Applying personalized marketing
Posted: Wed Dec 11, 2024 6:44 am
While e-commerce companies are rushing to increase wallet share, technology driven by Artificial Intelligence (AI) will create better interactions with existing customers.
For e-commerce, the so-called success is not only to induce a new customer to browse the products on the website and complete the transaction; but to drive the existing customers to be willing to buy more products to increase the wallet share.
Investment in developing and acquiring belgium whatsapp number data 5 million new customers can help increase online store traffic. However, comprehensive interaction and customer retention strategies are the key to increasing customer lifetime value (Lifetime Value, LTV) and for enterprises to maintain high return on investment and stability. An indispensable element when growing up.
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One of the common ways e-commerce companies build interactive behavior with customers and enhance loyalty is through the use of "product recommendations." Recommendation engines analyze customers' past consumption behavior data on the website to recommend similar or related products. For example, 35% of Amazon’s revenue comes from purchases from recommended lists.
However, recommendations will only be effective if the content of the recommendation list is personalized and responds to customer needs. According to a research report by Boston Consulting Group, brands that can implement personalized experiences for customers can increase sales by 6% to 10%, and their growth rate is two to three times that of brands that do not do this. Similarly, Gartner predicts that digital companies that can successfully deliver personalized messages will have a 15% profit growth by 2020 .
For e-commerce, the so-called success is not only to induce a new customer to browse the products on the website and complete the transaction; but to drive the existing customers to be willing to buy more products to increase the wallet share.
Investment in developing and acquiring belgium whatsapp number data 5 million new customers can help increase online store traffic. However, comprehensive interaction and customer retention strategies are the key to increasing customer lifetime value (Lifetime Value, LTV) and for enterprises to maintain high return on investment and stability. An indispensable element when growing up.
'One of the common ways e-commerce companies build interactive behavior with customers and enhance loyalty is through the use of "product recommendations." Recommendation engines analyze customers' past consumption behavior data on the website to recommend similar or related products. For example, 35% of Amazon’s revenue comes from purchases from recommended lists.
However, recommendations will only be effective if the content of the recommendation list is personalized and responds to customer needs. According to a research report by Boston Consulting Group, brands that can implement personalized experiences for customers can increase sales by 6% to 10%, and their growth rate is two to three times that of brands that do not do this. Similarly, Gartner predicts that digital companies that can successfully deliver personalized messages will have a 15% profit growth by 2020 .