5 Ways Shopify Retailers Can Maximize Their Customer LTV With Point Of Sale Financing From ChargeAfter
Customer lifetime value (LTV) refers to the total amount of money a customer spends throughout their entire lifetime spent shopping with your Shopify store. An increase in attention to customer lifetime value allows online retailers to leverage their shoppers’ purchasing behaviors, activate long-term growth through customer retention, and model new strategies for improving average order values within a shopper’s LTV. There is no one strategy for creating a fruitful customer LTV, rather a culmination of activities including one of the most powerful sales-boosting integrations, point of sale financing.
ChargeAfter offers the most comprehensive point of sale financing platforms on the market and, in this article, we will highlight five ways Shopify retailers can maximize their customer LTV with this powerful plugin.
1. Builds Customer Loyalty
ChargeAfter’s multi-lender point of sale financing platform is a value-add integration that builds customer loyalty by providing return shoppers with access to consumer financing to make more and/or larger purchases. The benefit of this platform’s ability to support customers improves the potential retention of those shoppers, ensuring that brands maximize the monetary output of their consumers throughout their customer LTV. The perk acts as a loyalty drive offered to all shoppers, creating a superior shopping experience that attracts more sales each month.
2. Secures Larger First-Time Orders
With regards to customer acquisition, online retailers need to consider strategies for ensuring the maximum customer spend during their first order should their customer LTV be limited with one’s Shopify store. In order to do so, retailers should integrate ChargeAfter’s point of sale financing as it encourages large ticket orders. Shoppers purchasing from Shopify stores with ChargeAfter’s plugin are capable of funding larger orders and are more inclined to do so as they are capable of paying back loans over comfortable periods of time with no additional interest rates. This strategy should ensure that each new customer makes a substantial order, raising your average order values and securing a larger customer LTV from short-term shoppers.
3. Personalization Encourages Sales
Customers who feel personally connected with a brand are more likely to shop with that brand, thus personalization of marketing is key to increasing their customer LTV. A fantastic way to create this personal connection is by offering personalized marketing strategies, with point of sale financing being a critical checkout personalization feature that gives customers individualized repayment plans according to their unique shopping situation.
4. Focus on Customer Experience
The checkout stage is the most crucial touchpoint in the consumer journey, however, retailers should not forget about the myriad of other touchpoints of the consumer experience. For most Shopify teams, it can be difficult to find the time to leverage all areas of the user experience, thus automation remains a crucial cost-saving strategy for these stores. Point of sale financing is an automated checkout procedure that allows your shoppers to access funds on the fly without having to leave your store. ChargeAfter handles the entire submission to lending process on the back-end, and your business only sees the profits generated from increased customer LTV.
5. Longer Shopping Leads to Sales
The longer shoppers spend on your online store, the more likely they are to purchase. This goes for all Shopify retailers, and owners, therefore, need to consider methods for keeping customers in their stores and engaged. As mentioned above, ChargeAfter’s point of sale financing platform ensures that shoppers remain in your store while sourcing consumer financing. This is more likely to result in greater customer lifetime value as shoppers make more purchases without the worry of having to seek capital from third-party sites or their financial service providers.
The use of ChargeAfter’s point of sale financing ensures that your Shopify store builds customer loyalty, improves shopping experiences, and leads to larger average order values, encouraging more profitable customer LTV in the process.