Automation technology. Recommendation engines. A customer data platform. As a modern-day retailer, you’ve probably made significant investments in some or all of these areas. Yet competition is fierce, and consumers are fickle. Are you maximizing customer lifetime value? Increasing average order value? Retaining those customers you’ve worked so hard to attract? Are you competing on price a little too often for your liking?
For years the market has been rightly focused on personalization but has overemphasized collecting first-party customer data and building the infrastructure for those one-to-one conversations - the first two sides of the Personalization Trinity. Yet, the third and most important side is often ignored: the content itself.
If you have first-party data and channels to have one-to-one conversations with your customers, you’ve built the foundation for personalization. However, by using only the handful of assets your marketing team has approved, your investments in first-party data and those channels of communication will fail to capture the amazing results they promised.
You need technology to exponentially increase content.
Real-Time Composable Content
Your team of creative directors, marketers, merchants, beauty counter experts, stylists, visual merchandisers, personal shoppers, and more have brand expertise that sets you apart from your competition. Unleash this expertise to scale unique inspirational shoppable content exponentially faster by using machine learning to generate real-time, on-brand, composable content as soon as consumer opportunities arise.
Real-Time Composable Content is an asset produced dynamically without any human involvement in the production process. Elements are swapped in and out automatically based on any changing data variable, including customer data, customer behavior, inventory availability, sell-through rate, and more.
On top of generating more revenue, all of that additional content feeds a continuous cycle of gathering customer data to enable more sophisticated personalization.
For example, you offer a lookbook of outfits suited for any leather-loving consumer in Chicago seeking extra-small sizes during the month of September. You can learn rapidly which customers engage with that content and add them to a segment for extra-small leather lovers, a much more fine-grained segment that you have today. And you can repeat this for every other unique flavor of consumer - a task that would be impossible to achieve manually, but automation allows you to cover every possible segment you can imagine. That information helps you build a richer view of prospects, enabling, even more, on-brand, on-target composable content, and the cycle continues.
Inventory Control Without Brand Devaluation
Besides inspiring consumers to purchase more and stay loyal to your business, real-time composable content allows you to use marketing content as a lever to optimize inventory without devaluing your brand.
Any excess inventory or newly released items can automatically be incorporated in all possible “looks,” encouraging more consumers to consider how those items can work with their personal style. Out-of-stock items are dynamically swapped out for in-stock similar items, eliminating customer disappointment and driving increased revenue.
By using inventory to drive real-time marketing content, the need for “super sales” is reduced, offering a whole new level of brand safety. Retailers no longer need to compete on price alone, avoiding brand commoditization.
Bottom Line Results
The more inspirational shoppable content you provide, the longer customers stay on your site and the lower your bounce rate. Hyper-specific curated landing pages drive 700 percent higher conversion, and studies have also shown a 5 percent increase in revenue per visit.
Most importantly, using an AI/ML-driven solution can maximize revenue over a customer’s lifetime as well as extend the length of that lifetime. When retailers prioritize inspirational shoppable content with 90 percent or more of the customer interactions with a product, they see a 150-percent increase in Customer Lifetime Value.
Failing to embrace the ability to exponentially scale inspirational shoppable content means you are only reaping a fraction of the returns from your existing technology–and leaving money on the table.
As a result, you risk losing loyal customers to the competition as well as brand commoditization in order to meet volume-based KPIs.
“FindMine has helped us ensure that our newest products have cross- selling from day 1, improving conversion, average order value, & customer satisfaction better than any other solution we’ve tried.”
- Senior Director, adidas Consumer Experience.
To learn how to reach your KPIs faster through digital merchandising, reach out today. Schedule a FindMine demo to see how we can help you exponentially increase inspirational shoppable content for your brand.