As an e-commerce business, driving repurchases and building customer loyalty is critical to your success.
Unfortunately, the statistics suggest that many customers do not buy more than once from a brand.
According to a report by RJMetrics, the average e-commerce store has a customer retention rate of just 32%.
A study by Barilliance found that the average repeat purchase rate for e-commerce stores is 27%.
These statistics highlight the challenges that e-commerce businesses face in building customer loyalty and driving repurchases.
However, there is hope.
Video marketing has proven to be an effective way to build brand awareness, drive engagement, and increase conversions.
According to a study by Wyzowl, 84% of consumers say that they have been convinced to buy a product or service by watching a brand's video.
Tweets on Twitter that include video get 10x more engagement than those without video, according to Twitter.
HubSpot Research also found that 83% of marketers say that video helps them generate leads.
Furthermore, consumers prefer lower quality "authentic" videos over high quality videos that seem artificial and inauthentic, according to HubSpot Research.
So, how can e-commerce businesses leverage the power of video to drive repurchases and build customer loyalty?
The answer is personalized videos.
Sending personal and private videos following a purchase online using the Thank You Video app is a compelling way to establish a more authentic and personal connection with customers.
The Thank You Video app has seen impressive results, with 80% email open rates, 80% email click-through rates, and each video being watched an average of 2.4 times. Moreover, 16.9% of emails opened were opened six times or more, and 20.1% of videos were watched three times or more.
These statistics suggest that customers are highly engaged and receptive to personalized and private videos sent through the Thank You Video app.
Additionally, personalized videos can be a powerful tool for increasing customer loyalty and driving repurchases.
According to a report by Invesp, returning customers are worth nearly 2.5 times as much as first-time customers, and Thank You Video app found that the average order value of a first-time order is $142.65, with subsequent orders $243,47.
However, the report also found that only 32% of customers make a second purchase, and just 14% make a third.
Personalized videos can show customers that they are valued and appreciated, increasing the likelihood of repeat purchases and fostering a more loyal customer base.
Personalized videos can help businesses build stronger relationships with customers, foster a more authentic and loyal customer base, and drive repurchases.
With the effectiveness of video marketing and the impressive results seen with the Thank You Video app, it's clear that personalized videos should be a key part of any e-commerce business's customer retention strategy.