It’s no secret that the ongoing COVID-19 pandemic has caused slowdowns for businesses everywhere, for small businesses to large businesses alike. It takes adaptability and agility for businesses to survive. After more than a year of facing this pandemic, there are many takeaways small and large businesses alike can learn from the crisis, especially in terms of how to handle their finances. Here are important financial lessons your business can take note of!

What Is Customer Churn?

Customer churn is the loss of customers in a business. It is calculated based on how many customers leave your business at a certain time. Customer churn is an important value for businesses to know because it reflects how successful a business is at keeping customers by its side. 

Staying healthy has been an undeniable priority for us these days. It’s even more important during this pandemic! With the number of daily cases still increasing, it’s crucial to maintain health and immunity. 

Introducing our newest addition of e-vouchers in your redemption catalogue by KALCare! KALCare is an omni channel health and personal care store by KALBE Group. KALCare has thousands of health products for every stage of life, from infants to elderly, such as vitamins, supplements, and healthy foods and drinks. Some examples of the brands that you can find in the KALCare e-commerce site are Prenagen, Chil Kid, Entrasol, Blackmores, H2, various over the counter medicines, and various health monitor and test kits. In a time where customers are hesitant to visit health facilities, these products will be a great help.

We all know that the most valuable customers are those who return to make a second purchase. Of course, the one-million-dollar question is: how to make your customers return to make their second purchase, and what is the best solution to achieve that for small businesses? These days, we see that most small businesses implement digital stamps as their loyalty program. Like any retention program, digital stamps or punch cards are designed to generate repeat business by offering some sort of reward after a number of stamps has been collected.

Customer loyalty has been and should continue to be a key priority for business owners. Unprecedented disruptions caused by the pandemic since last year have posed new challenges for businesses to lock in their customers’ loyalty. The events of 2020 have caused customer behavior to change, including decreased brand loyalty due to a number of reasons such as limited inventory, limited access, and financial constraints, creating an even bigger urgency for businesses to maintain loyalty during uncertain circumstances.

Increasing the loyalty of customers and making them stay is the goal of many business owners. However, in this advanced customer era, along with significant changes in customer behavior, customers are getting more selective, picking businesses that offer them the most personal benefits. At the same time, advancement in digital technology opens up new opportunities for businesses in financial sectors such as banking to retain their customers better. As increasing customer retention rates by 5% can increase profits by anywhere from 25% to 95% (Bain & Co.), it’s clear that increasing customer retention rate and loyalty should be the priority of every business.

Say hello to our newest feature, Contactless Ordering! In this new normal, we know that customer behavior has changed, especially when people dine in restaurants. The risk of being in physical restaurants may cause customers to be reluctant to dine. To support the cause of social and physical distancing and increase customers’ confidence to dine in restaurants again, we have come up with a new feature called Contactless Ordering. With this feature, customers are able to order directly from their dining table as easily as scanning a QR code, without worrying about touching printed menus, while minimizing human contact. They can also pay directly from their table, using a variety of payment options that is already integrated with TADA, such as transfer, credit card or e-money. On top of that, they will immediately receive points once they have finished their order!

Digital rewards have always had its appeal amongst the public. From a recent study, we found that Gift Cards & Vouchers, e-Wallet, and Gadgets are the most popular redemption options amongst our users.

TADA has secured a series B1 investment round led by MDI Ventures; Indonesia’s largest multi-fund VC arm of state-owned telecom firm Telkom Indonesia. Other investors that participate are Telkomsel Mitra Inovasi (TMI), Finch Capital; a Europe and Southeast Asia focused VC firm, and Sovereign’s Capital; a US-based VC firm.

Loyalty needs to be rewarded! One of the ways you can reward your customers for doing business with you is by giving points or stamps. Point or stamp collection can be an attractive and engaging activity to retain customers.