Build Engaging Digital Experiences Across Brand Touchpoints
The acceleration of eCommerce due to the COVID-19 pandemic has resulted in more competition than ever for retailers and brands.
In 2020, the rate of eCommerce penetration in the US grew by 10 years in a 90-day period. The cost of acquisition is also higher, and it is harder for brands to differentiate themselves from the competition.
So, what can retailers do to address these challenges on eCommerce websites? The answer lies in personalization.
Drive Conversions and Remain Competitive with Personalization
One of the best ways for retailers to differentiate from the competition is to focus on the on-site experience.
According to a study from McKinsey, companies that excel at personalization generate 40% more revenue than their counterparts who are slower to adopt on-site personalization experiences.
For retailers to succeed and drive conversion, cultivate happy, loyal customers, and stand apart from the competition, retailers can leverage personalization in multiple ways.
Drive Conversions and Remain Competitive with Personalization
Replicate In-Store Experience
While it is hard to replicate the human interaction and concierge level of service offered by an in-store associate, personalization on the eCommerce site can guide shoppers in finding the products they are looking for when retailers take the time to build an engaging personalization customer journey.
Guide Shoppers to Make Confident Purchases
Insight into what shoppers are actually looking for on a retailer’s eCommerce site, paired with personalization experiences such as product recommendations and social proof can help guide shoppers to making a purchase that they are more likely to enjoy.
Segment Your Customer Base
Retailers often have a diverse customer base, with customers that crave different experiences online to suit their interests. To build customer loyalty and cultivate return customers, personalization can be leveraged by retailers to build different experiences for these different customer segments.
Drive Conversion and Avoid Drop-Offs
Serving personalized experiences to customers across the home page, category pages, and product detail pages (PDPs) all the way through checkout can help drive engagement, conversion, and lower bounce rates at every step of the customer journey.
Top Monetate Personalization Experiences for Retailers
Social Proof
Show how many visitors have added a product to the cart in the last hour or how many have purchased a product in the last 3 days. Social proof helps convert visitors by creating a fear of missing out (FOMO) by playing on the human tendency to be influenced by collective action.
Product Finder
Help guide a visitor to a tailored set of product recommendations by asking a series of relevant questions that you create about a shopper’s product needs and other relevant information. Product Finder provides customers with the confidence to purchase online and find the product that will best fit their needs.
1:1 Personalization
1:1 Personalization helps scale personalization across an eCommerce site quickly, so retailers can more easily ‘trade the site’ even with a lean team. Retailers that have a big product range or a fractured customer base can also provide highly personalized experiences to each individual customer who visits their site.
Personalized Search
Personalization helps make the search experience more efficient and relevant for those higher-intent shoppers, who are more aware of what they are looking for on-site.
Product Recommendations
Product Recommendations helps retailers cross-sell, upsell, and provide a more browsable experience for visitors by making suggestions, or recommendations of products that are more likely to intrigue a site visitor based on past purchases and behavior.
Segmentation and Targeting
Segmentation and Targeting enable retailers to provide different experiences for low spenders vs high spenders, for different sources of traffic, or for any historical, contextual, or behavioral attribute you wish to segment by to make experiences more relevant to each customer on the site.
Testing
Retailers can validate that the changes they are intending to make to their eCommerce site (adding various personalization experiences) are worth the investment. You can also learn more about your customers and their behaviors.
Reporting and Analytics
Retailers receive real-time data on the tests run to help them make more informed decisions across their eCommerce site to inform personalization strategy.
Case Studies
Wolseley Sees 100% RPS Lift After Serving Unique Homepage Experiences to B2B Buyers