Most online store owners are concerned with a customer loyalty strategy. Credit systems in place at the business can help improve it. You can allow customers to use their store credit to make purchases, depending on your business strategy.
Similarly, you can create a WooCommerce credit system when providing paid support on your website.
This article will cover the benefits of setting up a WooCommerce store credit. After that, we’ll show you how to create and give store credits to the customers and some related plugins. Read on to know more!
- What is Store Credit in WooCommerce Stores?
- When Should Your WooCommerce Store Give Credit?
- Why Should Your WooCommerce Store Implement a Credit System?
- Top 3 Best WooCommerce Store Credit Plugins
- How to Give Customers Store Credit in Your WooCommerce Store?
- Final Words
What is Store Credit in WooCommerce Stores?
First, let’s step back and consider what we mean by ‘store credit’.
It’s a special type of coupon that allows your customers to make multiple purchases with it until it runs out or the code expires.
They work just like gift cards but are usually associated with a specific customer. And their use may be restricted to particular products or product categories. Customers can use WooCommerce credit in conjunction with other types of coupons.
Your customers can make purchases of a higher value than their remaining credit and simply pay the difference at checkout.
When Should Your WooCommerce Store Give Credit?
There are four primary ways WooCommerce store owners use store credit around the world:
- Returns and exchanges: When a customer returns or exchanges merchandise, store owners often provide store credit in addition to or instead of a full refund.
- Store credit cards, transfers, and finances: Any time a retailer extends credit and allows a customer to pay incrementally or later, they’re giving store credit.
- Gift cards: When a customer purchases a gift card, generally, they are buying store credit to give to someone else.
- Loyalty rewards: Store credit is one of the most common rewards customers earn through a loyalty program. They can use it for future purchases.
Why Should Your WooCommerce Store Implement a Credit System?
Let’s take a look at the top three benefits of offering store credit in WooCommerce:
Better, Long-Term Consumer Retention and Loyalty
Using store credit in your WooCommerce store is one way to boost customer retention and loyalty.
It offers customers and partners channel incentive programs (besides great products and customer experiences) to return to your store instead of looking elsewhere.
As one aspect of a robust loyalty program, store credit gives you a tool to show your customers what their repeat trade means to you.
Encourage Customers to Spend More
Using store credit in your WooCommerce store to encourage customers to spend more money seems counter-intuitive. But it actually works.
GE Capital did a study on retailer-branded credit cards (a type of in-store credit). It found that they led to more frequent visits to the retailer, with a 29% increase in visits.
Customers who shop with gift cards also typically spend more and exceed their store credit, resulting in higher sales.
Customers also feel more comfortable spending more when stores offer valid return policies.
Therefore, if you use the store credit to allow for more adaptable returns, you’re making customers feel comfortable spending with you.
Lose Less Revenue to Returns
Exchanges and returns can put you in a hard spot. Even though you want to be flexible and provide your customers with a satisfying experience, returns lead to forfeited revenue.
Giving store credit is one way to avoid losing revenue on returns and help turn those transactions into exchanges.
Store credit also allows you to extend your return policy over a longer time or accept returns without receipts. As a result, the procedure is more customer-friendly.
This also ensures more money is in the business, which eases the profit burden on your bottom line.
Top 3 Best WooCommerce Store Credit Plugins
- Rating: N/A
- Price: $79/year
This WooCommerce plugin allows you to create store credit coupon codes on your online store. You’ll be able to offer customers store credit of a particular value as cashback or a special offer.
Additionally, the plugin allows you to offer the option to sell store credits as a product type. Customers can purchase multiple times with store credit until the amount is depleted or the coupon expires.
Finally, the plugin lets you limit the validity of your store credit only to specific products or product categories.
- Generate store credit coupons on your WooCommerce store.
- Offer them as returns.
- Sell them as gift certificates.
- Limit their validity to specific products or product categories.
- Customize store credit coupon format, email, etc.
- Customers can use store credit with other payment options.
- Rating: 4.5/5 (126 reviews)
- Price: $99/year
You can use Smart Coupons to generate store credits on your WooCommerce store. Customers will be able to make purchases using their credit until it expires.
Furthermore, you can allow customers to purchase WooCommerce store credit as a gift for friends and family. This is an excellent method to draw new customers.
Finally, this plugin helps you create a comprehensive coupon strategy and other customizable and time-sensitive discount deals.
- Robust feature set to help you create and manage store credits, coupons, and product giveaways.
- Offer store credits and gift certificates to your customers.
- Create and send email coupons in bulk.
- Generate shareable URL coupons.
- Associate coupons with product purchases.
- Configure advanced limitations to apply coupons.
- Customize coupons’ design.
- Rating: 3.6/5 (19 reviews)
- Price: $59/year (free version available)
With this free WooCommerce store credit plugin, you can sell and accept store credits in your online store.
The credit system works with simple and subscription products and their variables. What’s more, you can also configure it with downloadable and virtual products.
This plugin has options to customize the look of credit packs in your online store.
Lastly, it provides an option to have credit payments, where all other payment options will be concealed.
- Easily create store credit packages on your WooCommerce store.
- Function with various product types, including subscriptions.
- Shortcode support to control the look of credit packs.
- Configure your online store to only accept store credit by hiding other payment options.
- Give bonus credits to reward your customers.
How to Give Customers Store Credit in Your WooCommerce Store?
As you’ve seen, using store credit in WooCommerce stores can attract more visitors and help you make a profit. Therefore, you may be interested in setting up a WooCommerce credit system to see if it works for your online store.
This guide will use the WooCommerce Store Credit plugin. After purchasing and installing the plugin, follow the instructions below:
Configure the WooCommerce Store Credit Plugin
Before starting, you need to authorize the use of coupon codes in your online store. To do so, go to WooCommerce > Settings > Store Credits.
Next, you can decide the store credit’s format.
Create a New Coupon
Now, go to WooCommerce > Coupons > Add Coupon. Then, change the dropdown next to the Discount Type text to Store Credit and set the number of coupons allowed.
Next, go to Restrict Use to establish an Allowed Emails list.
It’s essential to set up an Allowed Emails list to prevent multiple customers from sharing the same store credit coupon.
Send Store Credit to Your Customers
With the generated store credits, it’s time to send them out to your customers via email. It’ll only take you a few clicks to do so.
All you have to do is go to WooCommerce > Send Store Credit. Then, fill in the blanks with the customer’s email address along with the total amount they can use.
Then, click the Generate Coupon and Email Customer button. The customer will see an email similar to the image below.
How Your Customers Apply the Coupons
When your customers visit the My Account page, they can see their available store credit codes.
They’ll need to copy and paste the code into the coupon text box on the Cart or Checkout page to redeem the voucher.
You can apply/remove a store credit coupon manually to order on the WordPress dashboard.
Lastly, we hope this article on WooCommerce store credit will help you maximize the use of this fantastic feature.
Therefore, you can improve your customer loyalty and repeat purchases, driving more profits to your online store.