Store credit is a valuable tool for any business. It allows customers to purchase items without cash, credit cards, or other payment forms. It also makes it easy to offer refunds and discounts while limiting the risk of fraud associated with these transactions.
In this article, we’ll explore the many benefits of store credit and how to set it up in your business. We’ll also discuss best practices when using store credit and how to leverage it for marketing purposes.
Benefits Of Store Credit In WooCommerce
Store credit offers several advantages for businesses.
The most obvious benefit is the ability to offer customers an alternative form of payment. This can help increase sales, as customers are more likely to purchase if they have the option of store credit. It also helps limit the risk of fraud and chargebacks, as customers are more likely to use their money when shopping with store credit.
Another key benefit of store credit is the ability to offer refunds and discounts. By offering store credit as a form of payment, businesses can quickly provide refunds and discounts without worrying about the customer’s payment method.
This makes handling customer service issues easier, such as refunding faulty products or offering discounts to loyal customers!
Finally, a store credit can be used for marketing purposes. By offering store credit as part of a loyalty program or promotion, businesses can encourage customers to shop more and increase their sales.
Steps To Setting Up Store Credit
Setting up store credit in your business is relatively straightforward.
The first step is to determine the type of store credit you will offer. This will depend on your business type and the payment methods you accept. For example, if you are a retail store, you may offer store credit as a form of payment. Alternatively, you may offer store credit as a digital currency.
Once you have determined the type of store credit you will offer, you can create a system to manage the store credit. This system should be able to track customers’ store credit balances and provide them with an easy way to redeem their credits.
Fortunately, Advanced Coupons lets you do just that!
Advanced Coupons extends your WooCommerce coupon features by supporting BOGO deals, loyalty programs, gift card products, cart conditions, URL coupons, and many more. Its latest (and hottest) features are store credit, also available in Advanced Coupons Free Plugin!
Step 1: Install Advanced Coupons and adjust
First, you’ll need to install Advanced Coupons. Then, navigate to Coupons > Manage Store Credits:
Then, select Customers to grant a customer store credit:
After you click on Adjust, a prompt will pop out. This window allows you to increase or decrease the customer’s store credit and specify the exact amount you want to be added:
Step 2: Allow customers to pay with store credit.
Once you’ve given a customer store credit, they are free to put it toward any future purchases. Customers can also access their store credit on the My Account page:
Additionally, your customers can also use store credit as a payment option during checkout. Simply click Apply and enter the amount of store credit they want to redeem:
3. Use store credit for order refunds.
Go to WooCommerce > Orders to refund an order with store credit. Here, you can view a complete list of every purchase made by a customer:
Next, choose the order you want to be refunded and enter the desired amount:
Finally, select Refund to Store Credits to process the refund!
Best Practices When Using Store Credit
When using store credit, it is important to ensure that customers know their store credit balance and any terms and conditions associated with the store credit. This should include expiration dates, minimum purchase amounts, and other restrictions.
It is also important that customers know of any fees associated with using store credit, such as late fees or service charges, if there are any.
You should also ensure you can track store credit transactions and keep accurate records. This will enable you to monitor customer activity and ensure customers are not abusing their store credit.
Finally, you should make sure that any store credit offered is secure. This includes any digital store credit, which should be encrypted and stored securely. Fortunately, if you opt for Advanced Coupons’ store credit system, this wouldn’t be a concern!
How to Use Store Credit for Marketing
Now that we know the technicalities, time to use this feature for leverage!
Store credit can be used for a variety of marketing purposes. It can reward loyal customers or encourage new customers to purchase. Additionally, it can increase customers’ average order value, as customers are more likely to spend more when using store credit.
One of the most effective ways to use the store credit for marketing is to offer it as part of a loyalty program. You can also reward customers for loyalty by offering store credit for reaching certain milestones or referring new customers.
If you frequently do sales or promotional events in your store, you can also use this to offer discounts! This can be an effective way to encourage customers to purchase, as they are likelier to take advantage of a discount when using store credit.
Lastly, a store credit can be used for email campaigns. For example, you can offer store credit as part of an email campaign or in exchange for email contacts. This is a great way to boost sales or build your list, as customers are more likely to be enticed to participate in your campaign when they see the incentive!
Store credit offers a range of benefits, including providing customers with an alternative form of payment, limiting the risk of fraud, and offering refunds and discounts. Additionally, you can use it for marketing purposes, such as providing deals and promotions or as part of a loyalty program.
In this article, we outlined ways to use store credits to boost sales and limit refunds. Particularly, if you want to get started using the Advanced Coupons Free plugin, you can do so in 3 steps:
- Install Advanced Coupons and adjust store credit
- Allow customers to pay with store credit
- Use store credit for order refunds
Do you have any questions about using store credits in WooCommerce? Let us know in the comments down below, or send us a message!