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]]>BFCM, AKA Black Friday, Cyber Monday, is a challenging time for retailers every year, and even more so this year. The competitions is high, and in the current economic climate success is vital.
To help you make the most out of your BFCM planning, we’ve gathered everything you need to know.
The essential 2023 BFCM preparations – connect online to offline
Retailers run marketing campaigns on a range of platforms. These are ‘budget hungry’ but help expand the reach, engagement, and ultimately sales. A successful and solid campaign strategy is integrating both online and offline data. It is essential, especially when trying to capture millennials and female shoppers.
In fact, combining the online and offline worlds is key to understanding the entire customer journey throughout the whole year and specifically for BFCM.
Your marketing campaign will have to stand out – but how?
Advertising around Black Friday is a challenge. Given the marketing overload and noise during that period, many retailers struggle to stand out, and to shoppers, all ads look the same.
Access your in-store data
Understanding shopper behavior and spending habits is the key to personalization. With 80% of purchases taking place in-store, an in-depth analysis of shopper behavior is difficult, and retailers often rely on their eCommerce data only. By connecting in-store data, you have an opportunity to get a deep understanding of spending habits and behaviors.
Does it sound too complex to execute?
Not really.
Weezmo’s got you covered.
Using Weezmo’s engagement solution retailers can now access in-store and online sales data, and target customers based on actual behavior. This includes loyalty, spend and risk of churn. Great for BFCM, as well as all year round.
The AI technology enables a truly personalized communication on multiple channels, while target your customers intelligently.
Weezmo’s innovations make the offline measurements just as simple. And, by helping you uncover the in-store transactions in relation to the online marketing activities, you make smarter offers to each customer and drive more sales.
Make sure your customers return to YOUR store for BFCM 2022, by keeping your brand on their minds – all year round. you are on top of their mind!
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]]>The post How a grocery store with over $2B in revenue uses Weezmo to create loyalty appeared first on weezmo.
]]>The Challenge
The supermarket wanted to boost its customer engagement, by tracking customer discounts, identifying repeat customers, analyzing what time of the day/ year customers tend to spend money, determining what they purchased and when, and more. However, it had no single platform that could capture all the necessary data, and was therefore unable to create the kind of personalized marketing campaigns that would resonate with individual customers, and improve their loyalty to the brand.
The Solution
By implementing Weezmo, the supermarket was able to capture valuable customer data at every touchpoint, knowing who is making the purchase, their purchase history and more. This information enables them to bridge the gap between online and offline data, to gain a comprehensive view of customers’ behavior and preferences. As well as using these insights to create relevant, personalized offers, the supermarket was also able to identify its most loyal customers and offer them exclusive promotions and discounts, which helped improve customer retention and increase revenues.
The Results
Within two months of implementing Weezmo, the supermarket saw as a database was created and subscriptions to its loyalty program grew to an incredible 108,000 members. The supermarket also experienced a daily increase of 1700 new sign-ups to its mailing list, enabling regular communication with customers to further drive loyalty.
A particular win was Weezmo’s digital receipt and SMS campaign, in which customers who agreed to receive a digital receipt and mailings from the supermarket were offered the chance to enter a lottery. This led to more loyalty members, strengthening the brand ahead of the competition.
76% revenue from returning customers
108,000 new loyalty members recruited in less than 2 months
1700 new sign-ups a day to receive marketing campaigns
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]]>The post The French Revolution of Retail: Regulation, Digital Receipts, and Embracingthe Future with Weezmo appeared first on weezmo.
]]>New regulation in France is banning the printed receipt, paving the way towards modernization, sustainability, and the digital receipt. Yet it is also a ground-breaking opportunity for retailers to reinvent processes, utilize in-store data, nurture meaningful post-purchase engagement, and find opportunities for customer engagement and loyalty beyond mere compliance.
What is the new regulation in France all about?
Aiming to simplify record-keeping, empower customers, and most importantly, reduce paper waste, France’s new regulation bans retailers from automatically printing receipts. Of course, if a customer requests a paper receipt, it can be provided. However, ultimately this means a significant transformation in the industry as retailers must implement a new receipt system and ‘a new normal.’
