Magento Reward points are defined out to be a virtual currency as well as a loyalty program and can be expressed in a form of the extension. Reward points extension can help you regarding rising up the customer lifetime value all along with the average order value. The leading extensions can have several specific features including the following:
- This program can provide a complete control over the campaigns aggregating the results in the advanced dashboard
- The extension can offer flexible rules to earn reward points. These can be based on catalog, shopping cart, or behavioral rules
- It may also be set aside with the possibility to refund by points and thus leave money in your accounts
- Finally, you should also check for the possibility to set thresholds and assure to never let customers get on the below side of the profit making stages
What Is Meant By Advanced Dashboard in Magento Reward Points?
The advanced dashboard is the form of the smart panel that would be giving you out with the precise sum of understanding of your customer rewards program status. Some of the leading indicators that can be demonstrated in the advanced dashboard are as follows:
- The number of customers that are involved into the loyalty program
- A prognosis of the date when reward points will expire
- Statistics of earned and redeemed customer reward points
- A list of active rules in a monetary expression along with a number of triggers
It has been investigated around that according to Bain & Company; the present customers will spend with almost 67% more than first-time consumers. This would assist you regarding coming up with the establishment of the own customer retention strategy.
Talk About Magento Customer Rewards:
Magento customer rewards do play a major role when it comes to the promotion of the product sets. It mounts up the average order value by way of giving more points for the purpose of making further orders. So it’s time to think about introducing reward points to your Magento-based store, keeping in mind that it’s cheaper to upsell to an existing loyal customer than to attract a new one.
So this was the end of the discussion about the Magento Reward points. It does have its distinguishing features and competitive advantages which you can easily learn when you get into the deep study of this topic: https://exto.io/magento-2-extensions/reward-points-for-magento-2.
