Based on insights from over 35.5 billion eCommerce campaigns, Bluecore’s “2022 Retail Ecommerce Benchmark Report” provides the industry’s first benchmarks for engaging and converting shoppers throughout their life cycle. of life
NEW YORK, September 08, 2022–(COMMERCIAL WIRE)–blue corethe retail marketing technology company transforming the way the top 1000 retailers communicate with shoppers, today launched its 2022 Retail Ecommerce Comparative Report. This year’s benchmarks reveal how, by keeping existing shoppers engaged rather than overshadowing them with unique customer acquisition strategies, retailers can blaze a path to profitability amid high paid media costs, stagnant of digital traffic and ongoing inventory issues. The new report, based on more than 35.5 billion e-commerce campaigns sent by more than 400 retail brands last year, offers clear insight into how shoppers engage throughout their lifecycle and how individual campaigns can drive engagement and maximize conversions on e-commerce sites and email. .
Shoppers are changing the way they spend their money as a result of rising inflation, and it is in this environment that retail brands need to maximize their relationships with existing shoppers to generate revenue. To transform these shoppers into loyal shoppers, brands must take control of their own programs and data to create compelling experiences throughout a shopper’s lifecycle. This means identifying who your clients are, What are interacting with the brand (e.g. searching, browsing, clicking), and what products with which they are interacting (for example, color, size, price, category), to know their interests at the moment, as well as the products that will interest them next.
blue core 2022 Retail Ecommerce Comparative Report offers in-depth analysis of lifecycle marketing measures of identification, first purchase, and repeat purchase, highlighting specific e-commerce campaigns that are most effective in driving those results, as well as revenue. A trusted long-term benchmark for retailers to measure their performance, the research shares overall performance benchmarks by retail vertical and average order value (AOV), as well as benchmark benchmarks (e.g., rate open and click-through rate to conversion rate) for campaigns on e-commerce sites and email.
Retailers can apply these findings to new strategies designed to increase shopper identification, first purchase, and repeat purchase rates with campaigns that drive engagement, lifetime value, and revenue.
Key findings include:
At-risk shoppers and lost shoppers represent a huge opportunity for retailers. At-risk buyers and lost buyers are interacting almost as much as active buyers. For buyers whose average order values (AOVs) are between $99-$249At-Risk Buyers and Lost Buyers open (Buyers at Risk: 9.95%; Lost shoppers: 9.57%) and click (Buyers at risk: 5.83%; Lost shoppers: 5.56%) at a rate that is close to the opening of Active Buyers (12.41%) and click (7.42%) rates. It’s up to the retailers to transform their interest into a purchase and turn them into regular shoppers.
The more a shopper buys, the more likely they are to complete a next purchase. With each new purchase, the likelihood that shoppers will return to a brand increases. After the first purchase, buyers are 15.07% more likely to buy again, followed by 25.59% after the second purchase and 33.68% after the third. And after the sixth purchase, buyers are 50.47% more likely to buy again. This shows the importance of cultivating loyal buyers to generate income.
Ecommerce campaigns that are triggered by buyer behavior are the most successful throughout the buyer’s lifecycle. Abandoned cart campaigns generate more first-time purchases (32%) and repeat purchases (22%) than any other email campaign. They also generate more than double the conversion rate (1.29%) of other campaign types (varying from 0.17% – 0.44%).
Welcome emails drive the highest conversions and engagement, as well as the highest unsubscribe rates. Buyers are opening (46.72%), clicking (11.27%), and convert (2.2%) in response to welcome emails at a high rate. But these emails also have the highest unsubscribe rate (0.80%). Brands have the opportunity to deliver even more value in welcome emails with individual recommendations that help them discover and purchase other products.
More shoppers enter their email at the beginning of a site visit than at the end. As a percentage of total impressions, retailers see a higher click-through rate for email capture campaigns with a 1.18% click-through rate at the start of a shopper’s e-commerce site visit, compared to just one 0.85% click-through rate at the end of a site visit. Retail brands should include an email capture site modal at the beginning of a shopper’s visit to increase the likelihood that they will send your email. When brands can link an identifier like email with anonymous behavior, they can send one-to-one communications that are more likely to lead to conversions.
“Everything a retailer does needs to revolve around shopper preferences to drive ongoing engagement, and how they measure success is no exception,” he said. Sarah Casone, Vice President of Marketing, Bluecore. “As the industry evolves and retail marketers rethink how they measure the impact of their programs and how they turn data into revenue-generating campaigns, we want to give them industry benchmarks to measure with shopper-centric metrics like identification, first purchase, and repeat purchase to ensure their programs have a direct impact on revenue.”
The full 2022 Retail Ecommerce Benchmark Report is available for download here: https://www.bluecore.com/resources/bluecore-2022-retail-ecommerce-benchmark-report/.
blue core is a retail marketing technology platform that transforms casual shoppers into lifetime customers for the world’s largest retail brands and enables retailers to quickly turn data into revenue-generating campaigns. Through its proprietary shopper and product blend and the launch of Bluecore Communicate™, Bluecore Site™ and Bluecore Advertise™, brands can easily personalize 100% of communications sent to consumers through their mail-order shopping experiences electronic, electronic commerce and paid media. Bluecore replaces manual processes with advanced predictive models, allowing brands to manage these communications through a single interface. In 2019, the company bet big on itself when it introduced the industry’s first shared success pricing model. Now credited with doubling email revenue and increasing customer retention, lifetime value and overall speed to market for over 400 brands including Express, NOBULL, The North Face, Teleflora and Bass Pro Shops.
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