Create 1-on-1 personalized storefronts that
increase conversions and AOV.
As ecommerce continues to grow as a percent of total retail sale, e-commerce businesses are feeling the pinch from rising acquisition costs. In the race to gain new customers, many brands are finding their marketing budgets stretched thin. However, amid the clamor for customer attention, one key success factor often gets overlooked - nurturing and retaining existing customers. Research shows that it can cost five times more to attract a new customer than to keep an existing one. Furthermore, existing customers are 50% more likely to try new products and spend 31% more, on average, compared to new customers. Therefore, a strategic focus on personalization to engage and retain existing customers is not just advantageous - it's crucial to ensuring the profitability and longevity of ecommerce brands. In this post, we delve into the power of onsite personalization, the role of personalization tools for ecommerce like Curated Shops, and the overarching importance of creating personalized experiences for your returning customers
Personalization isn't just a trend in ecommerce; it's fast becoming an expectation. In fact, a recent study found that 80% of shoppers are more likely to buy from a company that offers personalized experiences. However, there's more to personalization than simply using a customer's first name in an email. It involves a deep understanding of your customer's behavior, preferences, and needs.
Let's look at Amazon, the veritable titan of ecommerce. They're a prime example of effective personalization, with their "recommended for you" sections, personalized home pages, and targeted emails. They've nailed onsite personalization, creating an experience so tailored to the individual that customers often find exactly what they're looking for (and then some), leading to higher Average Order Value (AOV) and repeat purchases.
Personalization is especially crucial for returning customers. These are customers who've already interacted with your brand and made a purchase. They're familiar with you, and they chose to come back - but why should they stay? This is where personalized experiences come into play.
Customers return for many reasons, but one of the most compelling is a memorable buying experience.
A study by Segment found that 44% of consumers will likely become repeat buyers after a personalized shopping experience. Personalization fosters loyalty, encourages repeat purchases, and increases AOV and customer retention.
Enter Curated Shops, a personalization tool for ecommerce designed to help brands create an app-like experience on their websites. With Curated Shops, you can offer highly personalized, unique, and memorable buying experiences to your customers.
Think about it - when shopping in a physical store, customers appreciate a friendly store associate who knows their preferences, offers recommendations based on their past purchases, and generally creates a personalized shopping environment. Curated Shops brings this experience online, turning your website into a 'digital store associate' of sorts, one that knows your customers and personalizes their shopping journey.
In today's ecommerce landscape, the importance of a personalized experience for returning customers cannot be overstated. It's about understanding and responding to your customers' unique needs and preferences, showing them you value their business, and offering a seamless, personalized buying journey that keeps them coming back.
In a world where customer expectations are continually evolving, and the ecommerce competition grows stiffer by the day, personalization isn't just a 'nice-to-have' - it's a business imperative. And with personalization tools like Curated Shops, delivering an outstanding, memorable, and highly personalized shopping experience is more achievable than ever.
The ecommerce world is yours to conquer - one personalized customer experience at a time!