We’ve analyzed more than 2 billion user journeys and 120 million purchases to determine what kind of revenue uplift you can get from various optimization and users personalization techniques. The scale and depth of data analyzed, as well as the independent assurance from PwC makes this study the first of its kind. Today, we will share how users personalization journey is in detail for the 2 billion users.
Personalization is a means to an end, relevant, timely customer experiences that increase sales and customer retention. Important areas you may not have considered yet, personalizing live customer journeys as they unfold in real-time, making decisions about which customers you should be talking to live, and selecting the right people with the right skills to talk to them.
Personalization depends on effective analytics that give you real insights into likely customer behavior.
Most thinking about personalization is focused primarily on content and product recommendations. For example, if your customer is shopping for sports shoes, then maybe your recommendation analytics will suggest socks, related sports, equipment and shoe spray? Or if your customer bought jacket last year, maybe you highlight your most recent new jacket designs? And as we all know, there’s a Seattle-based online retailer that will recommend the most amazing things “inspired by your browsing history”! The predictions here are based on relationships between purchases of different products across many customers or across an individual customer’s purchase history.
Product recommendations are mandatory today, but to personalize customer journeys you need to extend the approach to other aspects of the customer experience.
Many e-commerce sites have toll-free “800” numbers for customers to call when needed, and some sites are experimenting with live chat. However, today there’s nothing personalized about any of these interactions. But let’s look into some statistics.
Marketing personalization company Qubit published a report analyzing more than two billion user journeys and 120 million purchases. This is to determine the business impact that E-commerce brands can expect from specific users personalization techniques. That’s a ton of data. So what were the findings?
- 73% of online consumers spend most of their money on just one to five websites.
- 81% of respondents are open to switching loyalty to sites that provide more personalized experiences.
- E-commerce businesses can add up to 6% revenue per visitor by optimizing and personalizing the shopping experience.
In the infographic, it was mentioned in the marketers view discussing the two main challenges achieving personalization at scale. First of which is the lack of the right data, which is perfectly self-explanatory. Data should always be thought about intensively.
Second is the lack of the right technology, at this point researchers and experts should be sought for the suggestion and advice to make your personalization efficient if not best to serve its purpose.
Key findings from a four-year study of 2 billion user journeys, which has been independently audited and assured by PwC.
To see other highlights, check out the infographic about what “Users Personalization Journey of the 2 Billion Users [Infographic]”
What you’ll learn
Segmented experiences drive times more revenue. How a multi channel retailer added $1.3m in revenue. Only 16% of consumers are staying loyal to brands. The highest and lowest performing techniques. As mentioned above, the scale and depth of data analyzed, as well as the independent assurance from PwC makes this study the first of its kind.