Last October, Custora hosted our first ever summit, bringing together over 100 retail marketing leaders from over 40 brands. Billed as the best ever single-day customer analytics conference for retail marketers in NYC on a Wednesday, and given a Net Promoter Score (NPS) of 9 out of 10 by our attendees, we think we far exceeded this lofty promise.
The most popular session of the day was a keynote given by Mariah Chase, CEO of fast-fashion brand Eloquii. Mariah shared her perspective on what digital retail will look like in the next five years — from dynamic pricing to content to conversational commerce and data that drives to “why.” We’re now sharing Mariah’s presentation via a webinar we hosted yesterday as part of our “Webinarch Madness” series.
Here are Mariah’s top predictions for digital retail in the next 5 years.
We hosted a great webinar yesterday with our guest Ron Offir, CEO of Offir Consulting. The topic – Driving Omnichannel Growth with a Digital Flagship. Below is a summary of the presentation and an audio file of the Q&A.
Ron is the CEO and founder of Offir Consulting and has over 20 years of experience leading marketing and e-commerce initiatives at Michael Kors, The Jones Group, Coach, Gap Inc, and Deloitte Consulting. Ron chatted with Kevin Young, CMO of Custora, who has held senior marketing positions at Monetate, SAP North America, and Microsoft.
Top line growth is at the top of every CEO’s agenda, and it’s no surprise. In the digital age, consumers are always shopping around. New technologies and greater choice are changing how they are thinking and acting.
Couple this with the fact that the cost to acquire new customers continues to grow as the expected return from each new customer shrinks. An alarming number of customers are drifting away after their first purchase. We call this the shark graph, and it represents a scary situation for the retail industry.
We recently hosted a webinar with Tommy Lamb, Teleflora’s Director of Loyalty and Retention. Tommy, who has previously held positions at Dermstore, Lucky Brand, and BCBG, walked us through the ways his team is leveraging customer data to drive sustainable growth. Check out the full video below.
Custora’s CEO, Corey Pierson, kicked off the webinar by discussing why customer-centric metrics such as customer lifetime value (CLV) are essential indicators of the health of retailers’ customer databases, and why customer retention is becoming more important than ever.
Tommy then shared four case studies—churn prevention, VIP programs, and two cases of advanced segmentation. In each, he used Custora’s predictive algorithms to select the best audiences at key moments in the customer lifecycle. He explained how he determined which opportunities to pursue, how he began testing offers and creatives, and how he used holdout groups to measure the success of each campaign.
Fill out the form below to get the recording.
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The holidays are in full swing, with revenue up 6% from last year for the week beginning Black Friday (1). The average e-commerce business acquires almost a quarter of its new customers during the holiday season, and with new customers comes great responsibility…AKA the need for a solid retention net. Research from Bain has shown that increasing retention by 5% can increase profits by 125%. We expect that holiday shoppers are often worth less than non-holiday shoppers due to heavy promotions and gift-giving, and in fact research from RJ Metrics reveals that shoppers acquired during the holidays have a 13% lower lifetime value than the average customer.
What can we do to ensure holiday shoppers are not one and dones?