About 94% of companies believe that marketing personalization is critical to current and future success. Curiously, many marketers hardly know how to devise and execute an effective personalization strategy, with about 60% of content marketers admitting they struggle with real-time personalization.
By now, every ecommerce store owner understands that retaining a customer is much cheaper than recruiting new ones. With increasing customer acquisition costs, the importance of retention is ever increasing.
Google Shopping is a proven way of acquiring new customers for ecommerce businesses. According to the 2020 Sidecar Google Shopping Benchmarks Report, Google Shopping has seen more than 7% YoY growth in ad spend between 2018 and 2019, while Google Paid Search has seen a decline of almost 8% during the same period.
Not too long ago, product quality and pricing were the top factors that endeared customers to retailers. Although these two selling points remain critical, they're no longer enough to guarantee a steady stream of repeat purchases or loyal customers. As Tony Alessandra, the President of Assessment Business Center, aptly puts, "Being on par in terms of price and quality only gets you in the game. Service wins the game."
Since time immemorial, customers have always valued personalized experiences - the store owner who calls them by their first name or the barista who knows just how they want their coffee. In fact, the central argument against online shopping bordered around the inability of ecommerce platforms to provide these experiences.
Although mass marketing strategies may still deliver some results, the consensus is that they're expensive and largely ineffective. Marketing technologies have evolved beyond delivering campaign messages to everyone and hoping enough people will buy. As an ecommerce marketer, it's your responsibility to identify customers and tailor your marketing messaging and offers to meet their needs.
Upselling is a way to drive revenue and simultaneously increase the value that customers receive. The biggest brands on Shopify employ the best upselling practices for these very reasons. However, upselling is easier said than done, and poor practices may have the opposite effect and drive your customers away altogether.
The most successful brands capture customer attention, keeping them engaged, and coming back for more. One of the most effective ways to maintain a steady stream of interactions is through ecommerce personalization.
2020 has been a wild ride for online merchants. Brand-specific websites have become ever more critical component of any merchant’s success. In this environment understanding how to intelligently merchandise products is essential.
In response, LimeSpot has expanded our Enterprise offering to provide large and mid-sized retailers more capabilities not only to convert, but also to acquire and retain shoppers.
On February 26th, our CEO Sharon Goldstein will be joined by Fiona Stevens, Head of Marketing at LoyaltyLion, to discuss Personalization in the latest of LoyaltyLion’s Ecommerce Espresso webinar series.