A customer is for life, not just Christmas
Monetate and Bazaarvoice have announced a strategic partnership that will enable retailers to engage consumers more effectively after the holiday shopping season. Monetate will use Bazaarvoice’s shopper profiles to expand its understanding of each holiday shopper with the partnership offering combined expertise, technology and support in helping brands create post-session product recommendations to turn first-time holiday shoppers into long-lasting, loyal customers.
Despite being the busiest time of year for retailers, the holiday season can prove to be quite challenging when it comes to converting gift shoppers into repeat customers. In fact, according to the Ecommerce Quarterly Report, only one per cent of customers acquired during the holiday season are present on the same site a year later.
Although product recommendations can be an ideal tactic in engaging first-time visitors, holiday shoppers are generally buying for others, not themselves. Their gift-buying behaviour is a weak indicator of overall product interest, and post-visit personalisation efforts dependent on that shopping experience lead to the low conversion of gift buyers into loyal shoppers. Retailers and brands can combat this dramatic decay in customer value by augmenting what they learn during the gift-buying experience with a robust profile of normal shopping behaviour to draw shoppers back post-holiday.
By embedding Bazaarvoice shopper profiles captured from billions of shopping signals from its network of over 5,700 brand and retail websites into Monetate Intelligent Recommendations, brands will easily overcome the challenge of presenting the right offers to returning holiday shoppers. Shoppers’ experiences can be tailored to reflect their individual preferences and recent online behaviour rather than their one-time gift-buying. This post-holiday consumer engagement strategy pulls customers back and thus improves brand loyalty.
“The holiday season is undoubtedly one of the busiest and most exciting times for the retail industry, and there is an enormous opportunity for brands to maintain that momentum all year long,” said Loran Gutt, VP corporate development, Bazaarvoice. “With its expertise in helping marketers take innovative approaches to personalization, Bazaarvoice is looking forward to partnering with Monetate to activate brand loyalty efforts.”
“Product recommendations are a key component of every retailer’s personalisation strategy but can be challenging to effectively execute when leveraging singular data points or data derived during holiday that lacks context,” said Stephen Collins, CEO, Monetate. “By activating the contextual knowledge Bazaarvoice offers, Monetate customers are armed with the tools and knowledge required to turn gift givers into loyal shoppers.”