eCommerce personalisation: from lip service to rocket fuel?
Personalisation isn’t a new tool for marketers, but as technology evolves, so do the opportunities for personalised marketing. The benefits are further amplified when it comes to eCommerce personalisation, where increased engagement often means more revenue.
Benefits of eCommerce personalisation
A report by Qubit, which analysed over 2 billion user journeys and 120 million purchases, found that e-commerce businesses could add as much as 6% to revenues through the use of optimisation and personalisation techniques.
It also revealed that, when compared to traditional optimisation efforts focusing on cosmetic changes, programmatic and personalisation experiences tapping into the customer have the potential to provide between 2x and 14x more incremental revenue per visitor.
Despite this, just 18% of marketers are ‘very’ or ‘extremely’ satisfied with the level of personalisation implemented in their marketing, while nearly two thirds (64%) believe it should be a bigger priority, Marketing Tech News reported.
Consumers want personalisation
But it isn’t just marketers that want personalisation, consumers want it, too.
Another recent Marketing Tech News article discussed the Qubit research and revealed that 50% of consumers said they enjoy receiving product recommendations based on their interests, with 48% willing to share this information in order to experience a better shopping journey.
The research also highlighted the importance of targeting promotions based on consumer preferences, as 81% of respondents said this was very important.
According to last year’s Accenture Interactive survey, 56% of customers are more likely to shop at a retailer, either in store or online, that recognise them by name.
But it’s vital that marketers get personalisation right, as half of those surveyed said they have declined to follow through with a recommended online purchase.
How you can use personalisation to boost e-commerce revenues
Founder and CEO of Qubit, Graham Cooke, commented: “E-commerce leaders have to get personalisation right when they’re trying to compete against the likes of Amazon, and yet it’s so hard to know what really works.”
However, Marketing Tech News recommends focusing on the following areas to deliver an effective personalisation experience to your consumers:
Ensure data is accessible – Marketers need data in order to create effective and engaging personalisation strategies, however, the marketing department is not always the custodian of data. This data must be available and accessible in order to deliver a highly personalised customer experience.
Give the marketing team their own IT budget – Those working in the marketing team know what technology works and doesn’t work for them. Give the marketing managers power to decide the software they use and allocate their own IT budget.
Utilise geospatial data – There’s so much data available now, but this means specific data can be overlooked. Marketers should make use of geospatial data as location intelligence adds content, creates insight and fuels opportunity, all of which helps create a better personalisation experience.
Create Single Customer View – It’s difficult to have a good understanding of our customers when their data is stored in different places or is incomplete. By creating a Single Customer View, e-commerce marketers have the insights they need to make more informed marketing decisions.
Adapt omnichannel strategy – There are many advantages to an omnichannel strategy, however, it can cause issues for customers trying to get an answer to their queries. Marketers need to integrate their channels to keep up with consumer expectations about customer journeys.
Data holds the key for eCommerce marketers. If they don’t utilise the data to create more personalised approaches to their marketing campaigns, they risk isolating and losing their customers. Give Fireworx a call to see how you can boost your revenues with personalisation today.