Real-time retailing webinar - 21st November
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Real-time retailing Delivering the next generation of personalised online experiences Nick Smyth, UK Sales Director [email protected] Will Browne, Data Scientist
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Qubit's Nick Smyth and Will Browne explain how you can become a real-time retailer, what the best in the business are doing, and how you can use the powers of persuasion to help boost your bottom line.
Transcript of Real-time retailing webinar - 21st November
Real-time retailingDelivering the next generation of personalised
online experiences
Nick Smyth, UK Sales Director [email protected]
Will Browne, Data Scientist
Today’s consumers have higher expectations
Today’s consumers have higher expectations
Google Apple
Today’s consumers have higher expectations
70-80%of shoppers leave with things in their basketat some point during their lifecycle
(The power of personalisation; Qubit, 2013)
Engaging consumers is hard work
@QubitGroup
97%of visitors walk away from your siteand never purchase
(Qubit, 2013)
Engaging consumers is hard work
@QubitGroup
0.03%of visitors make up
30%of your site’s income...
(State of personalisation research; Qubit, 2013)
@QubitGroup
The challenges withcreating great onlinecustomer experiences
Base: 185 digital marketing decision makers from US and UK Source: A commissioned study conducted by Forrester Consultingon behalf of Qubit, July 2013
Research findings
Research findings
1. 50% of marketers are now focusedon improving the online experience
Businesses havemoved onfrom SEO
Research findings
1. 50% of marketers are now focusedon improving the online experience
2.84% respondents agreed that marketing and eCommerce teams will be responsible for the majority of the marketing technology budget by 2014 The power is in
your hands to choosethe right tech
Research findings
1. 50% of marketers are now focusedon improving the online experience
2.84% respondents agreed that marketing and eCommerce teams will be responsible for the majority of the marketing technology budget by 2014
3.This means that businesses can re-focus on solving issues with tech redundancy:
- 72% feel there is redundancy in their technology stack - 58% feel they don’t have the right skills in house
Integratedmarketing hubs are
gaining traction
Where it all started:Site wide AB testing
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Before After
Recommendation:Creating a personal selection based on algorithms
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Personalisation:What should each individual see here?
12 @TheGrahamCooke
The future of online retailing
@QubitGroup
How can you compete with the internet giants?
26%of online sales by 2016
How can you compete with the internet giants?
Utility
We see ecommerce on the web splitting three ways...
ExperienceUtility
We see ecommerce on the web splitting three ways...
ExperienceUtility Apps
We see ecommerce on the web splitting three ways...
Our philosophy for success:
Real-time retailing
@QubitGroup
Real time retailing helps you market throughoutthe purchase lifecycle
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Attract
Engage
Convert
Retain
City specificmessaging
Landing page optmization
Campaignmirroring
Content engagement
Sessionretargeting
Productcuration
Optimizewidgets
Social endorsements
Navigationaltools
Low stockpointers
Basketupsell
Urgencymessages
Targetedoffers
Abandonment catching
Productbadging
Emailsign up
O!er! O!er!
i
Low stock
Filter by size!
Freedelivery!
New
Email:
Loyaltyschemes
Visitor history targeting
Weathertargeting
Welcomemessage
Hello!
Homepage with weather widget
Real-time weather targeting
Why?- To deliver tailored stock selections
to people in different locations
How?- Create link with third party data source
for weather- Feed the data into the personalisation
container (using advanced js)- Create dynamic module on landing page- Pick from:
> Weather today > Weather at the weekend
Real time retailing helps you market throughoutthe purchase lifecycle
19
Attract
Engage
Convert
Retain
City specificmessaging
Landing page optmization
Campaignmirroring
Content engagement
Sessionretargeting
Productcuration
Optimizewidgets
Social endorsements
Navigationaltools
Low stockpointers
Basketupsell
Urgencymessages
Targetedoffers
Abandonment catching
Productbadging
Emailsign up
O!er! O!er!
i
Low stock
Filter by size!
Freedelivery!
New
Email:
Loyaltyschemes
Visitor history targeting
Weathertargeting
Welcomemessage
Hello!
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New visitors who haveseen more than 10pageviews that session.
A message layer wasshown to users after their10th pageview inviting them to read more in Farfetch’s FAQ page.
17.1% increase in conversionsFarfetch: Content engagement
Real time retailing helps you market throughoutthe purchase lifecycle
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Attract
Engage
Convert
Retain
City specificmessaging
Landing page optmization
Campaignmirroring
Content engagement
Sessionretargeting
Productcuration
Optimizewidgets
Social endorsements
Navigationaltools
Low stockpointers
Basketupsell
Urgencymessages
Targetedoffers
Abandonment catching
Productbadging
Emailsign up
O!er! O!er!
i
Low stock
Filter by size!
Freedelivery!
New
Email:
Loyaltyschemes
Visitor history targeting
Weathertargeting
Welcomemessage
Hello!
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UK visitors who had not purchased online within nine months, but had visited the site more than three times
Using Qubit’s exit pagelogic, a layer was fired when someone was leaving the basket page after addinga product to their basket,in order to tempt userswith free delivery
11% uplift in conversions for basket abandonersLK Bennett: Abandonment catching with Visitor History
Real time retailing helps you market throughoutthe purchase lifecycle
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Attract
Engage
Convert
Retain
City specificmessaging
Landing page optmization
Campaignmirroring
Content engagement
Sessionretargeting
Productcuration
Optimizewidgets
Social endorsements
Navigationaltools
Low stockpointers
Basketupsell
Urgencymessages
Targetedoffers
Abandonment catching
Productbadging
Emailsign up
O!er! O!er!
i
Low stock
Filter by size!