The regulation is unfolding in a phased approach, with staggered implementation. In the first phase, starting July 1, 2024 – large enterprises will be held accountable. January 2025 and on, intermediate businesses will be looped in. And in the final phase, beginning January 2026, small to medium businesses will be responsible for it.
Yet no matter the size of the organization, early adaptation is key – for establishing a consistent and intentional history of compliance, as well as for ensuring a smooth transition.
What are the advantages of a move to digital receipts?
There are many important (and sometimes unexpected) benefits that come with the move to digital receipts.
It’s green.
Many paper receipts go straight to the trash and are a senseless waste of paper. Digital receipts mean a reduction in this and further global environmental efforts. Additionally, customers often appreciate (and patronize) an organization that is eco-friendly in its mission and practice.
It’s efficient.
Digital receipts are much easier for businesses to manage and organize. They inherently streamline old-school practices of record-keeping and filing – saving a retailer time, money, and energy on many fronts, that can then be applied in other directions.
It’s convenient.
Consumers can more easily access and store a digital receipt for refunds and warranty, and it is harder to lose. They will feel more comfortable shopping with that retailer since there is less paperwork, and they will be more incentivized to keep coming back as making returns and exchanges will be simpler.
It’s smart.
Finally, when done well, digital receipts provide an overall enhanced Customer Experience. And with the right tool, they can enable a direct communication channel with customers, allow retailers to provide them with personalized offers, and make way for loyalty programs that are both better for businesses and for the customers themselves. That tool? Weezmo.
So, how exactly is Weezmo the differentiator between a simple digital receipt… and a true revolution?
Weezmo is more than just a digital receipt – it’s the evolution and it’s a smart/interactive receipt where you can do much more. It provides a complete ecosystem that enables:
- Digital Compliance, so that retailers align with new regulations seamlessly.
- Loyalty Programs, with an integrated platform for launching and managing programs that reward customers and foster repeat business.
- Post-Purchase Engagement, to engage customers beyond the point of sale with tailored promotions, feedback solicitation, and personalized interactions.
- Real insight, with a means to identify all anonymous customers, analyze performance both offline and online, and optimize campaigns.
Weezmo has proven expertise – in the form of 800+ brands that use and trust it. With its comprehensive suite of features, it is the ideal partner for retailers seeking to thrive in the new digital landscape. Its solutions mean more than mere compliance; they’re an opportunity to enhance customer relationships and drive growth. In fact, with Weezmo, retailers can expect a 20% annual increase in ROI – a truly revolutionary prospect!
The shift towards digital receipts in France represents more than regulatory compliance. It’s an exciting chance to innovate, engage customers, and foster loyalty. By choosing Weezmo, retailers can navigate this new landscape confidently, seizing the opportunity to redefine their relationship with consumers. Also, looking ahead, the shift can only be seen as part of a larger movement… in the same way that hundreds of years ago, the French Revolution started locally, but then created ripples of change across the world. It’s only a matter of time until retailers in other countries also will be facing this type of regulation – and opportunity!
To get a head start on both the regulation and opportunity – contact us here.
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]]>The post Growing advertiser revenue with Weezmo appeared first on weezmo.
]]>
The Challenge
Publicis Groupe manages advertising campaigns for a large variety of retail clients, driving sales across all of their physical and online stores.
The company’s contribution to sales is evaluated using ROAS (Return on Ad Spend – the revenue generated from campaigns)
however, this tells only part of the story, as it correlates only revenue generated on digital stores to digital advertising and doesn’t take into account the revenue generated at the physical store, that originated from a digital campaign. The team at Publicis Groupe was looking for a KPI that would be more precise and reflect both, revenue generated online and in-store.
