At Shoptalk in Las Vegas, Qubit announced the availability of a new product portfolio which is designed to support brands at all the different levels on the path to integrated personalization.
In this blog, we will showcase the use cases and benefits of Qubit Grow, the product that builds upon personalization fundamentals to provide solutions to specific industry and business-based challenges. Qubit Grow is all about impacting customer lifetime value and loyalty beyond the initial purchase phase.
What is Qubit Grow?
Qubit Grow applies personalization to improve efficiency, improve profitability and increase revenue. It does so with specific use cases that tackle key business challenges in specific verticals.
These verticals are beauty and cosmetics, fashion, luxury, airlines, travel, and online gaming. While brands in all these verticals have similar broad level goals (efficiency, cost control and revenue), their specific challenges require different personalization solutions.
Moving beyond the use cases in Qubit Start, Qubit Grow helps brands deliver customer centricity by bringing together more data sources and introducing self-segmentation to gather explicit qualitative customer data. The use cases support this focus, for example, looking to improve retention and encourage customers to progress from their 1st to 2nd purchase, rather than just aiming to address customer acquisition.
For fashion ecommerce, Qubit Grow can bring together behavioral and intent-data to make tailor personalizations for each visitor. For an experience on the product landing page, brands can make size suggestions based on historical purchases to reduce returns. For example, if you know the size of a visitor based on previous purchase information, make sure they don’t miss out on an item they are showing interest in, by highlighting that it’s low in stock for their size.
In luxury online shopping personalization, segmentation enables brands to target specific groups of people based on the actions and purchases they’ve previously made. If VIP customers deliver the highest proportion of your profits you can notify them when an item they’ve shown an interest in comes back in stock. If you notify VIPs first, on any channel they are engaged in, it can add to the exclusivity of the experience.
In beauty personalization, a combination of AI and omnichannel personalization means brands can send impactful and targeted messages to customers on any channel. For example, Chemist Direct used purchase data to accurately predict when customers would run out of a product and therefore need to replenish that item.
To increase loyalty, airlines can use segmentation to boost ancillary sales and increase the effectiveness of personalization by 3 times. By ranking ancillaries based on someone's propensity to buy, whether they are a family, couple or single traveler, for example, you can surface information based on what’s popular in their segment. For Thomas Cook Airlines, this increased purchases by 1.6%, see the full case study here.
For travel brands, personalization with product recommendations is a key way to differentiate and ensure visitors are finding the most relevant holidays, rooms and offers for them. Discoverability is key for hotel recommendations and when it comes to loyal and new customers making a considered and confident purchase. For Thomas Cook Holidays, that meant deploying sticky product recommendations for visitors, increasing conversion rates by 6% - find the full case study here.
And finally, there are use cases for personalizing online betting, the industry that arguably requires the most real-time data access to create next-best action experiences and recommended bets. In order to stand out from the competition, Qubit gives unrivaled access to data in order to create contextually relevant experiences. For example, Qubit can automatically set appropriate quick bet values for different users, based on their past behavior, to take friction out of the customer journey.
The benefits of Qubit Grow
Qubit Grow is the first product in the personalization market that directly addresses key industry challenges for specific verticals and the first to prioritize customer retention and lifetime engagement. With customer acquisition costs around five times higher than retention, increasing the frequency of purchase beyond the one-and-done mentality is vital.
The opportunity for brands to move beyond one-time purchases is huge. In retail and based on Qubit data, 83.9% of customers will only ever purchase once. However, moving just 1% of the one-and-done segment into multiple purchases is a huge opportunity, representing around $1million dollars for a brand with $65 million in revenue.
The secret to getting one-and-done customers to purchase again is in using the data associated with their first purchase to personalize their second visit. If you aren’t harnessing that data, brands will miss the opportunity - this is where Qubit Grow comes in.
Paving the way for integrated personalization
Qubit Grow is ideal for brands who are looking beyond just proving the value of personalization, and starting to deliver real business benefits. If you’re at the stage, as an ecommerce team, where you’re partnering more and more with your CRM team to deliver experiences across multiple channels, then Qubit Grow could be right for you.
The product is perfect for teams aware of the challenges they need to overcome and which recognize personalization as a core way to address customer loyalty and improve the customer journey.
For more information about Qubit Grow, find it here.