RazerStore Rewards
July 21 2023
Razer has implemented a successful loyalty program that rewards customers with Razer Silver for their purchases, plus discounts and free products. This incentivizes customers to make repeat purchases and increases their Customer Lifetime Value.
Getting customers to become devoted to your brand and start making repeated purchases is essential for your business to remain sustainable and profitable. A proven approach to customer retention is implementing a loyalty program to establish customer loyalty. Razer has implemented an elaborate and successful loyalty program, here's what:
The “RazerStore Rewards” is Razer's tiered-based loyalty program that rewards customers with Razer Silver, a currency that can be used to redeem Razer gear from the rewards catalog. As seen above, there are 3 levels of membership with different perks awarded i.e. US$1 = 25 Razer Silver for Level 1 members, US$1 = 50 Razer Silver for Level 2 members, etc.
When customers sign up for the loyalty program and make their first purchase, they will get US$10 off their next purchase, which encourages them to make a second purchase. Also, customers can redeem “free” Razer products with the Razer Silver they have accumulated from past purchases. For example, the “Razer BlackShark V2 Pro - White” worth US$199.99 can be redeemed with 200,000 Razer Silver.
Therefore, having a loyalty program like this greatly incentivises customers to make more repeat purchases which results in an increased Customer Lifetime Value (LTV).
Aside from the loyalty program, Razer also holds lucky draw events where members have the chance to win the Razer BlackWidow V4 Pro - Green Switch - US, which is valued at US$169.99. Such events encourage new customers to make their first purchase and become members, while also enhancing existing customers' impression of Razer. This ultimately leads to an improved conversion rate.
An alternative way to begin building customer loyalty:
- From your Shopify Admin, go to Customers to add relevant tags for each customers i.e. Member.
- Go to Settings under Store design, enable Customer based pricing.
- Next, from your Konigle dashboard go to increase LTV strategy, implement ‘Customer Based Pricing’ tactic.
- Create new pricing rule to reward your loyal customers based on the tag created in Step 1.
- Send an email out to said customer group informing them of the exclusive deal.
Alternatively, you can enable the LTV Booster tool also available on Konigle, this tool automatically gives your customer a discount off their second purchase!