Shopify Growth Webinar 2024: Strategies to Win Back Customers

Airboxr, Choco Up, Klaviyo, and Wave Commerce came together for an excellent webinar on how to win (and win back!) customers in 2024 to unlock exponential growth on your Shopify store right now. Here are the key takeaways!‍

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We have heard from numerous ecommerce and retail brands recently that they are doing it tough in trying to attract and convert new customers in the first quarter of this year. So we brought together 4 leading experts and solutions to share top strategies and tools that can unlock growth right now.

Airboxr, Choco Up, Klaviyo, and Wave Commerce teamed up for the Shopify Growth Webinar 2024: Strategies to Win Back Customers - here is a rundown of the key lessons from each session:

Using data to design customer engagement strategies

Saptarshi Nath, Founder and CEO of Airboxr

Saptarshi, founder of Airboxr, was the first speaker. He introduced the Airboxr platform, which automates your Shopify data analysis and provides you actionable insights to build a profitable DTC brand.

Saptarshi started by reinforcing the importance of customer segmentation, and then outlined how to identify the most valuable customers. He introduced how to rank customers based on RFM:

  • How recently they purchased from you
  • How frequently they purchase from you
  • How much money they spend with you

What next? Create segments on Klaviyo based on:

  • Combinations of RF-RM-MR
  • Most valuable customers (say, scores of 12 +)
  • Provide customized offers for them: don't dilute your customers with high M scores by offering discounts.

Saptarshi then posed the question, how often should you reach out to customers to incentive a sale? Making flows that send every 3, 7 or 14 days etc may not work so well, as customers arent neccesarily ready to spend at those exact intervals. Saptarshi recommended looking at your Shopify data and identifying the length of time between a customers purchases, and building flows based on median time between orders.

  • Don't send all emails/offers with the same gap (e.g., every week or every fortnight)
  • Space them out according to your customers' buying behavior
  • Median gap between orders is a good starting point to reach out just when they're most likely to make their next purchase.

Best yet, you can do all the above easily with Airboxr - creating analysis at the click of a button!

Saptarshi then shared how to identify cross-sell opportunities using past buyer behavior, such as promote relevant products to buyers based on the products they've previously purchased, or using cross-sell analysis to identify which products to feature (based on categories as well as products).

  • Identify products already being purchased together in the same order. Ideally using a Market Basket Analysis.
  • Mention the bundled products in your outreach.

And all this information is already in your Shopify store!

Source: Airboxr presentation

Learn more at Airboxr!

Growing your subscriber list

Alison Lim, Partnership Manager, APAC of Klaviyo

Next up was Klaviyo, the leading marketing automation platform for Shopify merchants. (Learn more about Klaviyo for Hong Kong here)

Alison from Klaviyo shared high level strategies to help you build a high-quality email subscriber list. She started by discussing the difference between Quick Growth and Quality Growth and why we should we be focusing on Quality List growth.

Quick list growth - targeting at everyone and anyone who would like to join the list.

  • There’s no emphasis on building customer relationship building
  • You overly rely on discounts with no follow up plan
  • You’re not considering their long-term journey with your brand. 
  • Focused only on short term wins

Alison then shared how Klaviyo is focused on Quality List Building - by identifying and targeting leads who are likely to continue buying from you. You may be providing an initial incentive to get their attention, and then nurturing that relationship to build loyalty. The aim is to make customers feel like they are part of your community, and the key is to nurture those relationships before and after sales season.

Next Alison talked about strategies to help brands grow a quality list. She suggested brands focus on optimising their owned marketing channels, as that what is going to be most cost-effective.

Owned channels means channels that you have complete control over how your brand is represented. These are channels you can begin optimizing immediately without any extra cost to you. Owned marketing also means that you have direct control over your subscriber base to build stronger relationships with them.

Leverage Klaviyo sign up forms

  • It is a very powerful tool when done right to create a more customised messaging experience
  • Understand the preferences of your customers and therefore you can create highly targeted and personalised content based on their preferences
  • All the data collected will be stored in the Klaviyo platform, which can be use to segment customers specifically based on their preferences in the future

Alison them emphasised the key here is that your budiling relationships that lead to a long-lasting customer, not just someone who joins to get a discount and then only wants discounts in the future.

Utilising a form teaser to increase opt-ins

Alison then shared about using teasers to attract opt-ins. Sometimes people don’t want to fill out the form immediately after reaching your website, as they want to browse around, check products, but you still want them to be able to find that signup form when they’re ready for it. 

You can leave a small teaser like “get 10% off” on the side of your site in a non-intrusive position, but obvious enough that customers will be able to find it and receive the deal. 

Leverage Instagram followers

If you already have a strong presence on the app, use any eye-catching image on your Instagram stories with the “swipe uplink” feature that is now accessible to everyone on Instagram. Link that out to your dedicated, mobile-optimized landing page with a popup or embedded signup form.

Social proof - reviews!

Lastly Alison covered why you should focus on reviews to grow your audience.

