The Benefits of Reward Points in Magento 2: Increasing Customer Lifetime Value March 11, 2024

Adding the reward program in Magento 2 can significantly improve the way your business connects with customers. As the e-commerce world changes, having loyal customers and motivating them to stick around becomes crucial. In this article, we are going to explore how adding Magento 2 reward points can help to grow a stable client base.

The Benefits of Mirasvit Reward Points Extension for Magento 2:

• Simplified Program Management. This module streamlines the establishment of reward programs. It is an all-inclusive solution that empowers your enterprise to attract, motivate, and keep your clients engaged.
• Easy Customer Retention. With our reward points extension, your customers can gain points each time they buy something at your store. It will motivate them to revisit and purchase more goods, so they don’t lose their points. 
• Enhanced Customer Interaction. You can motivate clients to perform engaging activities along with purchases using our extension. Customers can get bonuses for registering an account, subscribing to newsletters, and more. This fosters increased participation within your online shop. You can explore numerous ways to engage your customers at our extensions store at https://mirasvit.com/.
• Increased Outreach. Reward your clients for referring new leads. Or offer extra bonuses for sharing promo posts on social media platforms. It will broaden your audience and attract new potential clients to the store.
• Boosted Order Value. Motivate users to perform extra activities and send them promotional messages. For instance, your store can gift extra bonuses if your client buys specific items.

Reward Points Customization

The Mirasvit extension features a versatile reward points system. You can motivate your clients to perform various interactions. You decide in which way to boost sales by stimulating clients to use their accrued rewards.

For instance, you can establish deadlines for redeeming points. It will motivate clients to purchase to use bonuses and not lose achieved rewards. This module is highly customizable to suit your unique business requirements. Here is how you can personalize your program:

Stimulate users to spend and share bonuses. Provide rewards for a large number of actions. These can be activities like signing up, placing orders, and referring friends. Or stimulate clients to write reviews or subscribe to newsletters. You can celebrate clients’ birthdays, or encourage reposting promotions on personal accounts.

Have precise control over how points are redeemed. Customize parameters such as duration, points expiration, and maximum points per order. Set up applicable cart attributes, eligible customer types, and eligible product categories.

Set up a notifications system to educate your customers about the rewards program. You can create notifications and specify when and where to display them. With these messages, you can optimize your customer’s experience and increase average checks. Also, you can promote deals, and improve the conversion funnel. For example, prompt clients to add more items to their carts. Just set up a message like “Buy another item and receive extra points” directly on the cart page.

Furthermore, our extension automatically notifies customers of changes in their point balance. Hence, users don’t need to check their balance manually.

Additional features of Mirasvit Magento 2 Customer Reward Points Extension

1. Free comprehensive referral program

• Give bonus points for inviting new clients to the store:

Satisfied customers would be happy to share their experience, bringing you potential leads. However, offering them a tangible referral reward will add some extra motivation.

With our extension, clients can receive bonuses when their referrals place the order. This gives them a personal incentive to invite people, who are already motivated to place an order.

• Boost the conversion rate:

Referral leads, often have higher motivation to make a purchase. Provide your new clients with extra stimulation to earn more points.

2. Centralized Information Hub

All necessary information is gathered in one convenient location – the account dashboard. Users can effortlessly access all important details. You can include the program conditions, their level, current bonus balance, and completed orders. Moreover, they can refer others via email or URL directly from this dashboard.

3. Streamlined Guidance Without Disruption

Notifications seamlessly guide customers through the program’s conditions. They can see these messages while they navigate your website or add products to the cart. This ensures clarity and consistency without disrupting the customer’s experience.

4. Insight into Customer Transactions

You can access a detailed record of transactions related to the reward program. You can track the amount of points your users accumulated or used. This ensures that no transaction goes unnoticed.

5. Comprehensive Program Analysis

You can assess the results of the program with detailed reports. Thus, you can ensure that loyalty activities are generating more value than you’re giving away in points. Additionally, these reports assist in refining and optimizing the program for better results.

6. API Integration

Our reward program supports GraphQL, REST, and SOAP. It enables seamless integration with other software and services. For instance, you can connect your mobile application. Your clients will be able to get extra bonuses for purchasing from mobile devices. This feature is especially beneficial for Magento 2 Enterprise Reward Points users.

Unlocking the Full Potential of a Reward Points Loyalty Program

1. Motivate your customer to buy more. Stimulate the purchase of additional items or bundles by allocating significant points rewards. This strategy enhances cross-selling, promoting increased sales volume.
2. Use cross-selling tactics. You can either complement your sales strategies or entirely replace them. Thus, you can diversify your approach to product promotion.
3. Bring the effect of traditional discounts during sales periods. However, the long-term benefits of reward programs far outweigh those of conventional sales. You can offer extra points to celebrate holidays, birthdays, etc. Clients will be happy to come back and buy some extra products to use discounts or bonuses.
4. Notify your customers after a prolonged period of inactivity. You can ping inactive customers and offer extra points. The system will send notifications about changes in their point balances. It can motivate clients to visit your website again and spend their bonuses.
5. Set shorter expiration periods. Clients will be motivated to spend bonuses faster, so they don’t expire. You will be able to send notifications to your users to remind their points’ expiration date. This proactive approach will stimulate clients to use their loyalty points. Thereby, it drives the increased spending.
6. Create different tiers of rewards. Encourage people to purchase extra goods by organizing the loyalty program into different levels. Each level offers its bonuses and perks. Customers will be able to gain points in various ways depending on the level they have reached. Create more attractive propositions and add special benefits. When the reward is higher, customers will be motivated to buy more to achieve extra bonuses!

Wrapping Up

The Mirasvit Reward Points Extension offers a comprehensive solution for managing customer loyalty initiatives. It can help you foster customer retention, and drive enhanced customer engagement. By customizing and adapting reward programs, to your business goals, you can increase customer conversion rates. Moreover, you will foster long-term client loyalty. Ultimately, the strategic implementation of loyalty and reward programs within Magento 2 catalyzes sustained growth in the competitive e-commerce landscape.