Real Time Marketing Report

Real-Time Marketing Report February 2022 - Fresh Relevance

This report covers sales uplift, conversion rates, abandonment and recovery rates, revenue trends and identification rates over the past 12 months, based on the performance of a sample of over 60 Fresh Relevance clients using these tactics effectively.

This can act as a benchmark for your business.

Sales uplift from personalization and triggered messaging

Fresh Relevance clients have seen fairly consistent sales uplifts with personalization and automation tactics over the past 12 months, with web personalization still leading the way as the tactic that generates the most revenue on its own. Cart and browse abandonment triggers, along with custom triggers such as price drop and back in stock alongside email personalization also sees businesses achieve significant sales uplift. The effectiveness of each tactic is also fairly consistent, with fluctuations of only around 1% most months.

 

Is revenue uplift impacted by industry?

The graph below shows the peaks and dips in revenue that retail and travel companies in different industries have experienced in the past 12 months. A key takeaway when comparing the consistency of sales uplift throughout the year with the variability of revenue is that using these personalization and automation tactics can have a significant impact regardless of whether it is a busy shopping season. Ecommerce and travel businesses should therefore aspire to make personalized experiences across all their channels a core part of their business as usual marketing campaigns, as well as those for events such as Black Friday.

Each industry has a slightly different revenue pattern throughout the year. Most retail industries are reasonably consistent throughout February to October, and then see a big spike around the holiday season as Black Friday and Christmas shopping takes over.  The exceptions to this are the Travel and Home & Garden sectors. Travel peaks in January as keen holidaymakers start booking their summer holidays, and Home & Garden peaks in spring when consumers start to spend more time outdoors, work on renovations and decorate in the warmer weather. There are smaller spikes for holidays throughout the year for some industries. Jewelry and Luxury retailers sees an increase in February for Valentines Day. Fashion sees spikes for the January sales as thrifty shoppers hunt for great deals, and also in May when it’s time for a summer wardrobe refresh. The Kids sector saw a spike in July as parents entertained their children and prepared for the next school year over the summer holidays.

Breaking down the differences in revenue uplift from personalization and triggered messaging for retail vs. travel industries, the most noticeable takeaway is that for retail companies website personalization is by far the most effective tactic, being responsible for up to 16% of uplift. For the travel industry however, triggered messaging such as cart abandonment emails, browse abandonment emails, post purchase, back-in-stock and price drop emails accounts for more sales uplift, even going as high as 21% in July.

The graph below shows a snapshot of the uplift last month for each sub-industry within retail and travel. The Travel and Kids industries had the most uplift from triggers, as parents prepared for back-to-school season and holidaymakers are tempted by last minute deals to get away. Email personalization was most effective for the Fashion industry, where tactics like recommendations can be tailored to consumers individual styles and preferences, delivering great results.

Is revenue uplift impacted by region?

Below are graphs showing the revenue uplift from Fresh Relevance for businesses operating out of and selling predominantly in the United Kingdom and the United States and Canada over the past 12 months.

When comparing revenue uplift impact from businesses in the United Kingdom against those in Canada, there is a difference in pattern. Both fluctuate to an extent throughout the year, but in the United States there is a slight upward trend over the past 12 months, which implies that personalization campaigns are becoming increasingly effective there.

Conversion Rates

The graphs below show the conversion rate from the send of the email to the purchase of product for cart and browse abandonment emails over the past year. These have remained consistent for both cart and browse emails throughout the year. Conversion rate for cart abandonment emails is higher as there is already a significant intent to purchase from the shopper when they cart the product. Browse abandonment emails have also been highly effective at enticing shoppers back to the site to make a purchase after they have abandoned a session.

Abandonment and recovery rates

The graphs below show cart abandonment and recovery rates for the United Kingdom and the United States and Canada throughout the past year.

The abandonment rate in the United States and Canada is significantly higher than in the United Kingdom, but the recover rates for both are reasonably similar. This implies that there is great opportunity for the use of cart abandonment recovery emails in North America.

Cart and Browse ID Rates

The graphs below show the percentage of shoppers in the United Kingdom and the United States and Canada that abandoned their carts or browse sessions which were able to be identified in order to send them triggered messaging to bring them back.

Cart abandonment ID rates have been consistent throughout the past year in the United Kingdom. In the United States there has been slightly more fluctuation, but cart abandonment ID rates have seen an improvement in recent months.

Browse abandonment ID rates in the US are slightly lower than in the UK. There are a number of ways retail and travel companies can optimize their sites to increase their identification rates.

 

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Calendar Icon 07/14/2022