The solution – 360° view of online and in-store sales
Weezmo’s Marketing Platform was exactly what Publicis Groupe needed to determine the impact of digital campaigns on their client’s revenue. The Offline Measurement feature captures both, in-store and online sales data, accurately indicating the entire revenue generated from the advertiser’s digital campaigns. The software-based solution is installed on the retailers’ POS system and eCommerce platform. The link between campaign and revenue is then established through a digital receipt: When customers opt-in for the digital receipt, Weezmo connects the advertising activity with the transaction.
As their clients installed Weezmo on their POS, Publicis Groupe received access to attribution data, enabling them to see the precise ROAS in real-time.
The in-depth insights from Weezmo’s Marketing platform, also led to a greater accuracy: Publicis Groupe was able to see the ROAS breakdown by ad, enabling them to evaluate the effectiveness of a given creative approach or ad, and optimize the budget based on actual revenue, and not only by impressions and clicks. As a result, the media team discontinued ads and campaigns that did not yield online or in-store revenue, and allocated that budget better.
Within 6 months, Publicis Groupe was able to grow their customers’ revenue by 50% and more!
Revenue growth also means that the ROAS was climbing. Looking at the ROAS and the overall ROI growing, clients were ready to increase their marketing investment: “Once our clients saw where growth was coming from, they allocated more funds to the advertising campaigns.”, says Asaf. “Clients are willing to grow their ad spend as long as the ROAS remains high.” And as advertisement budgets grow, the advertiser’s revenue grows too. Working with Weezmo in the retail sector is a significant advantage for Publicis Groupe.
“We present Weezmo to every new retail customer, and feel it is an integral part of our offering in the digital arena.”
The partnership with Publicis Groupe is a classic win-win-win. “We are building a strong strategic partnership here,” says Ilan Buganim, VP Business Development at Weezmo. “Publicis Groupe is an ideal partner to take full advantage of Weezmo’s entire capabilities, and together we bring an exceptional added value!”
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]]>The post The CMO’s Guide to Magic and Measuring ROI: Bridging the Gap Between Online and Offline Data in Real Time appeared first on weezmo.
]]>While retail marketing has never been simple, today more than ever before, a small-to-medium-sized business’ CMO is Chief Magic Officer: juggling the many complex responsibilities of campaigns in a three-ring-circus of omnichannel data, all while expecting – poof! – to somehow pull stellar results and ROI measurements out of thin air. This feat is extremely difficult. But as every CMO knows, measuring a company’s Return on Investment is too critical for spin, or smoke and mirrors. ROI must be measured precisely so a company can save time and proceed in measurable steps. And it must accurately and meaningfully integrate both online and offline in-store data sources in real time to do so.
Measurement: Marketing’s Wand
A CMO faces numerous challenges in measuring the true return on a marketing investment related to its cost. To start, any campaign will be integrating fluctuating data, both online and offline, and will likely be targeting multiple platforms that must be continually fine-tuned. It’s hard to track consumer behavior, address patterns, and handle the problems or disconnects that arise in real time. And on the backdrop of so much dynamism, measuring the value of a marketing campaign is very often imprecise.
Yet, almost nothing is more important than ROI in terms of a business’ sustainability and growth as it provides transparency and insight into what is working and what is “a miss.” There is no such thing as waving a magic wand for instant results, but ROI gives the CMO the closest thing there is to it for strategic planning – a clear understanding of the past that’s needed for forming smart, efficient, and effective campaigns moving forward. It also informs budget planning for the future, as it clarifies what is on track and what requires more investment.
ROI: Under the Spotlight
ROI has been the subject of various misconceptions and mysterious formulas that promise to “open sesame” but don’t deliver. In order to understand ROI’s true nature and accurately measure it, we should first debunk the myths.
- All Costs and Benefits Can Be Easily Quantified: Not all returns can be measured financially. The intangible benefits – like improved brand reputation, customer satisfaction, or employee morale – can be just as important as monetary gains. And some costs, such as the impact on employee workload or potential risk, cannot be easily quantified. An ROI calculation that ignores these more elusive elements will likely be imprecise.
