Tired Of Losing Shopify Sales On Refunds? Try FreshCredit 2.0
It’s a tale as old as time for many Shopify business owners: a customer returns an item (sometimes a very expensive one), and you end up losing the sale through a direct refund rather than giving them store credit. Surely you’ve been there. It’s a terrible feeling, isn’t it?
Here are a few ecommerce stats that really drive home the importance of store credit as it relates to refunds:
- 67% of online shoppers will read your return policy page before buying.
- At least 30% of online purchases end up being returned.
- 58% of ecommerce shoppers prioritize a seamless return process.
These 3 facts have some significant implications for your Shopify business. For one thing, they illustrate that returns and refunds are on your customers’ minds from the moment they enter your online store.
Additionally, somewhere around 1 out of every 3 purchases will be returned. Consider that. Maybe you’ll have fewer returns if you’re particularly well-suited to your market, and have a track record of offering superior products. But even if you run the smoothest ecommerce operation on planet Earth, your chances of getting your returns down to zero are exactly that: zero.
The best you can hope to do is minimize returns, and just as importantly, minimize their impact on your revenue. Hoping to eliminate returns completely is like hoping it never rains again.
So what exactly can you do about this?
FreshCredit 2.0 To The Rescue
At Bytestand, we recognize that a streamlined store credit program is one of the best ways to protect your Shopify revenue from being eaten away by refunds. That’s why we’re rolling out FreshCredit 2.0, a new and improved version of our popular FreshCredit app.
Store credit serves 2 vital functions in the ecommerce world:
1) When a customer returns a purchase, that money stays in your online ecosystem rather than going back on their debit or credit card.
2) You can offer store credit in exchange for email, newsletter, or blog signups to stay in touch with your customer base.
You spoke and we listened: every single upgrade in FreshCredit 2.0 was the result of direct customer feedback. From UX upgrades to new credit utilization abilities, let’s see what FreshCredit 2.0 can do for your Shopify business.
A Quick Glance Is All You Need
One of the biggest hurdles that Shopify store owners face when it comes to store credit is staying visually organized. You need a quick and simple way to access the following info:
- Which customers are using their store credit?
- How much total credit do you have outstanding?
- How much credit was utilized in the past?
With our new UX dashboard, a quick glance at your computer screen tells you everything you need to know.
This new feature is about more than just convenience though. True, you’ll save time because you’re no longer hunting down separate pieces of information in different tabs and windows. But you’ll also be able to strategize more effectively.
Clutter is the enemy of mental clarity. By tidying up your store credit experience with FreshCredit 2.0, you’ll have more mental real estate to devote to what really matters: scaling quickly, maximizing revenue, and all that jazz.
Take Full Control Of Your Shopify Store Credit
Remember, it’s not enough to simply have a store credit program in place. You need to proactively manage your store credit like a well-tended garden. If you’re not diligent, weeds–customer apathy, cumbersome processes, etc.–will start creeping in among your flowers.
FreshCredit 2.0 gives you full control of your store credit, and gives your customers an upgraded experience too:
Enjoy a simple, streamlined process for adding and using credit (never worry about keeping track of a discount code again).
Your customers can check out using store credit with just a couple of clicks.
Our new and improved app also solves another extremely common problem around store credit: the classic “no urgency” issue.
Think about it: even with physical gift cards, if there’s no expiration date, the card will likely sit in your wallet until you simply forget it’s there.
Now think about all the competing priorities for your customers’ time and attention–without even a physical gift card to remind them of your store–and you’ll see how useful an expiration date on store credit is. Short of reminder emails and other outreach tactics, it’s basically the only way to remind your customers to use their credit quickly.
And we’re sure we don’t need to spell it out for you, but we will anyway: fast credit utilization from your customers can create an ongoing cash flow boost as your buyer base expands. What could possibly be better?
A Customized, White-Labeled Shopping Experience
Today more than ever, it’s important to make your Shopify store a unique and beautiful place that people actually enjoy “walking into”. As they’re clicking on your website, your customers should feel like they’re opening the door to one of their favorite shops.
Even though the retail world functions largely online now, people still want to shop in an atmosphere that speaks to them specifically, their unique needs and desires.
Why does Hot Topic try to come off as edgy? Why do so many bookstores have soft ambient lighting, and sometimes even a cafe where their customers can read their newly purchased books?
The answer’s simple: the people who run these stores have taken the time to understand their customers, and have crafted unique shopping experiences that speak to those individuals.
FreshCredit 2.0 lets you do exactly that, but for your Shopify store instead:
Customize the shape, color, language, and placement of text on your store’s website.
The updated version is fully white-labeled, so you can replace our branding and logo with the ones that really matter: yours.
Our upgraded app can create the ideal UX atmosphere for you and your customers.
Make The Most Of Your Store Credit Today
At Bytestand, we’re driven by a simple goal: to help you run the best Shopify store that you possibly can. That’s why FreshCredit 2.0 comes with a 1-week free trial, an interface so simple your dog could use it, and real-time US-based customer support.
Learn more about Fresh Credit 2.0 and our 4 other highly successful Shopify apps by clicking here.
If your vision for your ecommerce business involves getting bought up, you’re in luck. As we covered in a recent post, groups of ecommerce investors known as “Amazon aggregators” are acquiring profitable ecommerce operations and scaling them into digital superstores.
Starting January 1, 2023, stores on the Shopify Starter and Basic plans will no longer be able to request access to the Carrier Service API (Carrier Calculated Shipping).
There’s a HUGE learning curve when you’re first setting up an online store. You can spend 38 million hours Googling this stuff. Or you can ask a magical genie to help you get setup.