Do you want to attract more customers and get them to spend more money at your e-commerce store? If so, you need to offer a cashback reward program. More cashback rewards mean more customers, which means you can reach new customers and increase sales.
Offering a cashback reward program will reduce the amount of customer service calls and ensure that all customers get the same rewards. This will also decrease your sales expenses, eventually leading to your online store’s financial freedom.
In this article, we’ll discuss why you should consider implementing a cashback reward program in your store and how to set it up in WooCommerce. We will also show you cashback reward program statistics to help you weigh your options. So, let’s get into it!
What Is A Cashback Reward Program?
A cashback reward program is a loyalty initiative where customers receive a percentage of their purchase amount back in cash. It serves as a fantastic incentive for customers to revisit your store and contributes to a boost in overall sales.
There are different ways cashback reward programs can be offered. For instance, they can be through:
- points,
- discounts,
- or cash.
One popular method is the points-based system, where customers accumulate points with each purchase. Then, these points can then be redeemed for either discounts or cash.
This loyalty program proves particularly helpful for stores selling higher-priced items, as customers can gain more points with more purchases. So basically, it’s a win-win, encouraging customer loyalty and fostering increased sales!
Another way to offer cashback rewards is through actual cash. This program benefits stores with a simpler product offering and customers making frequent purchases.
For example, a store selling coffee beans could offer a program where customers can earn a certain amount of cash back for every purchase.
Finally, you could also offer customers a percentage of their purchase amount in the form of a discount. This type of cashback reward program works well for stores with a variety of products.
For example, customers can use these discounts to buy things they wouldn’t normally get, making it more appealing for them to purchase!
Benefits Of A Cashback Reward Program
Offering a cashback reward program in your WooCommerce store has numerous benefits. Here are a few of the main advantages of implementing a cashback program in your store:
- Increased Customer Loyalty – Giving cashback rewards is a great way to thank your customers for sticking with your store. It not only shows appreciation but also encourages them to come back more often.
- Attract New Customers – Likewise, offering cashback rewards is like waving a welcome sign for new customers. Many people are on the lookout for ways to save money, and a cashback program can be a great reason for them to choose your store.
- Boost Sales – When you offer cashback, customers tend to buy more. This, then, can lead to a significant boost in your sales and overall earnings.
- Build Brand Awareness – Finally, offering a cashback reward program can also help to build brand awareness. So, when customers share their experiences with others, it can create a positive impression of your business and increase sales.
Cashback Reward Program Statistics
Numerous studies have proved the effectiveness of cashback reward programs.
According to a survey conducted by Harris Interactive, 68% of shoppers said they would be more likely to shop with a store that offers cashback rewards. Additionally, another survey found that cashback reward programs can result in a 20-30% increase in sales.
These statistics demonstrate the power of cashback reward programs and their impact on your business. By offering customers cashback rewards, you can increase customer loyalty, attract new customers, and boost sales!
Creating Your Cashback Program In WooCommerce (2 Easy Steps)
Creating a cashback reward program in your WooCommerce store is relatively easy. The first step is to decide on the type of program you want to offer. You can offer fixed or percentage cashback rewards. Then, once you have decided, you can get started with cashback coupons!
To create a cashback reward program in WooCommerce, you need to install and activate the Advanced Coupons plugin. This is the highest-rated coupon plugin in WooCommerce, which allows you to create coupons that can be used to offer discounts and cashback rewards.
Once you have installed and activated the plugin, you can set up your cashback reward program. You can create either fixed or percentage cashback coupons. This, then, will automatically be credited to your customer’s store credit.
Step 1: Specify the percentage or amount of your cashback reward program
To configure your cashback coupon, go to Marketing > Coupons > Add New and create a coupon. Then, specify the cashback coupon type you want to offer.
Next, specify how much cashback you want to give in dollars or percentages. A new field heading “Percentage Discount Cap” will appear underneath the coupon label if you select percentage cashback. You can do this to limit the amount of cashback your customers will get:
Step 2: Set the cashback waiting period
You may also customize your coupon’s cashback waiting periods using Advanced Coupons. This means that you can specify how long after the order has been filled to send the store credit reward:
Once everything is ready, click “Publish,” and your coupon will be activated.
Conclusion
A cashback reward program is a great way to increase customer loyalty, attract new customers, and boost sales. By offering customers cashback rewards, you can show them that you appreciate their loyalty and encourage them to return.
If you’re looking for a way to increase customer loyalty, attract new customers, and boost sales, then offering a cashback reward program in your WooCommerce store is worth considering. In this article, we showed you how to create your cashback coupon in 2 easy steps using Advanced Coupons:
What are you waiting for? Start creating your cashback reward program today and start reaping the rewards! If you have any questions, comment below or message us!