- ROI is an Immediate Measure: Many businesses expect immediate returns on their investments, especially in the digital marketing field. Yet some strategies, like content marketing and SEO, take time to yield results and demonstrate their full value. ROI should be viewed from a long-term perspective.
- High ROI Always Indicates Success: A high ROI might not always indicate overall success. Consider a campaign that yields a high ROI due to low investment, but reaches only a small portion of the target audience. A campaign with a lower ROI might in fact have a more substantial overall impact by reaching a broader audience and driving long-term customer engagement.
- ROI Calculation is a One-size-fits-all Formula: Think again. It’s easy to assume that ROI calculation is a standard formula applicable to every situation. But the specific components of ROI calculation will vary depending on the nature of the investment, industry standards, business objectives, and so on.
In the end, it’s not a set of parlor tricks. ROI is in fact quite nuanced – and the importance of analyzing and correlating both online and offline data is key.
The Ultimate Vanishing Act: Online and Offline Distinctions
Merging online and offline data is crucial because the distinctions between those dimensions have all but vanished. Any ordinary purchased item may have been discovered in a Facebook ad, researched online, and bought in a brick-and-mortar store – using a coupon in a receipt on the customer’s phone, and then applied toward their membership points. Meanwhile, as the CMO, you’re chasing fairy dust. You don’t really know how much money came in due to a specific text message or advertisement. And, to add to the complexity, even after that purchase, the customer might see those ads or discounts for the item.
A platform like Weezmo can connect the dots between the online and offline data in this kind of convoluted journey. It allows the company to identify all customers and learn about them, analyze performance, inform marketing strategies with enhanced personalization, and provide more accurate ROI calculations. Weezmo is the missing ROI puzzle piece, solving every CMO’s unanswered riddle – and providing the clarity needed to navigate through today’s marketing landscape.
Working Like Magic: Real-Time Data Integration for Better ROI Measurement
Perhaps most importantly, advanced technology like AI, Big Data, and real-time analytics enable a platform like Weezmo to seamlessly integrate the data and drive insights, refining ROI measurements before our very eyes. Which means that marketing will be able to successfully keep in pace with the larger times and tempo – and, also, with individual customer behavior – as part of the long-term strategy but also in the now.
Ultimately, if you’re the CMO of an SMB retailer, your “magic” is not about creating some elaborate illusion. Rather it means cleanly channeling the most crystal-clear transparency about who your customers are and what makes them tick. Weezmo can help you do just that, allowing you to bridge the online and offline, more precisely measure ROI, and connect all the data in real time and future campaigns.
Curious how Weezmo can give your marketing campaigns a magical boost? Contact us here.
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]]>The post What’s in Store for the Store: The Innovative In-Store Retail Trends of 2023 appeared first on weezmo.
]]>Shop-life will never be the same again. From aggregated online and in-store data to the slick personalization it enables – from browsing by phone while in bed to the oh-so-easy digital receipt… shopping has become an omnichannel, ever-present experience, and stores are forever changed by it.
Obviously, the retail sector has been profoundly impacted by technology and changing consumer behavior, especially in the wake of the Covid-19 pandemic. When the world shifted, so did people’s purchasing patterns and expectations. And 2023 is seeing the trends from these critical previous years – along with retail’s natural evolution – come into full bloom. So, what’s in store for the store?
Here are some of the biggest trends to keep an eye on:
Technology-Led Personalization
By channeling AI and machine learning, retail stores are providing customers with personalized shopping experiences. They can set up interactive kiosks to answer questions, provide product information and give price-checks. They’re able to offer personalized suggestions of, say, the desired shoes at the customer’s exact size and price. And with a platform like Weezmo, they can provide AI-powered customer service and marketing automation as follow-up to a transaction. This lets them retailers sure that everything customers experience, even post-purchase, is tailored to their particular history and natural patterns. Identifying customers and then optimizing their campaigns sets the stage for future purchasing and loyalty.
