Global ecommerce sales are predicted to more than double between 2018 and 2023, surpassing $6.5 trillion in 2023. Big Spenders (customers who spend more than $500 a year in online retail purchases) are a big factor in that growth.
According to a study, Big Spenders make up 39% of all retail e-commerce customers. What do these super-shoppers expect from your business—and how can you surpass those expectations to attract big spenders and capture their dollars ahead of the holiday season? Keep reading to find out.
Understanding Big Spenders
Not only are Big Spenders a pretty large group, according to a CFI Group and Radial survey of 500 online retail customers, they’re also very desirable. In addition to spending over $500 annually online, they’re almost seven times more likely than Small Spenders to place 10 or more orders a year from the same retailer and 7% more likely to be loyal to that retailer. (Small Spenders spend less than $500 a year online.)
Compared to Small Spenders, Big Spenders have more experience shopping online and have high expectations for the customer experience on your website.
Attracting Big Spenders – What They Want From Your Business
Here are some tips for attracting big spenders:
They Want to Handle Most of it Themselves, Thank You
Since they spend a lot of time online shopping, Big Spenders expect it to work smoothly without calling in customer service to handle basic transactions. For instance, 61% expect to be able to place an order or check on the status of an order without interacting with customer service. Make sure your checkout page is easy to use and understand, and keep customers updated on order status with regular emails.
But They Still Need Human Help Once in a While
That doesn’t mean you can turn your whole website over to a chatbot. Big Spenders still want to talk to live customer service agents from time to time. Specifically, they want help from a live person when it’s time to file a complaint (53%), when they have a billing question (50%), or when they need technical assistance with the website (44%). In more complex situations, it seems, talking to a real person still matters, so make sure it’s an option on your website.
They Expect your Customer Service Agents to be Knowledgeable
Big Spenders assume that your customer service agents can see their order histories, prior interactions with your business and loyalty rewards when helping them on the phone. This isn’t hard to set up in your business and it makes a big difference not only in your customers’ experience, but also in your customer service reps’ experience and ability to do their jobs.
They Can Turn into Repeat Customers
Spending more than $500 a year online is great, but ideally you want those shoppers to spend more than $500 a year at your e-commerce site. To build loyalty among Big Spenders, encourage them to sign up to receive your email newsletter, get marketing emails or join your loyalty rewards program. Then send them tailored offers to encourage more spending—either shopping more often, placing bigger orders, or both. Try offering a discount but only on a purchase of $100 or more, for instance. Who knows? You might turn a Small Spender into a Big Spender that way.
They’re Ready for an Omnichannel Experience
Frequent online shoppers are, well, experienced in e-commerce. Since they shop online more often, chances are they’re also early adopters of shopping methods like making purchases on a smartphone, placing orders via smart speakers like Alexa, or ordering purchases online to pick up in the store or curbside. Don’t expect Big Spenders to be satisfied with a clunky mobile shopping experience or slow-loading website. To capture their business, make sure your e-commerce website delivers on all the latest technology.
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They do expect knowledgeable customer service reps, but that doesn’t mean every rep has to be an expert. They just need to accurately assess the situation and get it resolved quickly. If they realize it’s more than they can handle they need to get the customer to someone who can resolve it. Taking ownership and finding a resolution is the key.
You really need to take a step back to take a closer look at your most loyal customers so that you can know what will make them buy more from you.