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Optimizing the path to purchase for the always-on consumer

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NRF 2019: Retail's Big Show
Patrick Tripp, VP, Product Strategy, RedPoint Global

Published in: Retail
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Optimizing the path to purchase for the always-on consumer

  1. 1. Optimizing the Path to Purchase for the Always on Consumer Patrick Tripp, VP Product Strategy
  2. 2. ©RedPoint Global Inc. 2019 | Confidential 3 The Empowered Customer “Customers expect consistent and high-value in-person and digital experiences. They don’t care if building these experiences is hard or requires a complex, multifunction approach from across your business. They want immediate value and will go elsewhere if you can’t provide it.” In the Age of the Customer, Data is King Forrester Research
  3. 3. ©RedPoint Global Inc. 2019 | Confidential 4 of buyers will pay more for a better customer experience, but only Customer Experience Index 86% Customer Expectations Have Risen of customers feel that brands consistently meet their expectations 1%
  4. 4. ©RedPoint Global Inc. 2019 | Confidential 5 Source: The State of Engagement: Bridging the Customer Journey Across Every Last Mile, RedPoint Global and CMO Council, May 2018. The Biggest Gaps Between Strategy and Execution 42%Systems that leverage real-time data 0 10% 20% 30% 40% 37%Organization-wide single view of the customer 36% Measurable results that identify the business impact 30%Budget to execute 27%Cultural shift to prioritize customer’s context 22%Executive-level support for CX priorities 21%Time, talent and technology to execute consistently 20%Real-time intelligence and analytics https://live.eventbase.com/polls?event=bigshow2019&polls=4900
  5. 5. ©RedPoint Global Inc. 2019 | Confidential 6 The Impact of Personalization for Retailers 40% of consumers purchase more from retailers that provide a more personalized shopping experience across all channels e-tailing group 89%of digital businesses are investing in personalization to align with customer expectations Forrester Research 85%of retailers are focused on leveraging a single, unified platform for all commerce, inventory, customer and transaction data to eliminate individual channel silos and offer a seamless experience Boston Retail Partners 68%of retailers are focused on improving the customer experience by identifying customers, utilizing customer facing technology and empowering associates with information in real-time Boston Retail Partners
  6. 6. ©RedPoint Global Inc. 2019 | Confidential 7 Optimize the Path to Purchase  Business Rules  Machine Learning  Journey Optimization Deliver Real-Time Experiences  Speed and Scale  Data-Driven Personalization  Omnichannel Orchestration  Customer Data Platform  Single Customer View  Data Quality and Identity Resolution Know all that is Knowable Three Keys to Optimize Customer Engagement
  7. 7. ©RedPoint Global Inc. 2019 | Confidential 8
  8. 8. ©RedPoint Global Inc. 2019 | Confidential 9 ● Mailing address ● Physical address ● Name ● Credit Card # ● Customer ID ● Address ● Device ID ● Mobile Number ● Web Session ID ● DMP ID ● Email Address ● Name ● Social Handle ● Persona Name ● Email Address ● Customer ID ● Loyalty Program ID Potential Identifiers CDP: Single View of the Customer E-Commerce Device Social Transactional Physical Golden Record Touchpoints Web/Browser Email The contact graph combines fragmented data across many touchpoints to create the unique individual
  9. 9. ©RedPoint Global Inc. 2019 | Confidential 10 Deploy machine learning models and A/B/n tests to optimize engagement Omnichannel Optimization Leverage online/offline data and analytics to automate segmentation Data-Driven Personalization Critical Capabilities for Real-Time Customer Engagement Automated EffortManual Effort Deliver content at speed and scale while adapting to consumer and business needs Speed and Agility
  10. 10. ©RedPoint Global Inc. 2019 | Confidential 11 Business Rules Machine Learning
  11. 11. From Segmentation…
  12. 12. …to Zero Segment Marketing
  13. 13. ©RedPoint Global Inc. 2019 | Confidential 14 #15Most relevant brands in America Ranked: Time-to-Value for Holidays 15 wks. Lift on carousel conversions 70% Revenue increase from campaigns 144%
  14. 14. Building a repeatable, measureable experience and the conversation that goes with it. Powered with Cloud-based Machine Learning to inform the next cup and make a better experience for the next million customers. Love it IoT BREWER POD RECOGNITION PERFECT IS PERSONAL BLIND TASTING EXPERIENCE SAMPLING & FOLLOW UP AFTER PURCHASE PERFECT IS PERSONAL TASTING QUIZ NEW BREWER UNBOXING FOLLOW UP AFTER BREWING
