As a Shopify merchant, you have access to a whole ecosystem of technology partners ready to power the performance of your online store. But with so many options, it can be difficult know how to build the right ecommerce tech stack to yield the biggest effect on your Shopify conversion rate and store performance.
Every two weeks, a new chapter is revealed that unlocks the secrets of a different area of ecommerce – be it multi-channel personalization, reviews and user-generated content, rewards programs, email marketing, smart search or enterprise resources planning. In this guide, you’ll find everything you need to know about the technologies that can change the course of your business.
Chapter 1: How to Deliver Unique, Data Driven Customer Experiences (written by yours truly) is now available! So get ready to dive into – and power up – strategies that help you deliver a unique, data-driven experience for each of your customers.
Eager for more? Stay tuned for more topics to explore over the course of this guide and when these chapters will be available for you:
Chapter 2 – Why Automation is the Key to Lifecycle Marketing (October 16th)
Chapter 3 – The Modern Commerce Landscape & the Rise of UGC (October 30th)
Chapter 4 – How Reward Programs Help Boost Brand Advocacy (November 13th)
Chapter 5 – Achieving a Better Search Experience (November 27th)
Chapter 6 – The Power of Enterprise Resource Planning (December 11th)
And since you’re here, we thought we’d give you a sneak peak of what you’ll find in Chapter 1. It’s just a taste of what personalization looks like in today’s ecommerce landscape, revealing how Artificial Intelligence is ready to capture, analyze and apply data you may not have even known was yours for the taking…
Chapter 1: How to Deliver Unique, Data Driven Customer Experiences
81% of shoppers want a brand to understand their likes and dislikes, as well as what they’re shopping for. So it’s no surprise that a 2017 Accenture report revealed that ecommerce businesses that lack personalization result in a $756 billion loss in revenue overall annually. With the desire for a personal shopping experience continually increasing, it’s more important than ever to deliver the unique shopping experiences expect.
Given the importance of personalization, it makes sense that Amazon alone is set to drive 80% of ecommerce growth this year. This is a business that goes to great lengths to personalize their homepage for every shopper, resulting in an impressive 13% conversion rate.
While for a bricks and mortar store, the idea of rearranging the space each time a shopper walks through the door is an overwhelming undertaking, Artificial Intelligence (AI) makes it possible to deliver 1:1 personalization across every customer touchpoint.
That’s thanks to the huge amounts of data that the right technology can put at your disposal. As a shopper browses your site, they’re offering enormous insights into their preferences and shopping behavior – and that’s the case whether they ultimately make a purchase or not.
Transactional vs. Behavioral Data
Most retailers base personalization on transactional data, which is naturally historic in nature. Behavioral data is a more modern approach to personalization, looking at how a shopper interacts with your store as they browse.
But leveraging that data can be a challenge. You might wonder…
- How can I track a customer who interacts with my business across Facebook, then a piece of email marketing and then finally browses the store on their mobile?
- How can I move away from my data being kept in silos, and instead, get my tech solutions to share information so that I benefit fully?
- Once I’ve collected the data, what do I do with it? How do I make it actionable, significantly increasing my store’s performance?
The answer? Examine the type of data you’re collecting.
The power of that behavioral data can’t be overestimated. In fact, transactional data only accounts for 1.6% of the data captured in an online store.
This leaves 98% of it completely untouched. Think of the insights you can gain from that 98% – it really is a matter of leaving money on the table!
The data we’ve collected from billions of shopping journeys over the course of seven years indicates that on average, it takes a shopper three visits to make a purchase, and five visits between that purchase and their second one. Clearly, the number of interactions that can be analyzed are enormous.
Finally, consider that only 20% of repeat customers order products from the same product category as their initial order. That means that if you solely base your personalization on transactional data, it’s only going to benefit 20% of your customers, leaving 80% unsatisfied with what they see on your site.
But let’s be clear: transactional data isn’t dead. In fact, the key is to use a combination of transactional and behavioral data to deliver the ultimate in personalization to each shopper that visits your store..
Ready to Continue Your Power Up?
If you’d like to learn more about just how the use of data and personalization can increase your Shopify conversion rate, download the first chapter of Power Up Plus and discover:
- The power of automatic segmentation to categorize your site visitor, and to tailor their experience accordingly
- Why personalization is going to be key to the fashion industry’s continued success
- How to use segments to benefit your business off-site
- Real business examples of truly effective personalization
- How to go beyond tailoring just your product recommendations and personalize your entire site.