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E-COMMERCE CUSTOMER RETENTION MARKETING

Introduction

As an ecommerce platform holder, you must have heard this golden line repeatedly as much as possible. “It’s cheaper and easier to retain an existing customer instead of generating a new one” this golden rule is applicable in any format of marketing either in the traditional one or for the trending digital marketing. This rule highly works in ecommerce business where every single click will reflect the conversion of a customer and determines their value.

It is agreed that ecommerce is a huge platform which is capable of pulling all set of customers irrespective of their demographic profile but, nothing gets valued like making the current or existing customer to get re-engaged. Just think of the last time you tried retaining your current customers and if you have not involved in this process frequently then it’s an alarming situation for you to wake up. iStudio Technologies is the best ecommerce web development in Chennai, which helps you in creating a customer-centric ecommerce website.

All About Customer Retention

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Customer retention is all about following possible and effective business tactics in retaining potential customers of your store. Customer retention is giving and takes policies where you deliver values to the potential customers and they in return give you frequent business and uplift your sales. Through customer retention, you can increase your customer numbers and also gain more profit.

Customer retention is the only ultimate result which can justify your hard work done in acquiring them. Customer retention will help ecommerce stores in their long run and the strategy to implement it purely based on your store nature. iStudio Technologies is the best ecommerce web design and development company in Chennai, which highly engages customers visiting your ecommerce store.

Right Time To Do Customer Retention

It is very easy to determine the right time to carry out your customer retention process and, it is highly based on the lifecycle of your store. For example, if you are just a starter all you need to do is to focus completely on customer acquisition.

The same goes on with every stage of your store lifecycle, and you will be completely involved in customer retention process once you have achieved the landmark of hitting more than 10 sales per day. Apart from the store lifecycle you also need to focus on the products you sell and frame strategies accordingly. iStudio Technologies as an ecommerce website development company in Chennaialways provides the best service which keeps your customers highly engaging.

Fixing Retention Process Into Your Business

Customer retention strategy is purely based on your product category and the nature of your business; you need to follow different strategies for a different product category. Stores with high-value products get involved in more number of sales will be having the highest Customer Lifetime Value (CLV) which is achieved through Solid retention strategy.

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Customer Retention Metrics

There are certain metrics which needs to be followed as standards for evaluating the customer retention for your ecommerce site. It involves few calculations which will determine the efficiency of your customer retention process and the ways to improve further for your ecommerce store.

1. Repeat Customer Rate

Determining the repeat customer rate will help you in finding the efficiency of your retention marketing strategy followed for an ecommerce store. Repeat customer rate is all about getting the number of customers willing to make a second purchase from your store.

Calculation Method:

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2. Calculating Purchase Frequency

Purchase frequency is calculated similarly to that of repeat purchase rate where the same time frame is used, and it is divided by unique customers.

Calculation Method:

3. Average Order Value

As the name suggests it indicates the average of the amount spent by each customer during their purchase, once you are clear with repeat customer rate, and purchase frequency you can move on with average order value.

Calculation Method:

Customer Value- The Biggie

Retention marketing or any other marketing activities and promotional strategies are all intended to expand the customer base and also to increase their values. Customer value is the crucial deciding factor which shows you the worthiness of each customer this customer value can also be evaluated by applying simple formulae.

Purchase Frequency*Average Order Value

As an ecommerce web development company in Chennai, iStudio Technologies value every single customer and provides ecommerce services that will help in enriching your customer values as well.

Key Strategies To Improve Your Customer Retention

Similar to customer acquisition, retaining them is also equally important. Hence it is highly necessary to frame and follow strategies to retain your customers. Here I have listed few strategies to be followed in retaining your ecommerce customers which will work efficiently at any point in time.

1. Dual Shade Of Your Customer’s Account

The customer account can be highly beneficial and also be a hurdle which highly dependence upon the customer type i.e. if it is handled by an existing customer then it makes their work much easier in terms of pre-filling the shipping details. On the other hand, it becomes a tedious process for new customers to fill in their complete details. Due to this majority of the customer leave an ecommerce store as a visitor, the perfect solution to overcome this issue is to enable the account creating option post the first purchase from your site.

2. Customer Support System

The role of customer support system or help desk is unmatchable and plays a very important part in supporting the ecommerce store. Either it is a giant store like Amazon or a new starter having a customer support system really gives you a great niche. A valuable and effective customer support system will be helpful both in pre as well as post sales of your store.

Assistive customer support system can easily turn out a query into a sales lead and also a conflicting buyer issue into a resolution so; either way, having a customer support system is highly beneficial and helps in retaining as well as generating new customers. Customer delight is another notable approach to retaining your customers, even sending an e-mail of thank you note will induce customers to visit again for purchase.

3. Start Loyalty Programs

Starting loyalty programs are very much necessary to elevate the customer retention process to the next level where it highly motivates a customer to increase their purchase rate. Providing reward points is a simple and effective approach to generating more number of repeat customers, you can also set reward points limit according to their categorical purchase which will highlight the value of each customer. Automated loyalty apps can highly support you in providing the loyalty points for your customers based on their store activities.

