Shopify Store Credit: Detailed Guide [+3 Apps]

Table of Contents

Last Updated: April 2024

Welcome to the in-depth guide to Shopify store credit, a vital strategy for boosting customer loyalty and sales. When customers have had positive experiences with your brand, an impressive 93% are likely to make another purchase. 

Here, we’ll explore the top 3 apps to help you implement Shopify store credit effectively and maximize its impact on your e-commerce business.

Store Credit Unveiled: A Closer Look

Store credit is a monetary value or credit balance that a customer can use to make purchases within a specific store or online platform. It typically serves as an alternative to refunds and allows customers to exchange returned items for credit to be spent on future purchases. 

Store credit is a common way to enhance customer retention and encourage repeat business.

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Steps to Provide Shopify Store Credit to Your Customer Base

Step 1: Generate Discount Codes

Navigate to the Shopify admin dashboard and access the “Discounts” section, then proceed to create a new discount. Input the desired discount code name.

Choose between a percentage-based or fixed-value discount. Specify the discount amount.

Shopify store credit
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Under the applies to section, opt for “Specific customers” and designate the intended customer for the code.

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Use the “Generate code” option to produce the discount code, which can be handed to your customers for them to utilize.

Step 2: Dispense Gift Cards

Access the Shopify admin menu by going to “Products” and then selecting “Gift cards.” Choose the “Issue gift card” option.

Shopify store credit
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Specify the gift card’s value. Enter the customer’s email address in the “Find or create a customer” section. If desired, set an expiry date for the gift card in the “Set expiration date” area.

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Complete the process by saving the information, and the gift card will be sent to the designated customer.

Step 3: Employ Shopify Applications

Shopify apps make it easy to give store credit to your customers. These apps not only simplify the process but also help prevent revenue loss. 

They offer features like creating loyalty programs that reward customers for actions like signing up, making their first purchase, or reaching a minimum spend.

Some apps can also work with the Shopify POS app, which helps you track sales from different channels, whether it’s online, in-store, or mobile orders.

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With a grasp of how to create Shopify store credits, it’s time to investigate the Shopify store credit apps in more detail.

Read this: 7 Best Shopify GraphiQL App [Tried & Tested]

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Shopify Store Credit Apps

1. CreditsYard — Store Credit

Rating: 4.9/5

Pricing: $20/month with a 7-day free trial

Utilize the CreditsYard — Store Credit for Shopify to effectively manage store credit. You can allocate store credit to your customers for various purposes, including refunds, exchanges, returns, or as a gesture of gratitude. 

Key features

    • Issuing Store Credit: This allows you to easily issue store credit to customers for various reasons, such as refunds, exchanges, returns, or as rewards.
    • Customer Management: You should be able to associate store credit with specific customers and keep track of their balances.
    • Customization: Offers you flexibility in terms of setting the value and conditions for issuing store credit, such as minimum purchase requirements or valid time frames.
    • Redemption: Customers should have a straightforward process for using their store credit to purchase products from your store.
    • Reporting and Analytics: Suggest insights into the usage of store credit, which can help you understand customer behavior and its impact on your business.
    • Notification System: Automated or manual notifications to inform customers about their available store credit balances.
    • Customer-Facing Information: Displaying store credit balances on customer accounts so they can easily keep track.
    • Refund Tracking: The ability to associate your store credit with returns, exchanges, or refunds, helping with inventory and financial management.

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2. Shopwaive: Credit and Rewards

Shopify store credit

Rating: 4.9/5

Pricing: 7-day free trial; $15/month

With ShopWaive on Shopify, you can effortlessly manage store credit and rewards. This application empowers you to allocate store credit to your customers, be it for handling refunds, expediting exchanges, managing returns, or as a gesture of appreciation.

Key features

    • Store Credit Management: ShopWaive enables you to issue store credit to your customers. 
    • Reward System: You can set up and manage reward programs to incentivize customer behavior. 
    • Customer Balances: ShopWaive helps you keep track of customers’ store credit balances, making it easy to view and manage this information within your Shopify store.
    • Flexible Issuance: Permits you to customize the rules for issuing store credit. 
    • Integration: Integrate with your Shopify store, ensuring a smooth user experience and easy management of credit and rewards.
    • Customer Support: Access to customer support or resources for assistance in case of any issues or questions.

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3. FreshCredit ‑ Store Credit

Shopify store credit

Rating: 4.3/5

Pricing: $15/month; 7-day free trial

FreshCredit is a Shopify store credit management app that aids you in managing store credit for your customers. 

Key features

    • Store Credit Issuance: FreshCredit lets you issue store credit to your customers for various purposes, including refunds, exchanges, returns, or as a reward for their loyalty or specific actions.
    • Reward Programs: Set up and manage your reward programs within the app, encouraging customer engagement and repeat business. 
    • Customizable Rules: The app typically entitles you to set and customize the rules for issuing store credit, such as minimum purchase requirements or conditions for earning rewards.
    • Customer Balances: FreshCredit assists you in keeping track of your customers’ store credit balances, facilitating the ability to effortlessly check and oversee this data within your Shopify store.
    • Notifications: The balance of store credit and any rewards earned can be communicated to customers through either automated or manual notifications.

Having covered the app recommendations, it’s important to understand the significant advantages that come with presenting Shopify store credits to your customers. 

Read this: How to customize Shopify Checkout [+3 Apps]

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Unleashing Store Credit’s Power in Your Online Business

  • Personalized Recommendations: Leverage customer data to extend tailored product recommendations based on their purchase history and credit balance.
  • Tiered Credit Systems: Design tiered or loyalty-based store credit systems where customers earn higher credits as they make more purchases.
  • Gift Card Partnerships: Partner with other brands or businesses to render store credits as part of bundled promotions or gift card deals.
  • Dynamic Expiration Dates: Implement a dynamic expiration system for store credits, where credits expire at different rates depending on factors like purchase frequency or customer loyalty.
  • Flash Sales and Limited-time Discounts: Promote flash sales or limited-time credit-boosting events to drive immediate traffic and create a sense of urgency.

These advanced strategies can help you optimize the impact of store credit in your e-commerce business, driving customer engagement, loyalty, and overall growth.

Read this: 7 Best Shopify Quiz Apps in 2023

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Conclusion

Shopify store credits tender flexible options for managing refunds and enhancing customer loyalty. Three recommended apps—CreditsYard — Store Credit, Shopwaive: Credit and Rewards, and FreshCredit ‑ Store Credit—can help you streamline the process and further improve the customer experience.

By leveraging these tools, establishments can efficiently handle store credits and create a positive impact on customer satisfaction.

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