Contactless and Cashless Transactions
Today, everyone is rushing, running, and impatient. A transaction that involves counting out actual cash can seem wildly archaic and frustrating to a customer expecting everything to just stream. That’s why contactless and cashless transactions exactly meet the needs of these times, creating a quicker and more convenient shopping experience. This includes integrating mobile payment systems, digital wallets, and biometrics which offer speed and ease of use for customers – and these in turn ensure they are satisfied and come back to buy more.
Responsible Retail
Nothing kills the buzz of a great purchase as much as learning it was produced by slave labor or a downed forest. Customers want to know that the brands they support value what they prioritize – especially when it comes to the environment and labor. ‘The Green Shift’ means that brands are aligning themselves with sustainability, fair trade practices, and ethical sourcing. Initiatives like zero waste shops, product transparency, and sustainable packaging go a long way to making customers feel like they and their favorite brand are ethically on the same page. Even regulation itself more and more around the world requires a digital receipt, instead of a paper receipt. As of 2023, Weezmo has produced more than 60 million digital receipts, saving over 86 tons of paper and close to 2,100 trees – with truly compelling impact!
Powerful Experiences in Retail
Sometimes, retail itself is not enough. Stores are tapping into the power of experience to create customer connection with it. So, a retail outlet may be transformed into a unique and immersive destination, or periodically reinvent their showroom around a theme to become a must-see spot. A store may incorporate a treasure hunt, host an in-store event like a class or workshop, or provide AR-enabled trial rooms for virtual product tours in the metaverse. Since online shopping offers so much more in convenience, retail stores are beefing up the one thing they do have over it – real life.
Merging Online and Offline
There is no doubt that worlds are merging. Online blurs into offline blurs into online…and the merge enables creating a fully personalized customer journey. Nothing really exists in a vacuum anymore as customers want to be able to move seamlessly between all the variations of physical and virtual. Buy-online-pick-up-in-store service and in-store digital interfaces are a recognition of this merger. Which is why retail stores are syncing their online and in-store data with a platform like Weezmo. Its insights from the customer purchase can help design the customer’s in-store experience, to provide a consistent and seamless journey for customers, in-store and after purchase.
Smart Stores and IoT
Inevitably, store themselves are being fundamentally transformed by the Internet of Things. Smart shelves, automated checkout, interactive dressing rooms, and real-time inventory management ensure the most seamless experience possible. Customers navigate comfortably through stores that mirror the rest of their tech-driven lives.
Ultimately, in-store shopping isn’t going anywhere. Especially post-pandemic, it’s here to stay, with 20% of purchases happening online, as opposed to the 50% happening in-store. All these trends are just reshaping its landscape in 2023. And in order to stay competitive and relevant, retailers must adapt to these changes thoughtfully and effectively straddle the online and offline realities. One smart way to close the gap is to use the Weezmo platform. Not only does this AI solution reduce costs and increase revenue, but its marketing automation connects online and in-store data, targets campaign and service to customer interests… and, in a nod to the green shift, can even replace the paper receipt by seamlessly sending one to the customer’s phone! So, what’s in store for the store? Still in-store – but with a platform like Weezmo to engage with the full picture.
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]]>The post How ChatGPT is Revolutionizing Marketing Automation appeared first on weezmo.
]]>Today, there’s no shortage of ‘trailblazing’ things that are ‘breaking the internet,’ ‘disrupting the industry,’ or ‘revolutionizing our way of life’ – yet ChatGPT, the cutting-edge AI technology that everyone is talking about, may just be doing it all at once. For businesses in particular, not only can Chat GPT transform how you approach marketing automation through personalization, but it can also significantly boost engagement and loyalty.
Since Chat GPT is so profoundly changing the game – it’s important to explore the way it works and learn how to use it to create more personalized, engaging customer experiences.
What exactly is ChatGPT?
ChatGPT is an artificial intelligence chatbot developed by OpenAI. Let’s break that down:
- It was built on a Large Language Model – or an AI tool that trained it with vast information and massive data sets across many domains.
- It can process language in countless, intricate ways and was fine-tuned by human trainers role-playing dialogue with it.
- ChatGPT is able to learn, remember, form connections between words and concepts, and even predict future ones.