4. Retention Through E-Mail

Retaining a customer through sending e-mails is one of the best and effective methods ever compared to other approaches. Even the lead generation for any ecommerce store shows that a maximum number of customer inflows is made through e-mail marketing and it can also be effective for customer retention.

Initially send the customer a thank you mail post their first purchase and this should take place exactly after a week of their purchase, and then do a regular follow up in order to build a strong pipeline. Post sending the initial mail start sending them some exclusive emails related to their product purchase. This can also be based on their product view history which stimulates them to visit you again.

5. Discounts And Freebies

Discounting needs to be carried out in a highly calculated way where your customer expects a dropped price over the product which you offer them. Sending e-mails and notifications regarding exclusive product related to customers previous purchase history and product preferences will be highly helpful in pulling the customers towards your site.

End Note

Keeping a strong customer base and maintaining them in a proper way is always a boon for any ecommerce store because these customers value your services and have already got well established with you as a brand. Keeping their pace on is always superior and greater when compared with generating fresh customers.

We are a highly innovative team in creating the most admiring and effective ecommerce websites. We at iStudio Technologies have always provided great value to our clients in servicing some fantabulous ecommerce websites. iStudio technologies are known for providing best ecommerce web development in Chennai.

DEVELOPING ETHEREUM BASED SMART CONTRACT THROUGH SOLIDITY

DEVELOPING ETHEREUM BASED SMART CONTRACT THROUGH SOLIDITY

Introduction

Blockchain is one of the most happening technologies, which is creating a big revolution in terms of money exchange, generation and gives you an entirely new vision towards the currencies handling all these years. This blockchain acts as a distributed, decentralized digital ledger which acts as the core technology behind various cryptocurrencies like Bitcoins, Ripple, Ethereum, Litecoins and many more.

The launch of blockchain technology is a great feed to technological developments and entrepreneurs take this concept even further and deeper in order to facilitate the user with immense service of monetary transaction in a completely secured and digitized manner. This blog write-up will be studying about the solidity and the respective tools involved in developing ethereum smart contract using solidity.

Solidity

Basically solidity is a contract based high level language which will be highly helpful to implement smart contracts. This language was brewed by C++, Python and JavaScript and is fueled towards the Ethereum Virtual Machine (EVM). This high level language is typed using statically, and well supported by inheritance and complex user- defined types. Solidity language is used to create various contracts for voting, Crowdfunding, blind auctions, multi- signature wallets and much more.

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WEBSITE FRAMEWORK- TRENDING WEB FRAMEWORKS FOR THIS YEAR

Introduction

Servicing the demanding product to the customer, updating your products and services, framing the web framework according to the industry and service you provide, marketing your website in a proper way in digital media altogether contributes towards the success of an organization in reaching their customer.

Every contributing factor, every contributing person need to get updated accordingly in a proper to satisfy their targeted audience. Developers adapting the latest trends and technologies of web development and delivering an forecasting based website will lessen the burden of marketers. Here are some trending frameworks which will be creating a great impact in the web development industry for 2018.

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Angularjs

Angular JS is a Java Script enabled open source web framework which used for developing web pages. If you are effective user or a follower of trending web frameworks then you must be knowing about this framework. This framework operation basically depends on MVC (Model View Controller) architectural pattern, it is not full stack but a front end development application used in your webpages.This Google product is getting updated in its every version, the second version is much better than the first one by including lot of features. Now Google has released its fourth version in-built with all latest and required features.

Angularjs

If Angular JS is a well recommended framework for developing front end application then Laravel is known for its best back-end application development. This framework is similar to Angular as it follows MVC architectural concept in its operations. This back-end framework is developed in 2011 by possessing all the required and demanding features in it like high-end dependency manager, latest utilities used in application deployment and maintenance, varied methods of approaching relational database and most importantly orientation towards syntatic sugar. Most importantly this back-end framework keeps on updating since its evolution, which makes it as the most important PHP framework.

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React.Js

This web framework is created in order to maintain user interface based web applications. This is running based on Java Script library and maintained by Facebook, this framework also works as a convertible one for many web application. This framework can easily handle large applications in running, maintaining and updating it over time inclusive of data included. React.js is really implemented with the intention of developing some challenging and real time applications by implementing complex algorithm.

Node. Js

Another java script framework which is light weight and highly efficient, this is not just a framework but a complete environment which provides all the tools and required functionalities for the developers. This framework is highly performing, scalable and securing application provider with fast and complete connectivity of varied network applications. The very existence of this framework is due to is approach of ideology behind blocking and event driven input and output from the application.

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Ruby on Rails (RoR)

This web framework is one among the few web development framework which keeps developers highly engaging and moves them interesting towards application development. Some of the well established brands like Airbnb, Hulu and Basecamp are developed using RoR. This framework is an open source available in free of cost and runs based on Linux. This will carry out your developing work in a much smoother way in entire process cycle.

Symfony

Symfony is basically developed on PHP framework in order to create complex applications in a highly scalable and more flexible manner. This framework is exclusively used for developing large projects based applications. The recent version of Symfony (version 3.1) is highly flexible so that it create any kind of application. This framework works with various established open source platforms like PHPBB, Piwik and Drupal. Symfony is the bundled pack of PHP components, application framework, community and philosophy.