  • 97% of customers say reviews factor into their buying decisions
  • There is a 270% increase in likelihood that a product will be purchased if it has five reviews or more
  • Customers spend 31% more on products with positive reviews

Not only do reviews boost SEO, but people trust customer reviews more than they trust brands.

Recently, Klaviyo launched the Klaviyo Reviews feature. If you are on Shopify,  you can set that up easily, and this is a Shopify-only feature. You can start requesting customer reviews using Klaviyo flows!

Triggered when an order is fulfilled, you can even target different customers based on their spend history, VIPs, your most engaged customers, or you can segment for repeat purchasers.

Get a free trail of Klaviyo here.

Converting traffic into loyal customers

Jessica Chan, Head of Omnichannel at Wave Commerce

Jessica, Head of Omnichannel at Wave Commerce, was the next presenter. Wave Commerce is a trusted Hong Kong based Shopify partner that helps the world's leading brands drive Direct-to-Consumer (DTC) and omnichannel forward on Shopify.

Jessica covered everything you need to know about building a conversion driven loyalty program to winback customers! Notably, she introduced OMNI by Wave Commerce, an innovative omnichannel loyalty and rewards solution designed for Shopify merchants.

  • Shopify Focus - Latest Shopify framework seamlessly integrated with Shopify
  • Customer First - Shopper friendly Ul/UX Ease to use, reduce CS
  • Operation Friendly - Easy to use, integrated, unified profiles
  • Conversion Driven - 100+ ways to grant rewards, and best-in-class campaigns, flows

Rewards and benefits

Jessica shared that with OMNI, merchants can level up beyond “points” with instant offers, discounts, and free gifts - designed to drive an immediate action, such as a sale. This enriches your loyalty program to provide far more engagement, and provide differentiation by truly inserting your brand into the experience.

OMNI also provides best-in-class “welcome” and “birthday” offers including birthday discounts, free products or 2X/3X point earning applied only on birthday month. Rewards and cashbacks are automated based on triggers, natively integrated with Shopify Flow!

Automatic tier discounts

Customers automatically receive a discount at checkout based on their tier - no need to copy/paste discount codes. Designed to reduce dropout in the customer journey, automatically applied tier discounts reduce roadblocks and provide a more premium experience.

Omnichannel experience

Designed from day 1 for Shopify and Shopify POS integration, OMNI is completely integrated across the customer journey online and offline. It also removes the tedious hurdles many merchants face providing discounts with Shopify POS!

Jessica highlighted that on top of that, in-store staff have unbeatable insights into the customer's past shopping history, available discounts/deals/rewards, and tier status.

WhatsApp integration

OMNI works flawlessly with WhatsApp solution providers and can be set up on Shopify to drive sales and loyalty from your customer database - send welcome messages with time expiry discount, birthday offers, VIP promotions and other special deals and offers straight to their phone on their preferred communication channel!

All-in-all, Jessica highlighted 3 main benefits of powering your loyalty program with OMNI:

  • Diversify reward redemption for customer retention and increase satisfaction
  • Leverage micro-targeting to engage with customer increase brand visibility
  • Integrated with your communication channels (i.e. Klaviyo) to personlised your communication and drive customer back to Shopify

Learn more about OMNI here and request a demo!

Optimise your working capital

K Lai, Head of Partnerships at Choco Up

The final presenter was Choco Up - which helps ecommerce and retail businesses scale and grow with revenue-based financing that's fast, flexible and founder-friendly. K, Head of Partnerships at Choco Up, started with high level insights from Choco Up's recent report - Delighting the 2024 Shopper:

  1. Optimize pricing strategies - e.g. best price, free delivery
  2. Make your website easy to use and keep it stocked
  3. Fast and reliable logistics - consumers care about speed!
  4. Cater to different shopper personas - provided personalised offerings

To learn more about optimizing your strategy with these insights, you can download the report on Inside Retail!

Next, K dived into working capital - your funds available to cover day to day operations.

Poor working capital can lead to;

  • Inventory Shortages or Stockouts
  • Inability to Take Advantage of Supplier Discounts
  • Cash Flow Problems
  • Limited Growth Opportunities
  • Increased Borrowing Costs

K highlighted that 82% of businesses fail due to working capital mismanagement, according to a recent major US bank study.

Scenarios that lead to poor working capital:

  • Seasonal Sales Patterns
  • Slow Accounts
  • Receivable Collections
  • Inefficient Inventory Management
  • Rapid Growth or Expansion
  • Unexpected Expenses or Economic Factors

K then introduced Choco Up - and how they provide revenue-based financing to help with working capital to grow your ecommerce store!

Aside from financing, Choco Up also provides merchant's with growth solutions:

  • Data integration (Shopify, Google Analytic, etc.)
  • Sales Analysis (industry benchmark, Conversation rate, consumer behaviour)
  • Growth solution (Partners with exclusive offers: marketing, logistics, UI/UX)
  • Network and Community (Extensive partner / founder network and community in APAC)

All in all, Choco Up likes to take a hollistic approach to enable growth across your business.

Learn more about Choco Up here.

Watch the webinar recording!