Revenue growth means finding more customers, right? Not necessarily. And that’s fortunate because, as you know, it’s becoming more costly to acquire them. We see it all the time: brands that want to grow their revenue decide to focus their efforts and budget on acquisition marketing. Or, they say they want to focus more on retention, but don’t make changes to their strategy and actually do it.
You’ve probably heard about non-fungible tokens (NFTs): digital tokens that prove ownership of one-of-a-kind digital assets including art, images, tweets, and videos. Some of the most notorious NFTs include characters in the Bored Ape Yacht Club and digital artist Beeple’s $69 million NFT titled “Everydays: The First 5,000 Days.”
This blog is part of a series about how and why retail brands must “earn the customer” – their trust and loyalty – to remain competitive in a digital world. See other posts, including Earn the Customer with Unique Brand Content on Your eCommerce Site and Earn the Customer with Customer-Centric UX Design.
If your brand is committed to being customer-centric, then every interaction in the customer journey should merit close attention, including post-purchase experiences like returns. Although your gut reaction may be to focus on revenue-generating areas of your business versus profit-sucking returns, it might be time to take a different view (and tap a potentially lucrative upside). “Return” is not necessarily synonymous with “refund.” If you expand your definition to include exchanges and store credit and treat the return experience as a way to support customers, returns can actually be an opportunity to increase customer loyalty and lifetime value.