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ASP.NET

This web framework tool is developed by Microsoft in 2002, where it is run by Common Language Runtime (CLR) which helps coders to write programs of ASP.NET under .NET framework. This framework is well known for handling dynamic website and creating complex applications. Since this is the most preferred framework among web developers it solely possess 15% of market share in the web framework industry.

Yii

Yii framework possess most of its functionalities similar to that of ASP.NET in providing web based applications. It is well known for working with applications performing repetitive tasks. This framework features built-in component model, database abstraction layers, event driven programming and modular application architecture. One of the notable feature of Yii framework is that it runs the application in shorter period, with high efficiency and in a more customized way according to market demand. Moving one step ahead this framework gives you the advantage of upgrading or downgrading its versions according to the requirement during installations.

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Meteorjs

It is an out and out java script featured framework developed in both front as well as back-end. The primary purpose of this framework is to make things easy and in a more convenient way, so that the output can also be efficient and scalable.The number of codes used by this framework is comparatively less in numbers which helps the developers to complete quickly. This is the bundle of java script frameworks, library collections and its packages. Meterojs has also derived concepts from peer framework in order to develop a strong application.

Cake PHP

This is the best and highly demanding open source framework developed by PHP, this framework utilizes the concept of MVC associated with data mapping concepts. The most important reason behind this framework’s fame is that the developers feel highly comfortable while using this framework for application creation and it have a highly structural and simple guide to help the developer in using cake PHP for web page creation.

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Final Note

At the end of the day it is not about the features present in the framework rather the functionalities of a web framework decides its place in a project. Understand your requirements and study about the demands for functionalities to your project and then select the fittest one.

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HOW TO LAUNCH A SUCCESSFUL ICO TOKEN?

Overview

For the past few years we are hearing about Initial Coin Offering or ICO continuously and it has become an unavoidable technology based find of this century. The main reason behind this hype is the technology which it is backed up “Blockchain Technology”. Financial experts believe that ICO will completely change the concept and method of fund raising and fund collecting prevailing today among the startups.

Mastercoin is considered to be the pioneer in this, which is created way before the introduction of bitcoin based blockchain which helped to raise a fund of US$ 5, 00,000 during 2013. This turned the whole world towards ICO and now companies are raising millions and millions of funds in no time, thanks to ICO. But the major striking factor hitting most of our heads is the clarity towards ICO concept and the methods to launch it successfully.

This blog post will give you clarity over the ICO concept and also gives you some effective tips to generate and launch your ICO without any hurdle.

ICO

ICO is termed as the modern day IPO (Initial Public Offering) or crowdsale where startup companies raise funds for their business through initially raising crypto tokens as a matter of exchange for cryptocurrency or even for fiat money. Through owing the respective ICO token investors hold the authority of stake percentage over the growth and development of the product or service catered by the company and they can even resale this token in order to regain their investment or take a part of the profit as well.

Post the ICO revolution made by the Mastercoin it is then followed by Ethereum and Waves which managed to raise ICO tokens worth US$18M and US$16M respectively. Even though many companies tried launching ICO tokens most of them end up in failure since they cannot do the ICO marketing successfully as ethereum and Mastercoin did.

Key Basic Requirements To Launch ICO Successfully

In today’s world there are tons and tons of great ideas emerging every second and majority of them get diffused due to improper funding and highly complicated regulations. Introduction of blockchain technology has broken these stereotypes and have set new protocols, this highly automated decentralized and well protected distributed ledger make things much easier and efficient for the business world and especially for fund raising process.

A lot of companies are now providing ICO launch solutions to startups in order to provide clarity and raise funds for their business. So the services offered by those proper ICO consultants are:

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METHODS TO EMBED SOLIDITY CODE SNIPPETS IN YOUR WEBSITE

Introduction

As of now, there are no proper ways available to implant your solidity coding in your blog post or website. Since there are no solid options available for coders they have to adopt github gists consisting of JavaScript codes. Loom a blockchain based company inserted oEmbed functionality into EthFiddle thisJanuary so that now it is possible to add syntax denoted solidity snippets into the blogs or websites as per your wish. Further it also helps you in testing and compiling the smart contract faster in your browser.
This write up will be giving you the clear insight on the methods to include the solidity code snippets in your website.

WordPress

WordPress highly supports oEmbed which makes your task of adopting the code snippets much easier. All you have to do is to just paste the EthFiddle link of your site and the remaining works will be taken care of platform.

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Other Similar Platforms

EthFiddle also supports embed.ly which navigates you to a specific link and place your ethifiddle URL there. The link takes you to the bottom of the page and then it returns a code snippet where you can use it insert the customized fiddle

Tough Path

Is it possible to create a customized website without using embed.ly even at a single place? Yes you can, it is possible through getting an embed code from EthFiddle through framing a unique URL and giving a GET request.

Bottom Line

Now it is possible to insert solidity code snippets into the websites and also the blog post easily which will cut down various unnecessary setbacks.