Cosmetics is an ever-growing, billion-dollar industry. With extremely high purchase frequency, the beauty industry is one of the most competitive markets out there. As advertising costs continue to skyrocket, more and more beauty ecommerce sites are turning to customer loyalty and retention marketing to retain customers and increase customer lifetime value.
Why Cosmetics Industry need Loyalty Programs?
• People love to share their favorite brands with friends and family. This means referral rates are high.
• High purchase frequency increases odds of creating a lifelong customer. Since customers purchase cosmetics frequently, the chance of creating a customer for life is much higher.
• The margins support its investment. Any margin of over 10% is ideal to running loyalty and since the average cosmetics company runs a margin of about 80%, cosmetics brands are more than qualified.
COIN loyalty CRM will help you acquire, retain, and nurture your customer base. Coin is developed with the objective to make rewards attainable. This would help customers to participate more likely. It has the ability to create a community that’s an extension of your brand and creates an emotional bond between your customer and your brand, which goes beyond each individual transaction. COIN not only help customers get more value back for every dollar they spend, but also facilitate them unlock additional benefits like early access to sales, or voting on new cosmetics.