- Because of all this, it can mimic human conversation, generate human-like responses, answer questions, and assist with tasks.
It can be used for multiple creative purposes – content creation, research assistance, curating information. It can even write love poems. And for businesses in particular, it can be an important tool in marketing automation.
How does marketing automation benefit from ChatGPT?
ChatGPT can be integrated with marketing automation platforms to create more personalized and engaging customer experiences. It can save time and help businesses in everything from lead generation and customer support, to design, sales, and scaling marketing efforts. Here is what you gain:
1. Personalized Interactions: With its natural language processing capabilities, it can interact with customers in a more conversational and personalized way. This builds stronger connections with them. So, your customers will feel supported and ‘heard’ even before they’ve reached a human.
2. 24/7 Availability: ChatGPT can be programmed to work around the clock, providing a basic level of automated customer support and answering queries even when your business is closed. This helps to improve customer satisfaction. You never need to be ‘Out of Office’ again.
3. Scalability: It can handle multiple conversations simultaneously, making it a scalable solution for businesses of any size. Operations can keep up naturally with your needs and growth.
4. Cost Savings: In automating routine customer interactions, ChatGPT can help to reduce the workload of customer service agents and enable businesses to save on labor costs. And by wrapping its abilities into a marketing automation platform like Weezmo, retailers can reduce costs even further. The point is that when efforts are smart, consolidated, and efficient – you trim the fat off spending.
Sounds great in theory. But how does ChatGPT marketing automation actually work ‘on the ground?
Businesses are already using ChatGPT in a variety of creative marketing automation efforts.
- Email Newsletters: It’s used to curate content for email newsletters. Applying its natural language processing abilities, it ensures that the content is engaging and relevant to the target audience.
And with a platform like Weezmo that has a ChatGPT built-in within the Email Marketing editor, it can all be done and distributed in an easy and intuitive way. - E-commerce Customer Service: ChatGPT can be integrated into an e-commerce website, so customers are provided with instant support. It can answer questions about products, track orders, and process returns – taking a whole layer of customer service off human shoulders.
- Lead Generation: The streamlined nature of automation facilitates sharing information. ChatGPT can engage website visitors in conversation and capture their contact information, which is then used to follow up with leads by way of email or phone.
- Social Media Engagement: It can automatically respond to comments and messages on social media platforms like Facebook and Twitter, providing quick and personalized responses to customers in the very critical and visible arena of public dialogue.
- Appointment Scheduling: ChatGPT can schedule appointments and consultations. This reduces the workload of administrative staff and ensures that customers receive prompt service how and when they need it.
- Event Promotion: It can also be used to promote events, such as webinars or conferences, by answering questions and providing registration information on the spot to interested attendees.
ChatGPT is not perfect. It’s sensitive to how questions are asked, and can even sometimes (very confidently) give you the wrong information. Which means, it can’t be trusted to independently and seamlessly run the show with your customer interactions.
Nonetheless, it offers a whole new layer of automation and efficiency. It’s free if you’re using the standard plan, or $20 per month if using ChatGPT plus. And if you’re using Weezmo’s marketing automation tool, it has AI abilities for free.
Ultimately, the ChatGPT story is just beginning. Already today it is a powerful tool that is automating, personalizing, and raising the bar on engaging customer interactions – driving customer loyalty and increasing revenue. But as its technology continues to evolve, it is exciting to imagine the ways in which it will further revolutionize marketing automation.
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]]>The post Harness the Power of Repeat Purchases appeared first on weezmo.
]]>Business demands constant evolution. But it’s not about suddenly taming fire – it’s about clear and measured paces. And it’s not just about the new and the ‘sexy’ – it’s even more about the consistent and reliable elements, like your important repeat customers. To evolve along these lines, a business today needs focused data-driven marketing. It needs to know the patterns. (If the lady who comes to your grocery regularly suddenly didn’t this week, it probably means she went somewhere else. If the guy who takes out dinner from your place every other night hasn’t been around, he may need a reminder of his go-to burger.) And for all this, it needs RFM Analysis – a proven method for customer segmentation that has been used for decades to improve retention and loyalty. More than any other form of adaptation, RFM Analysis is critical to your business evolution.
