Many personalization companies are tempted to use attributable sales as a metric for measuring the value generated by personalization. While it is important to have a healthy level of attributable sales to ensure your shoppers are engaging sufficiently with personalization, aiming to maximize attributable sales will ultimately result in degraded performance, and even a loss in revenue. That’s because the attributable sales metric does not take into account the impact of the following 3 phenomena:
It’s almost the most wonderful time of the year! And we know it’s also retail’s busiest, so we’re here to help you get in the holiday spirit and also make sure you get the most magic (and ROI) out of your personalization platform.
Product recommendations, also known as “recs,” are a cornerstone to an effective ecommerce merchandising strategy. When fully optimized, recs typically increase retailer revenues by up to 5%.
You spend a lot of time optimizing your website to streamline the shopper’s path through the retail funnel—making sure they see value at each point along the way. Once you navigate the shopper to the right product, it’s important that you take the necessary steps to seal the deal, and get the shopper across the finish line.
I wanted to highlight a particularly interesting case study of RichRelevance customer, PriceMinister. The second most visited ecommerce site and leading marketplace in France, PriceMinister, part of the Rakuten Group, was looking for a personalisation platform to help improve their commercial performance and give them a competitive edge.
Like it. Love it. Prefer it: The Customer Preference Center Makes Shopping Personal
TTS Group has teamed up with RichRelevance to make online shopping easier and quicker for parents and teachers stocking up on school supplies. The latter’s Recommend technology is being used to tailor shopping journeys using real-time consumer behaviour. We have seen huge success since partnering with RichRelevance. In the first month of implementation, we saw a significant increase in sales on products that were personally recommended to our customers, says Jon Vasey, head of e-commerce at TTS Group. Children grow up quickly and the products that our customers purchase may change significantly from month to month. Using RichRelevance’s Recommend solution, we can target product recommendations for different age groups that match our customers™ immediate needs.
…and it is your customer data.
Nine out of ten purchases still take place in the store. That means that with each swipe of the credit card, customers send a strong signal of preference by means purchase. But today this signal is lost into one of these: DMP, CRM, or another three-letter acronym for your data sinks.