Freedelivery!
New
Email:
Loyaltyschemes
Visitor history targeting
Weathertargeting
Welcomemessage
Hello!
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New users resting on the home page for 7 seconds; existing users that have more than two sessions; and US users on the UK site.
An email sign up layer was shown to encourage sign up to LK Bennett’s mailing list.US users on the UK site were also redirected to the US site and put on the US mailing list.
38.2% increase in mailing list signups LK Bennett: Email sign ups
@QubitGroup
The six principles of persuasion
“Influence involves change, the ability to move people
in a desired direction...”
@QubitGroup
627
@QubitGroup
Reciprocity
- When a friend invites you to a party, you’ll invite them to yours. Ie. in the context of social obligation, people are more likely to say yes if they owe you something.
Waiter Option A:
Waiter brings you a gift with your bill, ie. a mint. So, will a mint influence your tip?
Most people say no.
x1 mint: increase of 3%.x2 mints: increase of 14%
However, if the waiter gives 1 mint, goes and returns with ANOTHER mint for “being lovely guests tonight”, well, tips are at an extra 23%.
It’s not what was given but HOW it was given.
Make sure what you give is PERSONALIZED and UNEXPECTED.
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Links of London
@QubitGroup
Scarcity
Option A
- New Coke fail. Generally believed to be one of the worst marketing blunders of all time.
- Blind taste testing indicated that 6% of people preferred the New Coke taste; however, once people discovered that they were getting rid of the ‘Old Coke’, people went crazy and wanted it back even thought they preferred the new taste.
Why? People suddenly wanted what they could no longer have.
Or: people are stupid.
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House of Fraser
@QubitGroup
Authority
ie. People will follow CREDIBLE KNOWLEDGEABLE EXPERTS.
It’s why therapists display certificates on their walls.
Or why people are more likely to pay parking fines to those in uniform as opposed to others.
Real estate agent: started conversations with ‘so-so has {x} many years of experience in this, I’ll let him take this account for you” - 20% more appointments and 15% in signed contracts.
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Mr Porter
@QubitGroup
Commitment
When a patient writes their own doctors appointment details, this reduced missed appointments by 13%
Simply identifying a person as a voter, as many volunteers did — “Mr. Jones, we know you have voted in the past” — acts as a subtle prompt to future voting, said Dr. Cialdini, a foundational figure in the science of persuasion. “People want to be congruent with what they have committed to in the past, especially if that commitment is public,” he said.
Many volunteers also asked would-be voters if they would sign an informal commitment to vote, a card with the president’s picture on it. This small, voluntary agreement amplifies the likelihood that the person will follow through, research has found.
http://www.nytimes.com/2012/11/13/health/dream-team-of-behavioral-scientists-advised-obama-campaign.html?
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Farfetch
@QubitGroup
Likability
There are 3 important factors which affect this principle:
1. People who are SIMILAR to us.2. People who pay us COMPLIMENTS.3. People who CO-OPERATE with us
In a business school Cialdini was in, he did an experiment with two groups of MBA students.
Group 1: TIME=MONEY.Group 2: SHARE YOUR INFORMATION.
Group 1 only arrived at 55% contractual agreements while Group 2, who shared details and spoke about non-work activities prior to the meeting, had 90% agreement (and an 18% higher valued agreement).
@QubitGroup
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Compare the market
The meerkat has almost 55,000 Twitter followers and more than 800,000 people have liked his Facebook page. Meerkat power has propelled the company’s value from £43million in 2008 to £88million 2012.
@QubitGroup
Social Proof
When people are uncertain they will look to the ACTIONS of OTHERS to determine THEIR OWN.
In the average hotel, the ‘reuse your towl’ sign that focuses on the environmental benefits sees a 35% compliance.
This increases to 75% when a guest is staying 4 nights or longer.
Changing the language to say: “75% of people will reuse their towels” saw another 26% increase.
However, changing the words to say: “75% of people who STAYED IN THIS ROOM have reused their towels” saw a 33% increase.
I sincerely hope they change the towels between guests though.
How you can becomea real-time retailer
@QubitGroup
The right team
DataAnalyst
To find insightsin your data
CreativeMarketer
To bring your hypotheses to life
JavaScriptEngineer
To build advanced personalisations
On-siteMerchandiser
To get the right stockin the right places
@QubitGroup
Universal Variable data model
The right data model
@QubitGroup
Universal Variable data model Visitor Opinion feedback collection
The right data model
@QubitGroup
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Dive into specific segments Read related feedback to diagnose issues
The right insights
chris opportunity
@QubitGroup
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Dive into specific segments Read related feedback to diagnose issues
“People who engage with content are
more likely to convert”
The right insights
chris opportunity
@QubitGroup
Geo insights
The average US customer coming to a UK website is worth over three times as much as a UK customer to your business
Qubit research, 2013
@QubitGroup
Visitors arriving at lunchtime are 33% more likely to purchase than at other times of the day
Time of day insights
Qubit research, 2013
@QubitGroup
Sofa Surfers
Quick browserswho dwell on
category pages
Big Spenders
Love to browseand make up 30%of your revenue
Basket Cases
Typically arrive onpaid search, browse
in the evenings
Super Shoppers
Know what theywant and make up
10% of revenue
(State of personalisation research; Qubit, 2013)
The right segments
@QubitGroup
The right personalization technology
@QubitGroup
The right browser side JavaScript solutions
@QubitGroup
FitsMe MentionMe
Testing is philosophy that should run deep in your business
@QubitGroup