Classifying the Pool – What is RFM Analysis?
RFM Analysis works to identify the most valuable customers in your database. It divides them according to:
- Recency How recently did the customer make a purchase at your store?
- Frequency How often does the customer make purchases with you?
- Monetary Value How much does the customer spend?
Each element on its own is a good indicator of the customer. (Recency indicates, are you currently on their radar? Have they been absent too long? Frequency demonstrates, are they a newcomer? A frequent flyer? Do their purchases line up with specific events, holidays, or campaigns? Monetary value looks at if have they spent a lot on your business? Do they have significant spending potential?)
Yet when these three core elements are combined, the big-picture value is far more important than any single factor. It allows you to segment your customer base, strategize, and find the ones that are most profitable.
Survival of the Fittest – Why RFM Analysis?
Your RFM Analysis can help you to pull back the layers and reveal more about what is happening beneath the surface of daily business-as-usual. For you, the power of this analysis lies in the cohorts – wherein your data is broken into important groupings of shared characteristics that will point out who are the VIPs that you can’t lose, who is at risk, who has been out of the picture lately, etc. Then you can know how and where to best focus your efforts.
- It will allow you to identify your most valuable customers – who comes in the most and who is spending the most money while there. And with a platform like Weezmo, once you know how recently and frequently a customer has visited, if they have skipped their weekly visit, they can be addressed with the exact right message.
- It will give you an opportunity to improve customer loyalty by tapping into the patterns of business that are being shaped, and responding to the needs they demonstrate.
- Ultimately, it will point you along the exact path for increasing revenue.
- Also, it’s far superior to third-party data collected from the outside, which will not be as meaningful. First-party data that you have collected yourself is much more pointed, relevant, and useful to your business.
Charting the Evolutionary Tree – An RFM Analysis How-To Guide
What you need for RFM Analysis:
- Customer name or ID
- Recency: Last purchase date
- Frequency: The number of purchases over, for example, one year
- Monetary Value: Total spend over that same time frame
Where you get it:
If you do not have easy access to this information, you may need to talk to your tech team, or input the data yourself into an Excel sheet. Of course, e-commerce data is relatively easy to collect, but in-store purchases are more complicated. A solution like Weezmo organizes the data from your POS and enables you to create RFM-based audiences, connecting the online and offline data.
Calculating RFM:
Score: Give each customer a score between 1 through 5 for each of the three categories. For example, give the top chunk in each category a score of 5, the next group down a score of 4, and so on.
Analyze: Customers whose combined points score the highest are your target market.
Natural Selection – The RFM Analysis Takeaway and Improving Customer Relations
The customers who appear at the top of this list are your best customers – those who have bought from you multiple times, regularly, and recently.
At the bottom, you have customers who may have spent a lot of money, but they haven’t been back often and haven’t bought anything recently.
(By the way, this helps illustrate how the customers who make the biggest purchases aren’t always the most profitable. You are more likely to make greater profit from those who may spend smaller amounts but buy often.)
Now, in order to use the results meaningfully, split them into groups, for example, the customers that you ‘cannot lose’ and ‘loyal customers’ or ‘champions.’ Focus on them and invest in their satisfaction.
Those who can be considered ‘at risk’ or ‘hibernating’ are in another category and you should address their needs in tailored ways, too, so those customers can be salvaged and boosted. How?
- Read up on customer retention to learn how to improve.
- Measure them using your own POS. Or with a solution like Weezmo you can measure and also identify 100% of your customers online and offline, analyze their performance both in-store and online, build campaigns to target them, and optimize and drive more revenue.
- Finally, track user satisfaction through support, surveys, and digital receipts.
Climbing the Food Chain – RFM and Beyond
Overall, RFM analysis is a significant tool that can help businesses to better understand their customer base and develop more effective marketing strategies. By using it, businesses can evolve, sharpen, identify their most valuable customers, and develop targeted campaigns that are more likely to result in increased sales and customer loyalty.
