Do you want to give back to your customers or incentivize them with offers? New customers cost 5x more to acquire than existing customers to activate, and 21% of returning customers generate 44% of revenue and 46% of orders*. Maximizing the use of store credits can help merchants boost customer loyalty and increase repeat business in their stores.
Recently, Shopify updated its Store Credit feature, which allows you to issue Store Credits directly to customers in the Shopify backend. Unlike gift cards or discount codes, store credits are monetary values generated when a customer spends money in your store, which are directly associated with the recipient and are non-transferable. Once a customer logs in to the online store using their new customer account, they can use the store credit they receive to offset the amount when paying for their purchase. This feature not only helps provide customers with a flexible and convenient payment method, but also gives merchants more opportunities to promote and foster customer relationships.
You can issue Store Credits directly to customers in the Shopify backend, or you can manage whether or not to show Store Credits as a payment method in your customer account settings, view balances and transaction history. This feature is available to those who have logged in to the store with a new customer account (or who have authenticated themselves by logging in with a new customer account) and to those who are using the UI extension on the checkout screen.
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