Over the past few years, as many UK consumers have spent more time at home—they’ve moved away from in-store shopping to buying more products online. This shift in shopping behavior has forced retailers to reassess their ecommerce experiences, bringing in elements of in person shopping to the digital space, and making every interaction personal and relevant.
The proliferation of online stores means that consumers have more options now more than ever, and it’s necessary for brands to capture their loyalty, rather than miss out on important repeat customers. Relying on old habits cannot sustain an online customer base any longer, and ecommerce companies need to become savvier online, and prioritize their consumers’ experiences on their online stores. There are several ways that retailers can heighten their online strategies and stay in the mind of their consumers.
Monetize the transaction moment
The transaction moment is the powerful instance at the end of the buying journey when customers are most likely to be receptive to relevant offers. Rokt is the ecommerce solution that online retail companies are turning to to help monetize their transaction moment, utilizing robust machine learning to place relevant offers from top brands, Rokt improves the customer journey of each individual and provides incremental revenue for ecommerce brands. Missguided is one such example, in just six months they generated more than $500k in additional revenue over one million transactions. And that’s money straight in the pocket of online retailers, something that is only possible due to Rokt’s connections with brands whose offers align with retailers’ customer bases, and engagement rates higher than 10%.
Drive loyalty
Modern consumers’ attention is constantly being pulled in any number of directions; over 70% of shoppers abandon their cart when they leave a site, meaning building customer loyalty is becoming increasingly vital. Customer attention can shift like the wind; anything you can do to remain in their mind as a good experience will pay off in the long run. For each customer you’re only as good as your last interaction, so you must make each one count. Providing additional value for the customer and revenue for your ecommerce site is the best way to maximize each and every opportunity when customer engagement is at its peak. However, this can only be done when brands properly use the data available to them.
Utilize first party data
Consumers are willing to share more of their information in return for a more relevant experience. This can transform the wealth of customer data that online stores are sitting on into a powerful tool for improving each individual customer’s shopping experience through personalization. These relevant offers when driven by machine learning can increase conversions while providing customers with real value, and increase the all important brand loyalty. With more brands than ever expanding into the ecommerce space, consumers are surrounded by options for everything they could hope to buy. This creates a tug of war for customer loyalty as brands vie for increasingly valuable attention. The transaction moment when optimized by Rokt can provide a perfect opportunity to increase brand loyalty, by providing the right loyalty programs or subscription offers at the right moment, retail brands can add value for their customers while increasing their market share in their consciousness. A good customer experience can do the heavy lifting for converting a one time purchase into loyal repeated purchases.
Want to learn more about how Rokt helped Misguided and how we can help you utilize the above details and more? Read the Missguided case study or talk to an expert today!
