This week one of my colleagues and I were fortunate to attend Demandware’s 2016 XChange conference in Hollywood Florida for 4 days of collaboration, learning, and of course networking.
Being in the Retail space, we attend many conferences during the year but this one is consistently my favorite. We choose our partners based on people we want to be aligned with in the market and Demandware is doing some truly amazing things with customers who adore them. This spirit of success and innovation is something very apparent through interactions and presentations at this show.
When marketers, data gurus and members of the tech industry get together at an industry event, you get a number of things: interesting , new ideas from the most innovative companies, extensive networking opportunities. But one of the real draws of industry shows? The exhibit hall. It’s where creativity meets sales head on, with combination of cool booths and fun swag.
What is customer loyalty driven by? If you take a look at some of the companies today with the most successful loyalty programs, you would come to the conclusion that success in loyalty programs is the result of accurate data-driven insights.
Retailers focus on loyalty programs. Why? In an era when consumers have more control over their shopping experiences than ever before—with multiple digital channels and a 24/7 at-their-leisure shopping cycle—loyalty programs are an integral part of continuous engagement with, and being relevant to, the customer. They enable you to encourage and motivate your best consumers to keep purchasing your product or service.
Richard Thaler describes the origins of economics, “Economic models have substituted the human being, or Homo sapiens, for “a fictional creature called Homo economicus,” or “Econ,” a perfectly rational decision maker who always optimizes.”
It should be clear that there is quite a large assumption in the basis of economic theory: it’s based on a perfectly rational decision maker who always optimizes.
So how can digital marketers use this information to convert more users?
What’s top of mind for today’s retailers? The EDQ crew is back from a trip to Philadelphia for this year’s Shop.org conference, the National Retail Federation’s (NRF) event specifically for digital and multichannel retailers. The floor was busy with conversation, but so was the social sphere: the conference Twitter hashtag #shoporg15 revealed a few common themes and insights on the mind of modern digital retailers today.
You probably don't think about receipts very often (unless of course, you happen to be shopping at CVS where impressively long receipts are their thing). No one talks about receipts because it’s such a ubiquitous piece of transactional information that we don’t imagine purchases without it. Receipts are typically handed out in paper form at the end of any transaction; however, email and SMS receipts are growing in popularity.
Using these channels can do more than just reduce paper waste. By using emails and text messages to send receipts, your organization can engage, interact and offer your customers additional value through a medium with almost 100 percent open rates. Read this blog post to find out how the smartest businesses are using eReceipts and text receipts to their advantage as well as what they can improve on.
With a 24/7 shopping cycle and an increasing number of digital channels at their disposal, consumers today are more empowered than ever before and forcing businesses to adapt to their wants and needs. Yesterday, Shirley Zhao, our Content Marketer, and Melanie Clark, our Retail Partner Manager presented a webinar, “Loyalty matters: How better data drives more loyalty and more revenue.” The webinar covered statistics around loyalty and three ways to improve insights on loyalty along with your loyalty or customer engagement program.
Last week Experian Data Quality took our show on the road to Internet Retailer Conference Expo (IRCE) in Chicago, Illinois. IRCE is the largest e-commerce event in the world where experts from all areas of the industry are represented.
Three topics that were widely discussed at IRCE included global e-tailing, keeping up with the evolution of technology and social commerce & marketing.
The Baymard institute has documented that the average online shopping cart abandonment rate is a whopping 68.53%. The reality is the usability issues that cause that number to be so high are largely aviodable. See the top 10 principles that should be utilized to reduce shopping cart abandonment rates.