  15. 15. ©RedPoint Global Inc. 2019 | Confidential 16 How to Get Started? Source: http://thecampuscareercoach.com
  16. 16. ©RedPoint Global Inc. 2019 | Confidential 17 Getting Started STRETCH Gather, merge and clean data to create a single view of the customer WALK Personalize inbound and outbound marketing, including triggers JOG Deliver offer and product reccs to digital and traditional channels RUN Leverage machine learning to optimize the path to purchase
  17. 17. ©RedPoint Global Inc. 2019 | Confidential 18 Customer Satisfaction Buy online and pick up in-store to receive a cross-sell coupon on additional products Cross-Sell in Store Customize the shopping experience, including communication and product preferences Preference Center Buy Online and Pickup in Store STRETCH Provides store associates, marketers, and customer service with consumer insights Single Customer View
  18. 18. ©RedPoint Global Inc. 2019 | Confidential 19 Customer keeps browsing items for deals and checks out with additional items in cart Customer Repeat Purchases Customer receives a reminder email and mobile app with a savings code to continue shopping Pending Items Reminder HELLOJOHN15 Valid only for next 24 hours Cart Abandonment, Triggered Messaging WALK Customer selects items and keeps them in cart due to $30 min. checkout Cart Abandonment
  19. 19. ©RedPoint Global Inc. 2019 | Confidential 20 Personalized cross-brand shopping experiences generate increased revenue and customer lifetime value Revenue and Customer Loyalty Based on recent purchases, customer gets a promotional offer for cross-brand shopping Offer Recommendations Cross-Brand Product Recommendations JOG Recent purchases from sister brands captured for better insights into customer profile Previous Purchase History
  20. 20. ©RedPoint Global Inc. 2019 | Confidential 21 85% Propensity Score: 77% Propensity Score: 62% Propensity Score: g Mary Smith m.smith@yahoo.com Table 2/11/2016 $879 INACTIVE Joe Johnson j.johnson@gmail.com Jacket 04/21/2017 $49 ACTIVE Susan Day susan.day@xyz.com Shoes 6/19/2017 $299 ACTIVE Name: Email: Purchase: Last Purchase Date : CLV: Active / Inactive: Name: Email: Purchase: Last Purchase Date : CLV: Active / Inactive: Name: Email: Purchase: Last Purchase Date : CLV: Active / Inactive: Path to Purchase Optimization RUN EMAIL GIFT TEXT CODE LOYALTY OFFER HALF OFF NEXT BUY FREE PURCHASE 20% OFF PURCHASE OFFER APP FLASH SALE PURCHASE INTERNET SALE PURCHASE
  21. 21. ©RedPoint Global Inc. 2019 | Confidential 22 85% Propensity Score: 77% Propensity Score: 62% Propensity Score: 82% Propensity Score: 68% Propensity Score: 89% Propensity Score: Joe Johnson j.johnson@gmail.com Jacket 04/21/2017 $49 ACTIVE Susan Day susan.day@xyz.com Shoes 6/19/2017 $299 ACTIVE PURCHASE EMAIL GIFT INTERNET SALE TEXT CODE PURCHASE LOYALTY OFFER HALF OFF NEXT BUY FREE PURCHASE 20% OFF PURCHASE OFFER APP FLASH SALE PURCHASEEMAIL GIFT Name: Email: Purchase: Last Purchase Date : CLV: Active / Inactive: Mary Smith m.smith@yahoo.com Table 2/11/2016 $879 INACTIVE Name: Email: Purchase: Last Purchase Date : CLV: Active / Inactive: Name: Email: Purchase: Last Purchase Date : CLV: Active / Inactive: Name: Email: Purchase: Last Purchase Date : CLV: Active / Inactive: Mary Smith m.smith@yahoo.com Table, Chairs 3/12/2018 $999 ACTIVE Name: Email: Purchase: Last Purchase Date : CLV: Active / Inactive: Joe Johnson j.johnson@gmail.com Jacket, Belt 09/01/2018 $99 ACTIVE Name: Email: Purchase: Last Purchase Date : CLV: Active / Inactive: Susan Day susan.day@xyz.com Hand bag, Shoes 12/11/2018 $463 ACTIVE Path to Purchase Optimization RUN BUY ONLINE IN STORE PICKUP LOYALTY OFFER PURCHASE TEXT CODE INTERNET SALE LOYALTY OFFER 50% OFF PURCHASE OFFER PURCHASE PURCHASE EMAIL GIFT
  22. 22. ©RedPoint Global Inc. 2019 | Confidential 23 Optimize the Path to Purchase  Business Rules  Machine Learning  Journey Optimization Deliver Real-Time Experiences  Speed and Scale  Data-Driven Personalization  Omnichannel Orchestration  Customer Data Platform  Single Customer View  Data Quality and Identity Resolution Know all that is Knowable Three Keys to Optimize Customer Engagement
  23. 23. www.redpointglobal.com/realtimestudy Follow us on Twitter @ptripp | @RedPointGlobal Enter your card to win a Keurig brewer. Live drawing Now in Booth #841!

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