40% of U.S. consumers have purchased something more expensive than they originally planned for because their experience was personalized, according to “The 2017 State of Personalization Report,” by Segment. The report also shows that a personalized recommendation drove 49% of shoppers to by a product they did not initially intend to buy.
Those findings were just to skim the surface of the power of a personalization strategy not only as a way for eCommerce businesses to enhance their customer experiences, but to increase revenues, too.
Here are 5 eCommerce personalization trends
1. Omnichannel Personalization
Earlier, all the brands were focusing on forcing consumers down their narrowly defined sales funnel, which often failed to connect with them. In a June 20 study, 62% of respondents said they love the brick-and-mortar store experience because it allows them to get exactly what they want, yet 31% said brick-and-mortar stores failed to provide easy access to in-depth information about the product they can get online.
Using omnichannel personalization, retailers can combine offline and online data in real-time to build detailed customer profiles that deliver better, more personalized experiences across all channels and devices. This helps to make sure that customer experiences and remain consistent regardless of where and how consumers interact with the brand.
2. Machine Learning To Improve Personalization
Over the last few years, there have been massive improvements in machine-learning technology, making it easier for marketers to automate their personalization efforts.
Although 83% of marketers said in a 2017 study that they were familiar with machine-learning solutions, the application was really low, with only 14% of respondents saying they were using them. But 33% have confirmed that they will be investing in machine learning in their communications this year, with more than 50% acknowledging that these solutions will actually help with real-time personalization and optimizing their targeting.
3. Providing Personalized Pricing
Consumers have a diverse range of preferences—depending on differing needs for products and features, also in terms of pricing as well. As a result, more and more eCommerce retailers are offering personalized pricing and deals to suit each customer’s demands.
eCommerce retailers are getting better and better at analyzing their customers’ purchase behavior, price sensitivity and their propensity to buy. They then use this data effectively with their CRM to create personalized promotions and attractive incentive offers suited to each customer in an effort to improve their chances of converting.
4. Smarter Recommendations In Social Retargeting
With the growth in retargeting solutions, eCommerce businesses are re-engaging with their audiences with smart product recommendations based on their previous interactions with brands. Instead of posting generic social ads, eCommerce retailers can showcase products with ads that are highly relevant to each of the customers. And retailers can keep track of purchases made by the customer through other channels and avoid using those products in their retargeting ads.
Many retailers also are using retargeting to showcase ads for products that customers have left in their shopping carts, offering exclusive deals to drive conversions.
5. Retailers Allow Customers To Continue Shopping Where They Left Off
Websites like Netflix have revolutionized personalization experience with features like Continue Watching, which allows users to continue a movie or show that they’ve partially watched. It also provides easy access to the next episode of a show that they have been binge-watching.
This approach also is being leveraged for eCommerce personalization to enhance the experiences of returning customers. By remembering the preferences of customers based on their previous sessions, retailers allow customers to pick up exactly where they left off when they return to a site.
eCommerce personalization has seen significant improvements, with more and more businesses offering hyper-personalized recommendations and shopping experiences on multiple channels and at every touchpoint.
As eCommerce businesses increasingly take advantage of machine learning technology, they are bound to see even greater improvements in their personalization efforts in the near future.