In today’s mobile world, the convenience of digital receipts makes it simple for customers to take part in feedback surveys. As outlined in Transaction Complete. The Dangers in Waiting to Send that eReceipt, “the lack of digital follow-up can negatively impact the buying experience since many customers inspect their receipts immediately after the sale.” Danny Wong, a writer for Business 2 Community further explains how post-purchase emails, such as ereceipts, can boost survey responses and loyalty activation. Wong says that instead of using ereceipts to cultivate loyal customers, stores often “squander this opportunity by plainly listing what the customer purchased, how much it cost and when they can expect to receive it.” In contrast, retailers offering flexReceipts show a 10x increase in survey responses over paper receipts.
Impact of Digital Receipts on Loyalty Program Adoption
In addition to increased survey responses, the high open (45-80%) and click-through rates (around 15%) of ereceipts make them an ideal vehicle for increasing participation in loyalty programs. Entrepreneur, explains how dynamic digital content (like that found in email receipts) can drive customer loyalty and lifetime value (LTV). The author, Cynthia Price, notes that personalized emails “lift transaction rates and revenue six times higher than non-personalized emails. The presence of individualized content will make customers less likely to unsubscribe, consequently boosting customer retention and LTV.” This is evidenced by a recent announcement from David Groff of Shoe Carnival where he stated, “Smart email receipts are proving to be highly engaging and an excellent tool for converting customers into our Shoe Perks loyalty program." Shoe Carnival is on track to generate over 8,500 new Shoe Perks members directly from its ereceipts this year.
Impact of Digital Receipts on Bounce Back Revenue
The high demand, interest, and attention paid by customers to their ereceipts also makes ereceipts an ideal vehicle for personalized product recommendations and bounce back incentives. As an example, post-click revenue tracking across Destination XL’s 5 brands shows that over 30% of all customers who received a coupon in response to a survey found on their ereceipt converted within 24 hours, with another 15% converting within a week. Luxury shoe giant, Aldo, which offers product recommendations and loyalty promotions on its digital receipts captures over 5 million new email addresses a year and pulls in six-figure revenue from its ereceipts.
BONUS: Leveraging Digital Receipt Transaction Data to Enhance Personalization
As if VoC, LTV and bounce back revenue weren’t enough, there’s one more compelling benefit that can be derived from leveraging digital receipts. Digital receipt providers like flexReceipts can help retailers combine their in-store transaction information with online purchase data to reveal customer shopping patterns and insights. These insights can be used to further enhance personalization beyond the digital receipt. To the point, a recent analysis from Retail TouchPoints (via BRP) stated that “as many as 77% of retailers say they have an established process to identify their most loyal customers,” yet “only 13% say they can accurately identify those that are most profitable.” To help retailers identify their most profitable customers, flexReceipts connects with existing data warehouses and BI platforms to enrich retail customer profiles. Understanding which customers buy, what they buy and how much they are likely to spend can not only help guide future outreach efforts but also inform ad targeting and spend.
Interested in Leveraging Digital Receipts?
Learn more about flexReceipts smart, dynamic ereceipts on our Product Page.
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