To close out the month of October we gathered on Manhattan’s West Side at the modern, sleek, and fun Yotel for another installment of our Bright Sparks events. Our morning was filled with a delicious eggs benedict bar, networking, and insightful conversation.
90% of EU banks invest less that 0.5% on digital. Yet digital banking sees almost £1.5bn in transactions every day. If the airlines who, like the financial sector, faced similarly tough data risks and security issues, have been able to digitally personalize and optimize their customer experience, then financial institutions are truly behind. And the clock is ticking as newer players among lean pureplays outbid their traditional counterparts.
10 years ago I started at Google and, with it, my first real understanding of how the ‘Google machine’ made money through Cost Per Click (CPC) advertising. The model was simple; an advertiser would bid on a keyword that related to the products or services they were selling and when that advert was clicked, Google earned money based on a competitive auction model. At that time, nearly a decade ago, the cost to acquire visitors to a website were relatively low as the competition levels were a fraction of what they are today. Back then, it was really a matter of build a website and shoppers will come. And they did, in their hundreds and thousands. So who cared if just a small percentage of my traffic converts? Online marketers were getting a great ROI.
Fast forward 5 years and it was a very different story.
Many businesses view re-platforming as a necessary evil in order to keep up with consumers’ demanding shopping habits. And it ain’t cheap. Selfridges recently spent $40m on a new ecommerce platform designed to be future proofed for omnichannel personalization.
Up until recently the event of purchasing a platform was cyclical in nature - every three years a business would embark on a new vendor selection process, then set about lengthy integration and training programmes to get the new system operational and optimized.
The average ecommerce website runs around 30 different types of onsite technology. These technologies can help you extend the core functionality of your CMS and could be anything from product recommendation widgets to social merchandizing tools. With so many single point solutions, it can be hard to determine which ones are actually delivering to your bottom line.
It’s important to do A/B testing on your website to ensure that the changes you make to your site are increasing conversions. But it’s imperative to A/B test those parts of your sites which are considered to be ‘risky’, such as the checkout, where the downside of a test is potentially significant, and if pushed live would have a negative impact on your site’s performance.
Have you ever wondered whether optimizing for conversion rate is actually driving revenue? Does the constant push for conversions actually mean you are always getting the best AOV and the best margins you can?
AB testing is important to gauge the effectiveness of changes you make to your site. Depending on the type of test you are running, or the different phase of testing you are in, we recommend targeting your tests to different proportions of users. Here are the four different testing “modes” that we recommend for a successful testing strategy, which are now available with Deliver.
Personalization can be scary. It’s understandable; suddenly the anonymous internet knows your personal details, likes, dislikes, and your location….a tad stalkerish? Yet personalization, when done intelligently, can have the reverse effect. Here we look at some examples of personalization that don’t just help the user, they make them feel at home.