Customer Meetup #3: Planning for Peaks
As part of an ongoing series of events, Qubit has been hosting ‘Personalization for the Pros’ Customer Meetups where we allow our customers to come together to share their stories, network and learn from industry experts in retail, travel, and eGaming.
Transferring knowledge across industries
The latest ‘Personalization with the Pros’ focussed on one of the typical challenges we see our customers face: how to plan for peaks, as well as how to use data to address the issues. To do this, we also took a look at the World Cup—a major peak in eGaming—and what retail and travel can learn it.
So far, 2018 has shaped up as an incredibly exciting year for Qubit, we were named a Leader in the Gartner Magic Quadrant for Personalization Engines, and our engineers have been designing and building some exceptional products that we are so thrilled to announce a little further down the line.
This Meetup gave our customers the opportunity to hear best practice, understand the value of the latest innovations in optimization and personalization, and be offered a little inspiration of how far they can take their personalization journey.
Leah Anathan, Chief Marketing Officer, Qubit, kicked off the morning by welcoming our guests.
Michelle Cachucho, Enterprise Customer Success Manager, Qubit, looked at some of the tactics pioneered by eGaming and see how they can be translated towards the retail industry in the run-up to Black Friday.
Alex Olivier, Technical Product Manager, Qubit, showed just how much data flowed through the Qubit platform during the World Cup peak and discussed how our customers set up real-time dashboards to monitor site performance and track merchandising efforts in real-time.
The importance of data and strategies
When it comes to data, Qubit knows what works. We create 55bn personalization templates a month and have 70,000 tables of data stored on Google BigQuery. But many of our customers will have faced various strategy challenges on their personalization journey. In Michelle’s session, she explored how effective personalization techniques can create purchase impetus and are more effective than cosmetic changes, such as a change in color to a button on the homepage.
Techniques like social proof prove their value time and time again, and in ‘Getting 6% more’, it ranked as the second most effective technique, despite 50% of customers saying it’s not important. By using social proof, you’re letting your customers do the hard work. With the most effective techniques, you’re able to use data to deliver targeted messages and create tailored interactions at any stage in the customer journey, to reassure customers about their purchase; it’s important to be agile when pushing out messages and balancing personalization with CRO.
How Qubit drives customer experiences during peak seasons and beyond
In the second session of the morning, Alex demonstrated examples of winning customer experiences which were driven by Qubit for eGaming across the World Cup. This was to showcase how Qubit is built for big data and is able to perform with immediate response to traffic patterns and react in real time.
Big sporting events can act much like during the holiday season for retail, where brands will be looking to optimize their websites for Cyber Monday or those Boxing Day browsers.
Peaks also have different qualities of traffic from the rest of the year. For example, of Black Friday shoppers, around 3-4% will convert. Of these, you’ll never see around three quarters again. And, the net revenue of these sales shoppers is probably negative. So how do you get their lifetime values up?
Of the 27% of customers who shop during the Black Friday period, here's some of the repeat purchase trends seen from our retail customers:
- 17% purchase again before the end of Cyber Monday
- 60% purchase again before Christmas Day
- 74% purchase again by end of Jan sales
Segmentation—targeting these Black Friday shoppers— is a way to ensure you get the 2nd, 3rd, and 4th purchase from one customer, reaching them with targeted messages, and campaigns. Smart segmentation can be configured so that you’re only giving the most valuable customers particular offers.
Looking ahead, one of the big questions we discussed was can we really define peak seasons anymore? Of course, there’s the summer and winter holidays, but we’re moving towards a time where there are daily peaks in website traffic and sales. It could be the case that a social media influencer, with a global impact, will post a picture on Instagram or tweet about a product launch. This creates a gateway for people to react to this news both quickly and at the same time, and in turn creating a huge surge in website traffic.
If you're interested in exploring how you can achieve peak performance by rising to the challenge of change, then download our 'Black Friday and beyond' report.