Mountain View, Calif, & Mumbai, India, Feb 20, 2024 - (ACN Newswire) - CleverTap, the all-in-one engagement platform, today released its industry data-science report 'Navigating Personalization: A Balancing Act for eCommerce' showcasing the importance of tailored personalization strategies across various eCommerce applications.
20.02.2024 - 09:26:54CleverTap Report: eCommerce businesses employing real-time personalization see 7x more purchases than those who don't. The findings are based on a detailed analysis of 500,000 messages across 43 global eCommerce businesses.
CleverTap found that eCommerce businesses leveraging use-case based personalization strategies saw 6x more purchases than the industry average, and 7x more purchases than businesses relying on blanket, one-size-fits all personalization strategies. This, alongside the various other insights within the report will help eCommerce marketers drive organic conversions and higher app activity.
CleverTap assessed personalization via three channels - email, push notifications, and in-app messages. The report establishes the 4 levels of personalization (L1 - L4) and advocates for an optimal blend across different levels to maximize results. These four levels of personalization from least to most personalized are:
- L1: Tailors recommendations and promotions based on demographic data, ensuring relevance for distinct customer segments.
- L2: Delves into behavior-based segmentation, crafting messages from past customer actions.
- L3: Predicts preferences and intent, tailoring content and offers accordingly.
- L4: Leverages real-time data, triggering immediate, highly relevant messages based on current behaviors and events
The report discovered that businesses with higher levels of personalization tend to have better business outcomes. It categorized these businesses into three groups -
Striving: Businesses that use limited personalization with higher send frequencies.
Steady: Businesses that use a high degree of personalization but have lower send frequencies.
Stellar: Businesses that use a high degree of personalization and optimal send frequencies.
Striving businesses, on average, sent 22 messages to users every week with minimal (L1) personalization, leading to them underperforming the industry benchmark by 77%.
Steady businesses overlooked L1 personalization; underestimating the power of simple demographic personalization which limited engagement at the generic level. But by prioritizing more advanced levels of personalization (L2 and L4) they outperformed industry benchmarks by 74%.
Stellar businesses adopted the optimum blend of all four personalization levels, with an emphasis on L4, outperforming the industry benchmark by 500%. Compared to striving businesses, they achieved nearly 7x more purchases.
Stellar businesses used L1 personalization to successfully promote large-scale events that impacted the customer base at large. Simultaneously, through more granular levels of personalization, they were able to guide customers towards subsequent conversion events. These stellar businesses prioritize behavior-based and real-time messaging over activity-based communication. This approach minimizes intrusive messages following specific customer activities and, instead, focuses on nudging customers only when behaviors of intent are shown.
"When it comes to personalization, often businesses can be myopic in their decision-making - thinking personalization of any shape or form will help achieve the lofty goals they set," said Jacob Joseph, VP - Data Science, CleverTap. "While it's true that some personalization is better than none, over-relying on any one type of personalization will deliver subpar results compared to businesses with a more holistic approach. With a strategic mix of personalization techniques eCommerce businesses can overperform industry benchmarks by 6x; elevating their brands from striving or steady to stellar status."
About CleverTap
CleverTap is the all-in-one engagement platform that helps brands unlock limitless customer lifetime value by helping them create personalized experiences to retain their most valuable customers. The platform empowers businesses to orchestrate experiences for individuals across their lifecycles and design personalized journeys that span a lifetime. It offers analytics that encompasses every aspect of the lifecycle, enabling businesses to measure and optimize each experience in real time. Its unique AI capability is insightful, empathetic, and prescriptive, facilitating smarter and faster decisions. The all-in-one platform unifies experiences from every touchpoint, paving the way for a new era of customer engagement.
The platform is powered by TesseractDB(TM) - the world's first purpose-built database for customer engagement, offering both speed and economies of scale.
CleverTap is trusted by 2000 customers, including Electronic Arts, TiltingPoint, Gamebasics, Big Fish, MobilityWare, TED, English Premier League, TD Bank, Carousell, AirAsia, Papa John's, and Tesco.
Backed by leading investors such as Peak XV Partners, Tiger Global, Accel, CDPQ, and 360 One, the company is headquartered in Mountain View, California, with presence in San Francisco, New York, Sao Paulo, Bogota, London, Amsterdam, Sofia, Dubai, Mumbai, Bangalore, Singapore, and Jakarta.
For more information, visit clevertap.com or follow us on:
LinkedIn: https://www.linkedin.com/company/clevertap
X: https://twitter.com/CleverTap
Forward-Looking Statements
Some of the statements in this press release may represent CleverTap's belief in connection with future events and may be forward-looking statements, or statements of future expectations based on currently available information. CleverTap cautions that such statements are naturally subject to risks and uncertainties that could result in the actual outcome being absolutely different from the results anticipated by the statements mentioned in the press release.
Factors such as the development of general economic conditions affecting our business, future market conditions, our ability to maintain cost advantages, uncertainty with respect to earnings, corporate actions, client concentration, reduced demand, liability or damages in our service contracts, unusual catastrophic loss events, war, political instability, changes in government policies or laws, legal restrictions impacting our business, impact of pandemic, epidemic, any natural calamity and other factors that are naturally beyond our control, changes in the capital markets and other circumstances may cause the actual events or results to be materially different, from those anticipated by such statements. CleverTap does not make any representation or warranty, express or implied, as to the accuracy, completeness or updated or revised status of such statements. Therefore, in no case whatsoever will CleverTap and its affiliate companies be liable to anyone for any decision made or action taken in conjunction.
