Fashion and accessories retailer Monsoon has today announced that it will be trialling a new attribution tool, Rakuten Marketing‘s Cadence Essential, in order to gain a transparent view into how each of its communication channels is working in real time.
According to McKinsey&Company, digital ad spend is fast growing from $32bn in 2011 to $60bn (80% of TV-advertising total) by 2017. However, despite the surge in digital spending, companies may be leaving as much as 20 to 30% of potential returns on the table.
With this in mind, Monsoon is working with Rakuten Marketing to gain transparent insight into the overall performance of their marketing channels, allowing them to customise each channel by KPIs and the ability to compare channels by date and time.
By comparing the channels side by side, Monsoon will be able to understand the conversion rate on each channel, as well as a view of the AOV and an in-depth look into the path of the consumer across both converting and non-converting channels.
Talking of their decision to use the attribution tool, Bilal Adham, Senior Ecommerce Marketing Manager, Monsoon, said:
“The customer journey is more complex than ever, so understanding how our customers shop is crucial for us to offer them the best online experience. With Cadence Essential, we will be able to make informed decisions about marketing spend based on data, and by looking at our overall performance across channels we will be able to learn how to be even more effective in our marketing. Technologies like this are essential for marketers in order for us to keep innovating and improving results.”
As the customer journey becomes increasingly complex, retailers need a more transparent view into the overall performance of their marketing channels, in order to track the user journey. Cadence Essential offers a granular view into every step of the customer journey.
Tony Zito, President, Rakuten Marketing commented on the launch:
“Advertisers shouldn‘t have to pay for transparency into their marketing investments. The consumer purchase journey continues to grow more complex, and advertisers need the barriers to understanding this journey removed.”