e-commerce personalization software by perzonalization
TRANSCRIPT
DEFINITION
E-COMMERCE PERSONALIZATION SOFTWARE ISA TOOL THAT IS DEVELOPED EXPLICITLYTO PERSONALIZE E-COMMERCE WEBSITES
EVOLUTION
The first example of E-Commerce personalization was brought tolife at Amazon.com in mid 1990s and is said to account for 30% ofthe store’s current annual revenue. Ever since, executives of the
E-Commerce websites have been trying to find a way topersonalize the shopping experience for their customers.
TODAYToday – as shared by Association of National Advertisers – 83% ofall organizations believe that relevant and personal experiencewill differentiate their organizations.
Still, many companies are struggling with personalization asimplementation and data related challenges exist.
We may think of sales representatives as key players in-
store. Whenever a potential customer walks into thestore, the smart sales rep profile the customer in real timeand try to help him/her to secure conversion to sales.
An E-Commerce personalization software is replacing therole of the smart rep by related productrecommendations, offers tailored to the end user, crosssell or up sell recommendations.
THE SALES REPEMPATHY I S KEY
THE OBJECTIVESThe objective trying to be achieved with a personalizationsoftware is to increase certain metrics of the E-Commercewebsites such as revenue, conversion rate, loyalty and averageorder value.
Most of the E-Commerce companies have beenstruggling to find their ways to success in anenvironment where there is fierce competition, lowmargins and low customer loyalty whileexperiencing ever-increasing customer acquisitioncosts.
THE PAIN
Thousands of dollars have beenswept into the digital advertising‘bin’ but still the conversion ratein E-Commerce is slightly above3% meaning that only 3% of thevisitors end up making apurchase.
THE HARD TRUTH
An E-Commerce personalization software comeson to the stage exactly at this point aspersonalization can deliver five to eight times theROI on marketing spend, and can lift sales by 10%
or more.
A personalization tool is more or less mirroring thesales rep’s physical retail activities on an onlineshopping environment with smart engines andsuper use of big data.
THE AHA!
THE ARTThe fundamental component ofpersonalization is the personalizedproduct recommendations. Not allproduct recommendations are ‘personal’in the sense that the personalizationsoftware considers individual shoppingbehavior.
Some product recommendationsonly focus on the relationshipsbetween products to productsremoving the ‘personal taste factor’from the equation.
In order to meet theneeds of today’scustomer, ignoring thetaste factor may not be awise decision; instead asmuch personal data aspossible should bereviewed to personalizethe experience for thatindividual.
THETASTES
A good personalization tool– in theory – should be ableto capture real-time visitorbehavior happening onseveral channels ie. web,
mobile and e-mails.
It should not only be ableto track clickstreambehavior but also should beable to analyze andrespond to customer needsin real-time.
THE REAL TIMEDATA
On site product recommendations can as well beempowered via on site search, personalizedbanners&content, landing page personalization,
product recommendations on e-mails, personalizedmarketing automation, call center messages, digitalads, mobile ecommerce site and app, social media andA/B testing.
THEOMNI-CHANNEL
THE INDUSTRY NEEDAccording to research from a CMO Council survey of 276 marketers in2015, there’s a new focus on finding high-performance marketing
partners with specialized knowledge and business acumen.
The respondents state that they have a hard time analyzing data tocreate personalized experiences (just 29 percent say they are doing this
well or very well).
With data gathering and prediction capabilities coupled with highperforming + high ROI algorithms, personalization software vendors arethe top of the list companies to work with when high performance
marketing technology solutions are being explored.
EASYINTEGRATION
ABILITY TOADOPT
TO TRENDS
+10X ROIMEASURABLE
RESULTSINTERNAL
TEAM BUY-IN
NO DATAPRIVACYCONCERNS
THE VENDOR SELECTION
THERE ISNO CHANCE THAT A
PERSONALIZATION PROJECTWILL FAIL
IF A GOOD SOFTWAREIS USED BY
AN INTERNAL TEAMCOMMITTEDTO RESULTS.
BY TEAMPERZONAL IZAT ION
THANKYOU!
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