New customer engagement industry benchmarks — Ian Macleod // SALESmanago

Ian Macleod, Chief Marketing Officer at SALESmanago, talks about the future of AI in marketing for eCommerce companies. There’s a growing demand for personalized customer experiences on eCommerce websites. But, are you collecting enough zero data to understand your customers and provide those personalized experiences across all your channels? Today, Ian discusses new customer engagement industry benchmarks.

About the speaker

Ian Macleod

SALESmanago

Ian is the Chief Marketing Officer at SALESmanago

Cupid Score Assessment

Part 1Where is AI taking marketing? — Ian Macleod // SALESmanago
Part 2 New customer engagement industry benchmarks — Ian Macleod // SALESmanago

Show Notes

02:32

eCommerce benchmarks for performance

When benchmarking eCommerce performance, metrics to consider include conversion rate, customer retention rate, and average order value. Building a 360° view of customer intelligence and delivering personalized real-time experiences across all channels will be key to retention.
05:07

Standard benchmarks for eCommerce companies

There is a lack of standardization in eCommerce conversion and customer engagement metrics across different countries and industries. In response, Salesmanago developed CUPID score to help businesses understand the bonds they're building with their customers.
07:23

Determining customer engagement in eCommerce

While CUPID's score attempts to provide a standardized metric, there is no singular element that determines customer engagement. Instead, its a combination of website performance, conversion rates, convenience, and building the data profile for personalized experiences.
08:31

CUPID score factors

SALESmanagos CUPID score focuses on convenience, understanding, personalization, intimacy, and data. Ultimately, its about collecting zero party data to enable you to provide convenience, understand customers, deliver personalization, and create customer intimacy.
10:32

The growing importance of personalization in eCommerce

Todays customers want personalized and relevant experiences on eCommerce websites. As a result, deploying customer understanding into an omni-channel execution to deliver personalized experiences will become a requirement for eCommerce success.
12:19

The relationship between personalization and customer loyalty

Customer loyalty can be fostered by creating an environment where customers feel understood. By offering personalized experiences, businesses can enhance customer loyalty and increase their rates of repeat purchases.
13:17

Leveraging AI to improve personalization

After acquiring customer data points, AI can be leveraged to build customer profiles and deliver personalized experiences at scale. AI can be leveraged to deliver personalization on a one-to-one basis via email or on-site in terms of customized copy, CTAs, etc.

Quotes

"We did a survey to identify the key conversion and customer engagement metrics. And, we found that 64% of eCommerce marketers failed to measure customer engagement." -Ian Macleod, CMO, SALESmanago
"Theres no one element that drives customer engagement. It used to be that the business with the best price was going to have the highest conversions. Now. It's about loyalty, sustainability, etc." -Ian Macleod, CMO, SALESmanago
"Are you collecting zero party data to allow you to provide convenience, have the understanding, deliver personalization, and create intimacy with your customers?" -Ian Macleod, CMO, SALESmanago
"Understanding your customer, building that 360 view, and then delivering a personalized and intimate experience to create a long-lasting and meaningful bond with your customer is imperative." -Ian Macleod, CMO, SALESmanago
"Customers want an experience that is relevant for them. And we have the capabilities now." -Ian Macleod, CMO, SALESmanago
"If you have an understanding of your customers, and you create a personalized experience, you should clearly see that in the uptake of your customer loyalty and your repeat purchases." -Ian Macleod, CMO, SALESmanago
"AI is just going to help turbocharge the execution of how we take our understanding of our customer and deliver that personalized experience." -Ian Macleod, CMO, SALESmanago