Yes, you’ve read that number right! One of our top retail clients has recently attributed an extra £1.15 MILLION to a personalized email campaign.
And that statistic is by no means a fluke. Econsultancy estimates that emails are generating more than £30 BILLION in retail sales in the UK alone.
So how can you get a slice of that action?
We all know that personalization is the key to connecting with our customers. The IDDM identified the following as the key benefits of personalization in a recent study:
But personalization isn’t as simple as just adding your customer’s name to the subject line. Personalization in 2018 goes far beyond that, and it all revolves around one key thing: DATA.
So how do we transform data into a skyrocket in revenue? First, let’s tackle the big one:
Decrease Your Basket Abandonment Rate
Basket abandonment rates across industries are at an all time high, as showcased by Statisa’s diagram below:
When it comes to basket abandonment emails, timing is everything! Studies show that the best time to email is an hour after shoppers have left your site, but they can be successful for anything up to 24 hours after.
“45% of cart abandonment emails are opened; 21% of all are clicked on, while 50% of the users who clicked purchased.”
So don’t miss out! Ensure that you are properly tracking your shoppers and set up an automated email flow that sends them a personalized email one hour after abandoning their cart.
Pimp Up Your Transactional Emails
You’ve won them back from that abandoned basket! Now what do you do?
Transactional emails are marketing gold for retail. You have to email your shoppers with their purchase details- they’re expecting it, so there’s no risk of alienation or ‘spamming.’ But are you doing all you can with this opportunity?
It’s time to think outside the box and get smart with your segmentation.
Start by putting your shoppers first. Don’t just recommend products based on those which they have purchased- that isn’t true personalization.
Instead focus on the data for each shopper- map their whole user journey from how long they stay on each page to historical browsing data, average spend and more. Yes, that’s a lot of data to analyse. But the right personalization platform will make this simple for you, with smart algorithms that enable you to focus on the end result and not the tech.
And the results are really worth it:
“Marketers have noted a 760% increase in revenue from segmented campaigns. –Campaign Monitor”
Time to Get Tracking
Beyond basket abandonment and transactional emails, personalization also holds the key to winning back old customers, building brand advocates and skyrocketing your revenue.
The answer lies in your data. The way you track it, analyse it and optimise it. You have this data at your fingertips, so start to be creative and put your shoppers back at the heart of your campaigns- not your products. And maybe you’ll start to see the incredible results that our clients have seen.