Store Credit on Shopify

Early access to store credit is now available on Shopify, allowing merchants to issue credit directly from the admin panel. This feature, available globally, offers a more efficient solution than gift cards and discount codes, simplifying customer interactions and improving their shopping experience. Learn how store credit can help you win back customers and strengthen brand loyalty.

What is Store Credit?

Store credit is a monetary value issued to a customer to spend in your store. Unlike gift cards or discount codes, store credit is non-transferable and linked directly to the customer to whom it is issued, with or without an expiration date. In the early access version, store credit can be viewed, credited, and debited directly from the customer's profile, which they can then spend at checkout.

Benefits of Store Credit

1. Encourage Customer Loyalty

Store credit incentivizes customers to return, building a loyal customer base. Repeat customers generate a significant portion of revenue and are less expensive to retain than acquiring new customers. Offering store credit can express your appreciation and encourage repeat purchases.

2. Increase Sales

Customers often spend more than their store credit balance when making a purchase. For example, if a customer receives a €20 credit, they're likely to spend more on their next purchase, increasing their average order value.

3. Greater Flexibility in Interactions

Every customer interaction is an opportunity to turn them into a brand advocate. Offering store credit as part of your loyalty and customer service workflows can build a positive reputation and increase business returns.

4. Transparency and Accuracy

Unlike alternative solutions like gift cards and discount codes, store credit balances and transaction history are recorded in the customer's profile, improving behavior and order analysis.

How Store Credit Works

1. Apply Credit at Checkout

Customers can use store credit at checkout after logging into their customer account. This improves the shopping experience and makes redeeming credit quick and easy.

2. Issue Credit from the Shopify Admin

Store credit can be credited and debited directly from the customer's profile. You can set specific amounts and expiration dates, ensuring the credit is used by the intended recipient.

3. Monitoring and Analysis

With early access, your store credit is included in Shopify reports and analytics, allowing you to accurately track your balance and transaction history.

Tips for Making the Most of Your Store Credit

1. Be Creative

Use store credit not only to resolve customer service issues, but also to foster loyalty and acquire new customers. Referral programs and employee incentives are just a few possible strategies.

2. Cross-Selling and Upselling

Using the Customer Accounts API, you can identify a customer's store credit balance and send personalized marketing communications, increasing cross-selling and upselling opportunities.

What to Expect in the Future

Later this year, Shopify will introduce new store credit features, including the ability to issue credit instead of a refund and improved analytics and reporting. These updates will make store credit management even more efficient and help improve customer loyalty.

Conclusion

Shopify store credit is a powerful tool for reengaging customers and strengthening brand loyalty. Don't miss the opportunity to leverage this new feature to improve customer interactions and increase sales.

For more information on how to implement and maximize your Shopify store credit, contact Yastime, an agency specializing in Shopify solutions.

Contact us today and take your Shopify store to the next level with store credit!