It’s estimated that we will have 1.92 billion global digital purchasers by the end of 2019. It’s also estimated that ecommerce purchases will account for 13.7 percent of the world’s retail sales in 2019. (Statista)
Actually, with a global population of about 7.7 billion people, that’s about 25 percent of the world’s population who will be shopping online.
So with the growing number of ecommerce businesses, we thought it would be a good idea to look at some cold hard numbers from the ecommerce world that can help guide your business strategy.
At Segmentify, we absolutely hate (strong word we know!) the one-size-fits-all approach! It’s impersonal, irrelevant for customers and frankly, just plain lazy! We see the potential to connect with each visitor to our website in a very unique way. Whether it’s through product recommendations based on past searches, notifications for price drops on items recently selected or a happy birthday email to our existing customers to let them know we’re thinking of them; we believe in the power of personalisation.
But don’t take our word for it! Let’s take a look at some influence personalisation has been having in the ecommerce world.
80% of consumers are more likely to make a purchase when brands offer personalised experiences. (Epsilon)
4/5 companies report an uplift since implementing personalisation. (Econsultancy)
77% of consumers have chosen, recommended, or paid more for a brand that provides a personalised service or experience. (Zoominfo)
75% of consumers are more likely to buy from a retailer that recognises them by name, recommends options based on past purchases, OR knows their purchase history. (Accenture)
74% of customers feel frustrated when website content is not personalised (Infosys)
Clearly if you’re not already using personalisation tools to ensure you connect with your customers (and potential customers), you’re missing out on opportunities. You’re also running the risk that customers will feel frustration with a generic approach.
But again, don’t just take our word for it! Website personalisation is a very key starting point but we feel the opportunities lie in aligning your entire customer strategy with a personalised approach.
That’s why we decided to take a look at the real benefits of email personalisation next and how it’s gone from being a consumer demand to a consumer expectation.
62% of consumers expect companies to send personalised offers or discounts based on the items they’ve already purchased. (Salesforce)
Personalisation in cart abandonment emails induces higher customer engagement rates and reduces cart abandonment rates by 10%-30%. (Barilliance)
The ability to segment email lists and individualised email campaign messaging are the most effective personalisation tactics for 51% and 50% of marketing influencers respectively. (Hubspot)
When asked to prioritise one capability that will be most important to marketing in the future, 33% of marketers answered: “personalisation.” (Ad Age)
Marketers see an average increase of 20% in sales when using personalised experiences. (Monetate)
Personalised emails deliver 6x higher transaction rates than non-personal. (Experian)
Looking at email personalisation leads to the question “How do we support the many needs of our customers in a targeted way?” This comes through segmentation and making sure you meet (and exceed!) the needs, wants and expectations of your customer.
As you can see below, the proof is in the pudding.
Recipients are 75% more likely to click on emails from segmented campaigns than non-segmented campaigns. (Mailchimp)
Marketers have noted a 760% increase in revenue from segmented campaigns. (Campaign Monitor)
75% of consumers feel misunderstood by the brands they shop with which makes segmentation all the more important for ecommerce businesses. (Ometria)
Segmented and targeted emails generate 58% of all revenue. (DMA)
Finally, let’s talk about product recommendations and how they help build that relationship with customers by making suggestions based on real-life activity. In other words, acting like a personal shopping assistant while that customer is in the comfort of their own home (or office, or traveling on a train – who knows!).
Personalised product recommendations can increase click-throughs by more than 100%, versus generic product recommendations. (Fresh Relevance)
Only 39% of retailers send personalised product recommendations via email (CMO)
52% of consumers would share personal data in exchange for product recommendations, and 53% would do the same for personalised shopping experiences. (Econsultancy)
37% of shoppers that clicked a recommendation during their first visit returned, compared to just 19% for shoppers that didn’t click a recommendation during their first visit. (Salesforce)
For online shoppers, 45% are more likely to shop on a site that offers personalised recommendations; and 56% of online shoppers are more likely to return to a site that offers product recommendations. (Intelliverse)
Now you have the stats that show how personalisation can create impactful results for your ecommerce business – the only thing left to do is implement them!
If you’re a little hesitant, why not start with a free trial of Segmentify’s product suite? 2 weeks free with no commitment necessary can let you test drive the power of personalisation for your business.