Monetate,
the worldwide leader in personalization, today publishes its latest Ecommerce
Quarterly Report that addresses how bespoke experiences broadly
impact customer performance. Throughout Q4 2018, Monetate examined
whether exposure to website customization has a measurable effect as it
accumulates over a customer’s time spent engaged with the brand online.
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In order to see exponential growth from deeper on-site engagement, marketers need to deliver a steady drumbeat of personalized experiences to every visitor. (Graphic: Business Wire)
The report analyzes a random sample of more than one million sessions
from across Monetate’s global retail customers to draw insights about
the impact of consistent personalization throughout a session.
Highlights include:
-
The power of personalization compounds with each experience:
conversion, add-to-cart and cart abandonment rates improve
exponentially over a bounded series of personalized pageviews. When
exposed to:-
Three pages with personalized elements – conversion rates
double, from 1.7% to 3.4%, when compared to consumers who are only
exposed to two pages. -
10 personalized pageviews – conversion rates meet 31.6%,
add-to-cart rates hit 65.2% and cart abandonment rates drop to
58.8%.
-
Three pages with personalized elements – conversion rates
-
Patterns differ between audience groups: each segment may have
its own “tipping point” for the amount of personalization that it
takes to coax users into their full performance potential. -
Facebook offers an untapped gold mine: normally, Facebook has
the highest bounce rate and lowest average session value of all
referring channels. But when this specific segment is exposed to eight
pages of personalized content, conversation rates reach 4.9% – up from
1% at seven pages – definitively exceeding the performance of other
referrers. -
AI is a critical component in a brand’s ability to reach individual
customers: this is especially true for customers with distinct
profiles that make them difficult to serve with rule-based
segmentation, but who contribute disproportionately high value to the
business.
Consumers are harder to engage with today than ever before. Marketers
should not be designing their personalization strategies as a series of
one-off tactics, but part of a cohesive experience that enhances each
individual’s journey. Its effects should be persistent over time and
pervasive across interactions, not just limited to a lightbox delivered
on exit or a customized banner on the homepage.
“In order to catch and keep a customer’s attention, it is vital that
marketers offer a personalized experience to website visitors
immediately. Marketing dollars need to be spent on strong engagement
levels, not just expensive bounces. By incorporating multiple
personalized pages, brands are empowered to drive higher add-to-cart and
conversion rates,” said Brandon
Atkinson, COO, Monetate. “Unless personalization is infused both
persistently and pervasively into a user’s experience, brands are
missing an opportunity to achieve more value from their efforts.”
The complete Q4 2018 Ecommerce Quarterly Report and its
methodology is available for download: https://bit.ly/2HfprKF
About Monetate
Monetate,
the global leader in Personalization software for consumer-facing
brands, enables marketers to grow more of their customers into their
best customers. Powered by artificial intelligence, the Monetate
Intelligent Personalization Engine makes it easy to test and optimize,
segment and target, recommend products and even create true 1-to-1
omnichannel experiences. The company was recognized as an industry
leader by two leading analyst firms in June
2018 and August
2018. Founded in 2008, with offices in the U.S. and Europe, Monetate
is used by leading brands around the world and influences billions of
dollars in revenue every year for QVC, Newegg, Timberland, Carnival, The
North Face, and hundreds of other market leaders. Learn more at www.monetate.com
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