Right before next week’s Savant eCommerce Berlin, we had the chance to ask Anoop Vasisht, GM Europe of Dynamic Yeld, a few questions about personalisation and the impact it can have on ROI.
1) One of the key factors for effective personalisation is the ability to integrate new data about the customers and learn from it. How can you integrate customer feedback in the personalisation process? (How do you learn from the customers?)
Customer feedback comes in many forms, some is proactively acquired through tools like surveys, while some is left by customers by way of their interactions (views, clicks, purchases, affinities, propensities, etc.). This type of information is typically obtained from customers via web, mobile web, apps, and from landing pages.
On top of this information, we look at our customer’s ability to onboard data from their CRM and POS systems, which otherwise would only be used for non real-time purposes. First party session data, CRM and POS data, as well as the combination of those with third party marketplace data is what makes Dynamic Yield’s audiencing abilities so powerful for utilisation on a real time basis.
2) Amongst the multiple personalisation factors like time sensitive promotions, weather based recommendations, geo-location etc, which one do you think can have the strongest impact on the ROI?
This is hard to say as it depends very much on the industry, geography, and size of the company. What we can definitely say is that our customers who use content personalisation, testing and behavioural messaging, along with product recommendations experience higher ROI than those who may only use one or two of these components.
For example, we’ve been working with Chal-Tec for a long time now. Their team is seeing uplifts of more than 37% in average revenue per user across use cases which include time-sensitive notifications, affinity-based recommendations, and geo-based targeting..
3) What will be the next step in personalisation for retailers?
A big area which has been neglected by most vendors is offline personalisation. We are currently extending use cases to some of our key customers where we’re not only bringing offline data to power personalisation online, but also empowering point of sale personnel with online data to help increase basket size and loyalty offline as well.
4) What are the 3 key takeaways for eCommerce players and omni-channel retailers when it comes to creating a personalised experience?
The key to a successful personalisation program is to:
- Build an agile team consisting of merchandisers, marketers, and front-end developers / UI-UX professionals
- Understand the marketing stack you have and differentiate between the KPIs, objectives, and requirements between acquisition and retention
- Encourage a culture of experimentation with the right incentives to drive adoption throughout the org
If you’d like to hear more from Anoop about personalisation and ROI in eCommerce, join him at the Savant eCommerce Berlin on 5 & 6 February 2019.
