At this year's IRCE in Chicago, I interviewed David Brussin, the founder of Monetate, and it was an enlightening conversation on the changing expectation of consumers and the experience they're expecting from retailers both online and off. The case for personalization is growing stronger and may have just reached a tipping point.
Monetate's recent Ecommerce Quarterly report is showing that bounce rates are up, average order values are down and conversion rates continue to decline. Personalization and testing is thwarting this trend… not simply because of optimized recommendations but because sites that are deploying these technologies are acquiring and keeping customers because of the improved customer experience.
The Ecommerce Quarterly report analyzes a random sample of more than 7 billion online shopping experiences using same store data across each calendar quarter. Averages throughout the report are calculated across the entire sample. Key performance indicators, such as average order value and conversion rate, vary by industry and market type. These averages are published only to support the analysis in each release of the report, and are not intended to be benchmarks for any ecommerce business.
Monetate powers multi-channel personalization. The Monetate Platform's interface allows marketers to create, test and deploy an unlimited number of personalized digital experiences with limited need for IT or consulting resources on a real-time platform.
- Monetate for Email – Personalize your email and link it to personalized landing pages.
- Monetate for Merchandising – Personal product recommendations and badging.
- Monetate for Mobile Apps – Personalization and testing for native mobile apps.
Monetate Personalization and Recommendations Overview
With Monetate for Personalization, you can create tailored customer experiences across web, email, and mobile apps. You're able to personalize the entire shopping experience by customizing navigation assets, banners, badges, heroes, and more. Data elements can be integrated from your CRM and POS as well as web, location, behavior and device data to improve the customer experience throughout your site.
The ROI of Personalization
With the challenges of the ever-expanding online marketplace and competition, personalization isn't just providing a return on investment, it's becoming a necessity.
Kipling recently rolled out a product recommendation grid to its homepage with Monetate. Though basic in and of itself, the company took it a step further by testing placement. One version displayed product recommendations at the top of the page while another version displayed a grid at the bottom of the page. As a result, the team increased shopper engagement and determined the best placement for optimizing conversion rate.
With conversion rates of 7.29 percent and 9.33 percent respectively, both far surpassed the site’s baseline conversion rate of 1.64 percent.