If you were to look at your sales numbers and add 19 percent to the bottom line - what impact would that have on your business?
Using ecommerce personalisation, that 19 percent is readily attainable – according to research from Econsultancy – by improving personalised product capabilities on your website. Personalisation, or mastering what exactly your customers want when they come to your website, is now big business.
Almost 60 percent of your customers want real-time personalised promotions and offers as they browse your website. Leading online retailers don’t view themselves in the “selling” business; they are in the “cross-selling” business. Their goal is to personalise the customer journey enough so customers purchase not only what they are searching for, but the complementary products and content they may not even realise exists.
These leading retailers have their customers in the driver’s seat when it comes to the journey; they use machine learning on their customers’ online user behaviour data, and the same retailers continuously learn the content and products that will lead to higher conversion rates, larger basket sizes and deliver it automatically.
The rest of online retailers, however, are falling short on ecommerce personalisation. Without a targeted understanding of what customers need, these big box stores are losing valuable insights from their customers, leaving them to wonder if the retailer understands their needs. Half-hearted attempts at personalisation are no longer an acceptable option – not when 74 percent of online consumers are frustrated when content is not personalised to their interests.
So why the delay for these online retailers? It’s complicated. Statistics show it’s a combination of many factors: in one survey from last year, 17 percent of marketers say they have trouble collecting and analysing data. Another survey found that marketers struggle to gain insight quickly enough (40%), have enough data (39%), and often deal with inaccurate data (38%).
What makes the successful online retailers stand out? Some retailers are winning the personalisation game, but I’ll let you in on a little secret: they’re all using the same playbook. It covers how to get around the data challenges that their peers face.
Most online retailers know that they need to personalise, but the key to capturing that 19 percent increase in sales that competitors are seeing requires the solution to deliver on all of the above practices and align with your business priorities.
Coveo will be attending SUGCON in Berlin April 23-24 this year. Please drop by our booth and meet the EMEA team, or come along to any of our speaking sessions.
Coveo are market leaders in site search and content personalisation. Their intelligent search platform can be integrated with Sitecore, Salesforce and a range of different platforms.
Seamus O’Riordan is Coveo’s Head of Business Development and Strategic Alliances for Salesforce and Sitecore in EMEA. Starting his career in consulting with Ernst & Young, Seamus has extensive experience building global partnerships. Seamus has worked closely with Salesforce before joining Coveo, most notably with Altify (The TAS Group). He also once managed Global Operations at Novell.