How Magento 2 stores benefit from Store Credit

Contents

• What is Store Credit?
• Why online store must use this awesome tool?
  • Compensation for a poor shopping experience
  • Encourage sales for specific products or during certain periods
  • Cashback to customers’ store credit as a loyalty program
• Highlight features of Mageplaza Store Credit
  • Edit store credit balance with ease
  • Buy store credit product with a better price
  • Credit balance notification
• Full features list
  • Store Credit for store admins
  • Store Credit for customers

What is store credit?

Sometimes, customers would like to refund your products for some reasons. Allowing customers to refund will satisfy them more yet threaten your sales significantly since any customer is able to refund. In this case, online stores need a solution that benefits both parties. Store credit has been built to solve this problem.

Initially, a store credit is a document offered by a store to a customer who returns an item which is not eligible for a refund. Hence, it can be used to buy other goods at the store. Customers may exchange merchandises or receive store credit in the amount of the item’s last sale price.

These days, along with the development of the e-commerce industry, store credit becomes an excellent tool which plays multiple tasks and functions for online stores.

Why online store must use this awesome tool?

Compensation for a poor shopping experience

It is unavoidable that while selling products to customers, many mistakes may occur, even more to online stores than physical stores. Beside refund request, your customers may receive the wrong items or late delivery. For compensation, in these cases, stores can give shoppers a suitable sum of credit to take away bad experiences and brings back customers’ satisfaction.

Encourage sales for specific products or during certain periods

Sometimes, online stores encounter with losses from expired products or out-of-date ones. To prevent this, store credit is a wise choice to encourage customers to buy these items.

Also, in certain promotion occasions such as Black Friday, Christmas, New Year or Birthday, customers can be rewarded a credit amount to their credit balance. The credit will work as the powerful motivation to encourage shoppers to take advantage of the gift and make purchases quickly.

Cashback to customers’ store credit as a loyalty program

Among various loyalty programs, using credit to reward your lifetime customers after configured period seem to be most effective. Customers can use the credit reward to continuously spend on your sites, and at the same time, you can retain them to generate more sales.

Highlight features of Mageplaza Store Credit

Edit store credit balance with ease

Store Credit extension for Magento 2 allows admin to edit customers’ credit balance. They can do it by going to admin panel to create new transactions or edit the current ones. Admins can select customers from the available list then insert the specific amount of credit change that depends on the customer behaviour and admin wish. Also, the module enables leaving notes from both customer and store admin in certain transactions.

Buy store credit product with a better price

The module also creates a special product called “Store Credit Product”, which allow customers to buy other stuff on your sites with lower prices. It can do that because it allows admin to set the discount for price of store credit product. By that, customers actually use their credit to buy items with attractive prices.

Also, each product can be assigned with specific credit policy depending on the store owner’ purpose in each sales campaign such as the wish to improve sales for particular products.

Credit balance notification

Another helpful tool that this module brings about is that it allows sending email to customers in which notify them of updated balance. Anytime there is a change in credit account of users, they will immediately receive this email. Therefore, customers can always be updated about their credit budget and active in their credit spending during shopping. This also shows the profession and excellent customer care from the shopping store.

Full features list

Store Credit For store admins

General Configuration

• Enable/Disable the module
• Apply store credit to certain customer groups
• Display credit balance on the top link
• Cancel transaction when credit balance is not enough
• Transfer refund amount to the store credit
• Enable/Disable refunding store credit products

Spending configuration

• Select Admin Order/Checkout page where the credit is spent.
• Apply credit to selected products
• Allow spending credit for tax payment or free shipping
• Set limitation for credit spending per order
• Enable credit return if the order is refunded
• Send email notification of balance updates

  Customer transaction and credit editing

• View and create customers’ credit transactions via a grid
• Edit current credit balance of customers
• Create Store Credit Product whose price changes depended on credit

Store Credit For customers

• Use credit to obtain products with lower price
• Have better shopping experience
• Set credit limit to change the price of store credit products
• Receive equivalent spent credit if a product is refunded