Bluecore, the retail technology company transforming casual shoppers into lifelong customers for the world’s largest retail brands, today released a Total Economic Impact™ (TEI) study revealing that retailers leveraging Bluecore’s multichannel personalization platform can see a 3X increase in eCommerce revenue. The study, commissioned by Bluecore and conducted by Forrester Consulting, details the financial and economic impact of Bluecore’s technology on a retailer’s business.
Forrester’s assessment of Bluecore reveals retailers leveraging its technology can see a total ROI of 538%, fueled by an increase in eCommerce revenue, improvement of the shopper experience, an increase in speed and agility of campaigns, and improved efficiency of digital spend and workflows across channels. The Forrester TEI study aggregated the experiences of enterprise customers to quantify how retailers can rapidly grow their eCommerce business through Bluecore’s multichannel platform.
Shoppers today expect the same level of curation from retail brands that they’re getting from other digital experiences. Driving long-term eCommerce growth in this new digital environment requires retailers to shift their mindset of customer acquisition as a strategy, to simply the first step in a longer customer journey. This means taking a lifecycle marketing approach to communicating with shoppers by creating compelling moments as they discover, evaluate and buy across channels.
Bluecore’s AI-driven technology connects first-party shopper data with real-time product catalog data, to predict and execute on the exact experience an individual shopper should receive across owned and paid digital channels. The resulting personalized shopper communications turn one-and-done buyers into loyal customers that convert over and over again. According to the study, retailers working with Bluecore have increased the rate of one-time buyers to multi-time buyers by 22.5%, increased average order value (AOV) by 21%, and increased the number active of customers – those who’ve engaged with digital communication in the past 90 days – from 5 million to 7.3 million. And the study highlights that Bluecore they’re doing so with less time and budget, moving 90% faster with marketing campaigns and seeing a 50% increase in digital budget efficiency.
According to the Forrester study, while the need for personalization is critical for brands to compete in this digital-first retail environment, many are still using legacy marketing technology solutions with limited personalization capabilities. The study stated that retailers “recognized that they needed a single solution to help them speak more directly to customers, to be more efficient, and to drive more e-commerce revenue with their marketing efforts.” Quoted in the study, a senior vice president of performance marketing and digital for an apparel brand said, “Prior to leveraging Bluecore, we optimized by tactic rather than optimizing by customer. We weren’t focused on the ‘who’ and ‘what’ messaging we reached out with.”
“E-commerce is now the crucial source of revenue for many retailers, and in order to drive eCommerce growth and thrive long-term, retailers need to make it easy for shoppers to discover, evaluate and buy wherever they are,” said Fayez Mohamood, CEO, Bluecore. “The TEI study quantifies Bluecore’s ability to create these convenient, personalized experiences shoppers expect and transform retailers’ businesses to drive rapid eCommerce growth.”
Bluecore’s deep understanding of retail data, most uniquely, the ability to connect retailers’ robust product catalogs to shopper behavior, allows brands to power critical retail-specific outcomes such as repeat purchases, margin preservation, and product discovery. More than 400 retail brands use Bluecore to drive superior performance that adapts to retail goals and shopper behavior through lifecycle marketing campaigns, which supports retail-specific use-cases such as replenishment, price drop notifications, and markdown preference.News Source: Businesswire