Partnership Delivers First-Ever Product Recommendation Strategies for Post-Holiday Engagement
NEW YORK — Monetate, the worldwide leader in personalization, and Bazaarvoice, Inc., the leading provider of consumer-generated content (CGC) for retailers and brands, announced a strategic partnership that will enable retailers to engage consumers more effectively after the holiday shopping season. Monetate will use Bazaarvoice’s shopper profiles to expand its understanding of each holiday shopper. The partnership will offer combined expertise, technology and support in helping brands create post-session product recommendations that will turn first-time holiday shoppers into long-lasting, loyal customers.
“With its expertise in helping marketers take innovative approaches to personalization, Bazaarvoice is looking forward to partnering with Monetate to activate brand loyalty efforts.”
Despite being the busiest time of year for retailers, the holiday season can prove to be quite challenging when it comes to converting gift shoppers into repeat customers. In fact, according to the Ecommerce Quarterly Report, only one percent of customers acquired during the holiday season are present on the same site a year later.
Although product recommendations can be an ideal tactic in engaging first-time visitors, holiday shoppers are generally buying for others, not themselves. Their gift-buying behavior is a weak indicator of overall product interest, and post-visit personalization efforts dependent on that shopping experience lead to the low conversion of gift buyers into loyal shoppers. Retailers and brands can combat this dramatic decay in customer value by augmenting what they learn during the gift-buying experience with a robust profile of normal shopping behavior to draw shoppers back post-holiday.
By embedding Bazaarvoice shopper profiles captured from billions of shopping signals from its network of over 5,700 brand and retail websites into Monetate Intelligent Recommendations, brands will easily overcome the challenge of presenting the right offers to returning holiday shoppers. Shoppers’ experiences can be tailored to reflect their individual preferences and recent online behavior rather than their one-time gift-buying. This post-holiday consumer engagement strategy pulls customers back and thus improves brand loyalty.
“The holiday season is undoubtedly one of the busiest and most exciting times for the retail industry, and there is an enormous opportunity for brands to maintain that momentum all year long,” said Loran Gutt, Vice President of Corporate Development, Bazaarvoice. “With its expertise in helping marketers take innovative approaches to personalization, Bazaarvoice is looking forward to partnering with Monetate to activate brand loyalty efforts.”
“Product recommendations are a key component of every retailer’s personalization strategy but can be challenging to effectively execute when leveraging singular data points or data derived during holiday that lacks context,” said Stephen Collins, CEO, Monetate. “By activating the contextual knowledge Bazaarvoice offers, Monetate customers are armed with the tools and knowledge required to turn gift givers into loyal shoppers.”
Monetate, the global leader in personalization software for consumer-facing brands, enables marketers to create experiences with improved relevance for every customer, increasing their engagement and boosting business outcomes. Powered by artificial intelligence, Monetate Intelligent Recommendations is the only solution that gives merchandisers and digital marketers the power to personalize product recommendations without burdening IT resources. The software was built to provide marketers with an easy-to-use interface with powerful manually curated and algorithmically driven recommendations to support even the most complex product catalogs. To learn more, visit www.monetate.com/products/product-recommendations.
Bazaarvoice connects brands and retailers to consumers, so that every shopping experience feels personal. From search and discovery to purchase and advocacy, Bazaarvoice’s solutions reach in-market shoppers, personalize their experiences, and give them the confidence to buy. Each month in the Bazaarvoice Network, more than 900 million consumers view and share authentic content including reviews, questions and answers, and social photos across 5,700 brand and retail websites. Across the network, Bazaarvoice captures billions of shopping signals monthly – data that powers high-efficiency digital advertising and personalization with unmatched relevance.
Founded in 2005, Bazaarvoice is headquartered in Austin, Texas with offices in North America, Europe, and Australia. For more information, visit www.bazaarvoice.com.