Monetate Announces Company Expansion and 49% QoQ Sales Growth
Data reveals social media driving purchases and substantially higher AOV; Monetate announces key enhancements to Social Proof
Monetate, the leading all-in-one personalization platform, today announced results and key accomplishments for Q1 2023. On the heels of its sale to Centre Lane Partners in October 2022 the company completed its first full quarter with a 49% increase in sales, expansion of its executive leadership team, and released new features for Monetate Social Proof.
“Taking the helm as CEO in October, my vision for Monetate is to double down and invest in both our team and our platform. The world’s best companies rely on us to deliver an optimal experience to every customer at every interaction,” stated Brian Wilson, CEO of Monetate. “Personalization’s business impact will continue to grow, and organizations need the right mix of technology and expertise now more than ever to take advantage of the opportunities created.”
To keep a pulse on the industry, Monetate analyzes billions of customer sessions across 250+ retailer brands including Reebok, Helly Hansen, and Office Depot. The company publishes its eCommerce Quarterly Benchmarks Report to allow companies to reconcile their performance against the industry.
In Q1, total purchases from email are up +11% and from social are up +4.2% from Q1 of 2022 to Q1 of 2023, signaling the continued importance of these two time-tested marketing channels. Purchases from tablets meanwhile were down by -28.8% from Q1 of 2022 to Q1 of 2023.
Of note, the average order value (AOV) from purchases made from social channels shot up by 32.6% while purchases made from social-sourced product recommendations increased by 15.4% from Q1 of 2022 to Q1 of 2023. To help our customers drive conversion based on consumer spending changes, new key features have been added to Monetate Social Proof including: the addition of pre-populated social proof messaging based on best practices, the ability to A/B test social proof messaging across omnichannel experiences, and the personalization of “Recommended for You” messaging on PDPs and PLPs based on shopper activity.
The company expects to continue on a growth trajectory in 2023 as the need for personalization continues to accelerate. “Our strategy has always been to stay ahead of the curve to drive success for our clients,” added Wilson. “With our focus on real-time personalization, AI-powered decisioning, and omnichannel optimization, we’re ready to help them take on new segments, markets, and customer expectations.”