For more information:
SONY SHETTY
Director, Public Relations, CleverTap
+91 9820900036
sony@clevertap.com
IPSHITA BALU
Consultant
Archetype
+91 95901 11798
ipshita.balu@archetype.co
Source: CleverTap
Copyright 2024 ACN Newswire . All rights reserved.
CleverTap assessed personalization via three channels - email, push notifications, and in-app messages. The report establishes the 4 levels of personalization (L1 - L4) and advocates for an optimal blend across different levels to maximize results. These four levels of personalization from least to most personalized are:
- L1: Tailors recommendations and promotions based on demographic data, ensuring relevance for distinct customer segments.
- L2: Delves into behavior-based segmentation, crafting messages from past customer actions.
- L3: Predicts preferences and intent, tailoring content and offers accordingly.
- L4: Leverages real-time data, triggering immediate, highly relevant messages based on current behaviors and events
The report discovered that businesses with higher levels of personalization tend to have better business outcomes. It categorized these businesses into three groups -
Striving: Businesses that use limited personalization with higher send frequencies.
Steady: Businesses that use a high degree of personalization but have lower send frequencies.
Stellar: Businesses that use a high degree of personalization and optimal send frequencies.
Striving businesses, on average, sent 22 messages to users every week with minimal (L1) personalization, leading to them underperforming the industry benchmark by 77%.
Steady businesses overlooked L1 personalization; underestimating the power of simple demographic personalization which limited engagement at the generic level. But by prioritizing more advanced levels of personalization (L2 and L4) they outperformed industry benchmarks by 74%.
Stellar businesses adopted the optimum blend of all four personalization levels, with an emphasis on L4, outperforming the industry benchmark by 500%. Compared to striving businesses, they achieved nearly 7x more purchases.
Stellar businesses used L1 personalization to successfully promote large-scale events that impacted the customer base at large. Simultaneously, through more granular levels of personalization, they were able to guide customers towards subsequent conversion events. These stellar businesses prioritize behavior-based and real-time messaging over activity-based communication. This approach minimizes intrusive messages following specific customer activities and, instead, focuses on nudging customers only when behaviors of intent are shown.
"When it comes to personalization, often businesses can be myopic in their decision-making - thinking personalization of any shape or form will help achieve the lofty goals they set," said Jacob Joseph, VP - Data Science, CleverTap. "While it's true that some personalization is better than none, over-relying on any one type of personalization will deliver subpar results compared to businesses with a more holistic approach. With a strategic mix of personalization techniques eCommerce businesses can overperform industry benchmarks by 6x; elevating their brands from striving or steady to stellar status."
About CleverTap
CleverTap is the all-in-one engagement platform that helps brands unlock limitless customer lifetime value by helping them create personalized experiences to retain their most valuable customers. The platform empowers businesses to orchestrate experiences for individuals across their lifecycles and design personalized journeys that span a lifetime. It offers analytics that encompasses every aspect of the lifecycle, enabling businesses to measure and optimize each experience in real time. Its unique AI capability is insightful, empathetic, and prescriptive, facilitating smarter and faster decisions. The all-in-one platform unifies experiences from every touchpoint, paving the way for a new era of customer engagement.
The platform is powered by TesseractDB(TM) - the world's first purpose-built database for customer engagement, offering both speed and economies of scale.
CleverTap is trusted by 2000 customers, including Electronic Arts, TiltingPoint, Gamebasics, Big Fish, MobilityWare, TED, English Premier League, TD Bank, Carousell, AirAsia, Papa John's, and Tesco.
Backed by leading investors such as Peak XV Partners, Tiger Global, Accel, CDPQ, and 360 One, the company is headquartered in Mountain View, California, with presence in San Francisco, New York, Sao Paulo, Bogota, London, Amsterdam, Sofia, Dubai, Mumbai, Bangalore, Singapore, and Jakarta.
For more information, visit clevertap.com or follow us on:
LinkedIn: https://www.linkedin.com/company/clevertap
X: https://twitter.com/CleverTap
Forward-Looking Statements
Some of the statements in this press release may represent CleverTap's belief in connection with future events and may be forward-looking statements, or statements of future expectations based on currently available information. CleverTap cautions that such statements are naturally subject to risks and uncertainties that could result in the actual outcome being absolutely different from the results anticipated by the statements mentioned in the press release.
Factors such as the development of general economic conditions affecting our business, future market conditions, our ability to maintain cost advantages, uncertainty with respect to earnings, corporate actions, client concentration, reduced demand, liability or damages in our service contracts, unusual catastrophic loss events, war, political instability, changes in government policies or laws, legal restrictions impacting our business, impact of pandemic, epidemic, any natural calamity and other factors that are naturally beyond our control, changes in the capital markets and other circumstances may cause the actual events or results to be materially different, from those anticipated by such statements. CleverTap does not make any representation or warranty, express or implied, as to the accuracy, completeness or updated or revised status of such statements. Therefore, in no case whatsoever will CleverTap and its affiliate companies be liable to anyone for any decision made or action taken in conjunction.
For more information:
SONY SHETTY
Director, Public Relations, CleverTap
+91 9820900036
sony@clevertap.com
IPSHITA BALU
Consultant
Archetype
+91 95901 11798
ipshita.balu@archetype.co
Source: CleverTap
Copyright 2024 ACN Newswire . All rights reserved.
