A new study from Qubit, the personalisation tech platform has found that ecommerce businesses could add as much as 6% to their revenues by focusing on the most effective personalisation and optimisation techniques. This potentially could add billions of dollars globally. The study analyzed more than two billion user journeys and over 120 million purchase to shed light onto which mar-tech tactics actually had the biggest impact on sales.
The study had four key takeaways:
- Finding and utilising the correct personalisation techniques can increase sales per visitor by as much as 6%. For some businesses that are now selling online, this could be worth millions of pounds in extra revenue.
- Brands are still spending huge amounts of money on techniques and practices that have little or sometimes even negative impacts on sales.
- Many ecommerce businesses that are trying to compete with Amazon are uncertain about what techniques they can use to be successful.Qubit is calling on the mar-tech sector to be more transparent about how effective their techniques and tools are for businesses.
- The research took Qubit several years to both compile and then analyse and is one of the most comprehensive studies into ecommerce and martech ever undertaken and the data has been verified by PwC.
Graham Cooke, founder and CEO of Qubit said:
“Now is the moment for transparency in our industry. Ecommerce leaders have to get personalization right when they’re trying to compete with the likes of Amazon, and yet it’s so hard to know what really works. We want every marketer to know precisely what tactics will help them beat the 800-pound ecommerce gorilla, and I invite other vendors in our industry to do the same.”
Speaking to Venturebeat.com, Jay McCarthy, vice president of product marketing at Qubit talked about how personalisation may be the difference between success and failure for many ecommerce businesses.
“There was traditionally a place for cosmetic and usability-driven testing, but these returns are diminishing as web design and CMS UX has reached a much higher standard. Developments in the richness of customer data and the speed at which it can be processed have raised the bar, and we are entering a new era where individually personalized experiences are what will separate those brands that sink or swim.”
Qubits data scientist Will Browne was proud of the study and again pointed to personalisation being the key.
“We’ve performed the most comprehensive study of marketing personalization in the industry. What is particularly exciting is the size of the cumulative effect we see for our top performing clients; with some personalization strategies having up to a six percent impact on ecommerce revenue.”
For a full copy of this extensive report from Qubit, go to their website www.quibit.com.