Chart of the Day: Ecommerce businesses share their ROI from personalization for the Retail, Travel and Financial services sectors
There are now many options for website personalization tools, but we know from our member research that many businesses have yet to implementation personalization for different reasons.
I'm sharing these figures from a new research report since it may help as part of putting together a business case for investment in a tool. In the report, Personalization is defined as:
"the ability to interact with each individual, at any moment, across touch points based on everything known about them, and includes testing, segmentation, and individualization approaches".
The first chart shows that across all three sectors reported, the vast majority - between 70 and 70% - do report a positive ROI. I was surprised that the proportion of businesses who don't or can't wasn't higher since many smaller businesses haven't fully implemented personalization. This perhaps reflects the larger businesses…
5 steps to using a personalization program to increase online sales
Using the right process and the right tools for personalization is essential in making sure you achieve your conversion rate goals. Our team at Smart Insights has collaborated with the team at Monetate, creators of the Monetate Intelligent Personalization Engine, to create this practical infographic, detailing the key areas of focus for a fully optimized personalization programme.
The 5 personalization techniques
Using a strategic approach to personalization structure is imperative. The infographic recommends 5 personalization steps and a process to follow, for a successful personalization programme that increases online sales:
Selecting goals most appropriate to your funnel stage - Selecting the right measure(s) is vital when looking at what part of the conversion funnel you are wanting to optimize.
Apply testing optimization
Segment for greater lift
Apply 1:1 Machine Learning for individualized experiences
Incorporate optimization, segmentation and 1:1 to achieve your goals
…
Chart of the Day: Which personalization techniques are most popular?
There are now many website personalization services available (our listing identifies 28), but how popular are they? This new research is useful to businesses considering adopting website personalization since it explores how many businesses are using different types of personalization.
The benefits of personalization are compelling, regardless of the type of business. Once set up, it can automatically deliver an improved customer experience and increase conversion by recommending relevant products and customers to nudge visitors along the customer journey. Such recommendations services are well-known and widely deployed in ecommerce, especially retail, but there are options to use them in other sectors like travel and financial services. Our article identifies 4 categories including B2B, where personalization services can recommend the 'next-best content' to nurture prospects.
How Widely Adopted Are Different Personalization Techniques?
Across all companies surveyed, more companies are using personalization for email marketing (72%)…
How Personalization, Segmentation, and Optimization work together to create a seamless customer experience
There are three different levels to delivering personalized customer experiences: optimization, segmentation, and 1-to-1 personalization. Many of the ecommerce marketers we speak to are already using one or two of those approaches but haven’t considering how they relate to one another-so we developed a visual we call the Monetate Personalization Pyramid to help visualize the relationships between these three layers.
In this article, we’ll talk you through the Pyramid from the bottom up. If you want to find out more, sign up for Smart Insights and Monetate's Getting Personalisation Right: 10 Best Practices to Improve Conversion webinar.
Optimization
The base level of the pyramid is optimization. This describes the process of testing different approaches, analyzing the results to identify the top-performing design, and then implementing the winner. You'll know this…
Here are the 3 most important reasons why you should pay attention to your ecommerce personalization strategy today more than ever before
If your team is like most ecommerce organizations these days, you have already made some progress in your personalization journey by serving relevant content to your ideal customer groups and optimizing experiences that you serve. The ability to deliver true 1-to-1 personalized experiences across all channels has been the dream of every marketer — personalization increases loyalty, drives higher conversions and grows revenue.
Unfortunately, it has been incredibly difficult to deliver on individualized experiences at scale and various attempts at personalization over the past four decades have failed, resulting in greater unpredictability in revenue. With recent advances in artificial intelligence (AI), this changes. It’s finally possible for brands and retailers to deliver on the promises of 1-to-1 personalization and serve the ideal experience to their each of their customers…
Boost your conversion rate with ecommerce personalisation
When it comes to giving customers a better shopping experience it is crucial to make them feel like they are valued. In a brick and mortar store, this can be done through personal greetings, in-store perks, and personalized offers based on feedback that results from in-store conversations.
Running an ecommerce business presents an additional layer of challenges for businesses trying to nurture personal relationships with customers. But these challenges are not insurmountable when using ecommerce personalization for better conversions.
What is Ecommerce Personalization?
Ecommerce personalization involves giving customers a customized shopping experience based on their demographics, likes and dislikes, tastes, previous purchases, interests, and buying behavior.
Ecommerce personalization for better conversions has proven itself to be a great investment both qualitatively and quantitatively. Jeff Bezos, CEO of Amazon has been quoted saying, “If you do build a great experience, customers tell each other about that. Word of…
Wow your customers with ingenious and useful personalisation
As 21st-century marketers, part of our job is to always wonder: What do I need to do to create compelling and engaging experiences for customers and clients, with our company? It requires an ever circumspect awareness to know what will not only satisfy customer expectations but “wow” them along your sales funnel.
That answer to that question is changing all the time, particularly with the rapid advancement of technology. One such critical trend to practice and be aware of is customer-centricity, and personalization. Loosely speaking, customer centricity is the principle, and personalization is how you put it into action with your company’s digital presence and relationship to your customers.
In the age of data saturation, we as consumers want our experiences online to be relevant, to be adapted and shaped around our interests. Every major development in how we use the internet, from search engines to…
We interviewed Certona's CEO Meyar Sheik about the future of one of marketing hottest trends - personalisation tech.
1. First of all, congratulations on being named top personalisation provider! Can you tell us how Certona uses machine learning and predictive algorithms to predict customer behaviour?
Certona pioneered the use of patented machine learning and predictive algorithms that empower retailers to leverage real-time profiling of individual shoppers across the omnichannel landscape. Certona’s personalisation platform is powered by a sophisticated blend of continuous profiling and real-time targeting that augments behavioural profiles with every interaction. This develops shopper insights that fuel intelligent predictions, letting retailers deliver increasingly individualised experiences as shoppers engage across touchpoints. Within 3-4 clicks on a site, Certona’s personalisation platform ingests real-time shopper data such as location, weather, time of…
How JD Sports outdoors brands Blacks and Millets integrated personalisation into their experience
With average online conversion rates still languishing below 5 percent for retailers, the use of personalised merchandising techniques to boost conversion is a popular investment for many retail sites. This case study of two outdoor retailers who are now owned by JD Sports shows the type of benefits that are possible with different forms of personalised recommendations and how they can be used on different page types:
“Compared to average site conversion rate, conversion rates were increased by 332% on Millets.co.uk and 277% Blacks.co.uk where a visitor selected a personalised product recommendation. The proportion of site revenue from product recommendations is significant, accounting for nearly one fifth of all sales (19.0% at Millets 16.9% at Blacks)”.
These examples and results relate to improvements during 2014.
Before this project, the sites were already using default recommendations from the commerce management platform on…
Jakob Bignert examines the spectre of automated merchandising and tries to reassure us that there is nothing to worry about – no seriously, you’ll be fine!
Since the industrial revolution, automation in the workplace has been met with extreme reactions. As a business owner you would rub your hands in glee as you realised you could punch out more widgets, more quickly while employing fewer people.
However, if fate had dealt you a different hand, you’d be quaking in your boots as you realised your widget making skills were no longer required and unemployment beckoned.
Retail automation
Retail, though, has seen remarkably few significant step changes when it comes to automation. And understandably; buy products, display them attractively, take the money, count it, bank it and repeat. OK, an oversimplification I grant you, but you get the point.
There are some though:
Cash registers and subsequent EPOS systems have removed the need for a counting…
