If you are running an online store or an e-commerce site, you have already heard how important it is to segment your customers and be able to personalize the items, contents and the experience you offer to them.
Acting wisely on different sets of data, like users’ profile information, previous purchases, location or referrals, you can offer a tailored experience and achieve better user engagement, higher customer satisfaction and stronger purchase loyalty.
Although it’s out of the question that a personalized customer experience has a positive impact on critical aspects of any business, you might still have doubts before moving forward.
What will be the real ROI? Is it worth the needed time and investment? When is it the best moment to do it? What could be the right e-commerce personalization platform to implement it?
Some data for your analysis
Companies that use data to deliver personalized customer experiences have 49% higher revenue growth and 30% higher ROI than those who do not, according to a recent infographic by Monetate.
Repeat purchasers (customers who make more than two separate purchases) represent only 8% of the customers of a typical online store, but they actually make 41% of the total purchases, as reported by Adobe.
Loyal shoppers convert 5 to 9 times higher than first-time buyers and often spend 3 times as much per visit. A lack of personalized customer experience is one of the main reasons why purchasers don’t return again to an online store.
Customers that engage effectively with product recommendations convert to purchase 353% more than shoppers who don’t, according to Baynote.
Implementing a personalized experience strategy, Business Insider obtained 60% increase in email clickthroughs, Alex and Ani obtained 73% increase in monthly email revenue and Spin multiplied by 3 the number of pageviews per session from mobile devices, as reported by Sailthru.
A Forrester Research survey calculated the impact of improving a company’s customer experience from below average to above average. The conclusion? Better customer experiences could produce up to $1.3 billion in additional revenue for major industries. You might not be running a hotel or an airline, but the principle applies to any size and type of company.
- Businesses that offer a great customer experience have buyers that are 19% more likely to recommend them, 19% more reluctant to switch to competitors and 18% more willing to repurchase, according to research from the Temkin Group.
Looking for great examples to take inspiration from? In the KISSmetrics blog there is an useful post that includes cases of companies that have been successful in personalizing their users’ experience.
There may not be a bigger way to impact the ROI of your business than addressing customer experience. However, to do so successfully you have to define the right strategy and implement the appropriate e-commerce personalization platform.
E-Commerce Personalization Platforms
There are several personalization and behavioral targeting solutions that can provide you with the necessary tools and support to implement your tailored e-commerce strategy.
You can start by reading about what they do, contacting them for more info and asking for a demo, as this is the best way to understand the extent of the benefits they are offering and if they are a good fit for your needs.
These are some of the top players to consider:
Apptus enables new sales opportunities, powers efficiency and increases customer lifetime value by collecting, processing and delivering content – in context. Baynote helps online brands personalize the customer shopping experience across touch points, based on what consumers are looking for at that moment. MyBuys watches consumer behavior and uses the insights to make coordinated, uniquely personalized recommendations and offers to consumers across all their experiences. Personyze examines to which segment site customers belong and displays a tailored version of the website to each visitor, providing a highly relevant and engaging user experience. Predictive Edge provides cloud-based website personalization for smart e-commerce businesses to increase online sales and boost websites’ conversion rate. Sailthru empowers marketers to turn data into insights and act on those findings quickly and automatically to deliver personalized experiences. 40nuggets uses advanced intelligence to target the right visitors at the right time to get the highest conversion rates possible.