With the cut-throat competition out there, it’s important to keep your customers engaged and loyal to your business. That might seem like a challenge, but a Rebates Management Platform can help you retain customers. It can help reduce attrition, boost cart values and sales volumes. You will be able to drive product and brand affinity. Let’s see how.
What is a Rebates Management Platform?
An online business model needs the right tools in place to maintain a steady customer growth and conversion rate. Promotions and incentives can go a long way in promoting your business. A Rebates Management Platform enables you to set up different rebates tiers for specific buyers (referred to as resellers), such that buyers are incentivized to purchase specific products in accordance with the rules established for that tier. It’s a great way to incentives receipt capture.
Why should you use a Rebates Management Platform?
You will have to come up with an incentive or a rebate program that makes sense for your business. This involves taking a closer look at your financial performance and reviewing your target customers. With a well-designed rebate management platform, you can offer potential customers cashback or discounts. Relying on manual processes is time-consuming and this can result in customer attrition. Using a rebate management platform, you can issue rebates automatically on their purchase.
How does it work?
The rebates management platform manages the entire payment process, so you don’t have to worry about the payment details or managing the payments for suppliers. The platform will store all the payment details in the cloud and auto-escalate any notifications. You will be alerted via email, SMS, push notifications, and text messages when any payment is about to expire or whenever a payment is overdue. With the huge number of partners and customers to whom you share your products and services, tracking them and monitoring their payments can be a major headache. A Rebates Management Solution allows you to do this with a single platform.
Top features of a Rebates Management Platform
Customer-centric e-commerce approach Rebates Management Platform leverages customer information, cross-sell opportunities, and variable rewards to offer unique products to customers and maximize their shopping experience. Extensive Retailer Integration Checkout integration, order & returns processing, A-to-Z account integration and product profiles, live chat and geo-location, Social Media Sharing, Gift Card functionality, and more – these are all integrated within a single platform to help businesses in seamless checkout, automatic exchange, and rebates generation.
A good Rebates Management Platform should offer you a complete overview of purchases made by customers, channel partner performances, and the rewards that deliver results. This allows you to develop an understanding of your customer interests. It also offers your partners the opportunity to geo-target promotions. You will be able to view historic data to analyze partner performances and even track payouts using intelligent analytics.
You should also be able to boost the sale of specific products. This becomes especially necessary during product launches. By identifying products on the SKU level, you can offer bigger incentives and promote high-margin products/services.
Personalized rewards and offers further present a great opportunity to drive repeat purchases. You can create limited-time cashback offers and accelerate sales of a particular product or during specific days.
The best rebates management platform should support nearly unlimited reward types. Not only should you be able to offer cashbacks but also physical items, gift cards, cash, or incentives. By offering a choice of rewards, you will be able to understand your customers and personalize your offerings better.
NextBee’s Multi-Level Incentive Structure encourages customers to spend more on purchases and earn rewards. Gamification elements such as leaderboards and dynamic badges consistently increase customer activity. With a suite of smart features, you can easily drive repeat purchases and develop brand affinity.
The NextBee Advantage
NextBee has worked with leading brands across the U.S. to help them drive customer engagement and accelerate sales. Request a demo to check out the platform in action. With over 10 years of experience creating beautiful customer experiences, you can expect to develop customer loyalty without wasting time and money on setting up expensive IT infrastructure and technical know-how.