Holiday Shopping: Digital Customer Behavior Is No Longer A Mystery For Retailera
Majority of retailers suffer three out of four quarters each year. All depending on that holiday bleed so to speak. Google predicts that half of all consumers star holiday shopping research before Thanksgiving. In reality, a good 26% begin before Halloween. For retailers, Google is actually the go to indicator for consumer interest and behavior. There are software as a service platforms such as Custora that helps retailers understand marketing trends. This year, Custora predicts that 41% of all online shopping starts with Google. Organic and search engine optimization account for 22.4% of eCommerce transactions while paid search account for 18.6%.
Custora is a predictive analytics platform that helps e-commerce marketing teams acquire, retain and segment their customers. Custora uses best-in-class predictive analytics models to help retailers answer questions like what are my best and worst performing customer acquisition channels? How do I convert more members to active? How do I reactive lost customers? They are a privately held company in the internet industry that began in 2011. The company size is under 50 employees. The offices are located in the Flatiron district of Manhattan, NY.
Custora estimates that email is still a highly effective tool in 2014 holiday shopping season driving 16.8% of transactions the first three weeks of November 2014. On the other hand, social platforms such as Facebook and Twitter combine for a very little in the way of ecommerce transactions only driving 1.5% of online orders in the holiday season so far this year.
Custora determines the CLV or customer lifetime value for retailers. The CLV describes the amount of revenue or profit a customer generates over his or her entire lifetime. CLV calculations vary wildly based on methodology. The metric is a complex one to calculate it includes not only the profits obtained so far but future profits as well. Custora's model works as follows 1) Observe various individual-level buying pattens from the past- find the various customer stories in the data set 2) Understand which patterns correspond with valuable customers and which patterns correspond with customers who are leaving for good and 3) As new customers join, match them to these patterns accordingly.
Some use cases of CLV analysis are to compare CLB across channels and ads within channels, roll out the red carpet for high value consumers, and find lower value customers and work on improving their value for consumers.
Custora estimates that email is still a highly effective tool in 2014 holiday shopping season driving 16.8% of transactions the first three weeks of November 2014. On the other hand, social platforms such as Facebook and Twitter combine for a very little in the way of ecommerce transactions only driving 1.5% of online orders in the holiday season so far this year.
Custora determines the CLV or customer lifetime value for retailers. The CLV describes the amount of revenue or profit a customer generates over his or her entire lifetime. CLV calculations vary wildly based on methodology. The metric is a complex one to calculate it includes not only the profits obtained so far but future profits as well. Custora's model works as follows 1) Observe various individual-level buying pattens from the past- find the various customer stories in the data set 2) Understand which patterns correspond with valuable customers and which patterns correspond with customers who are leaving for good and 3) As new customers join, match them to these patterns accordingly.
Some use cases of CLV analysis are to compare CLB across channels and ads within channels, roll out the red carpet for high value consumers, and find lower value customers and work on improving their value for consumers.
2014 Holiday Shopping SeasonMore on Custora
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