But what if you could propel your business strategic capabilities even further – essentially, develop thumbs, wings, and bigger brains in one fell swoop? What if you could take RFM analysis to the next level by combining online and offline data to gain an even deeper understanding of your customers? Because while RFM exists for online businesses and they have all the data to leverage, that has not been the case for offline businesses or those that are a combination. Until now.
Weezmo is the powerful platform that allows businesses to connect their online and offline data, giving them a more complete picture of their customers’ behavior and preferences. By combining RFM analysis with Weezmo’s data integration capabilities, businesses can identify their most valuable customers across all channels and develop more effective marketing campaigns to optimally evolve and dominate within their space.
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]]>The post How a fast food giant uses Weezmo to deliver exceptional customer experience appeared first on weezmo.
]]>Weezmo’s digital receipt was the preferred solution, because of its array of design features and the high level of engagement and personalization offered. For the fast food giant, the digital receipts integrate their various customer journeys dedicated to strengthening loyalty via newsletters, social media, mobile apps and faster orders.
Speed drives repeats
Fast food is all about speed of service. So, waiting in line or waiting for your meal is not what you expect when having a burger.
Even more so, if you already know precisely which sauce and drink you’ll take. Weezmo enabled the fast-food giant to speed up the ordering process for repeat customers, resulting in significantly shorter queue times.
“Customers quickly appreciated the benefits and it’s not surprising that the average open rate of the digital receipts is above 70%. ”
The customer is king
Customers are loyal to a brand beyond a single location; especially when it comes to fast food. With a highly personalized receipt, the giant’s customers can quickly re-order their favorite dish via QR code and complete their order in no time, regardless of which branch they’ve ordered from previously.
Customers love it: After only two months, more than 50% were using their QR codes to re-order their favorite dish. Customers quickly appreciated the benefits and it’s not surprising that the average open rate of the digital receipts is above 70%. The fast food chain takes full advantage of the flexibility offered by Weezmo. With their strong focus on digital engagement, the team leverages the Weezmo platform constantly as part of the brand’s digital strategy.
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]]>Did COVID-19 Change the Retail Industry?
When the pandemic broke out, I was asked how the coronavirus would disrupt the retail market, especially when it comes to physical retail stores. I believed that the dip in shopping in physical stores would just be a phase, and that brick & mortar would get back to business as usual once the pandemic was over. However, others argued that I was misreading the industry map as the conventional prediction was: “The retail industry will never be the same.”
The belief was that with frequent or ongoing lockdowns and stores having to remain closed for prolonged periods of time, consumers would turn to online shopping – and once they did – they’d have no reason to go back and shop in physical stores. With that assumption, companies like Shopify, Asos, Amazon, Boohoo, and more spent tons of resources on scaling their operations and providing more products and better services.
In recent years, online sales (AKA eCommerce sales) rose year-to-year. Once the COVID-19 pandemic broke out, there was a jump in online sales from 10% to 16.5%, which was the forecasted growth for the next 5 years. So, at first, it looked as if all predictions were right (where as I, was wrong.)
The Long Leg of COVID – The Stock Market and Current eCommerce Performance
Over the past year (2022), the stock market went out of balance –
While it can be argued that the drop was caused by inflation (and we can’t deny that it has had an impact), based on the latest reports the private sector still spends almost 1% on non-essential products, which means inflation isn’t the only reason for the drop in these stocks.
Tobias Lütke, CEO at Shopify, wrote about the changes the company is facing:
“Before the pandemic, e-commerce growth had been steady and predictable. Was this surge to be a temporary effect or a new normal? And so, given what we saw, we placed another bet: We bet that the channel mix – the share of dollars that travel through e-commerce rather than physical retail – would permanently leap ahead by 5 or even 10 years……. It’s now clear that bet didn’t pay off.”
It’s worth noting that eCommerce in some parts of the industry is stable and growingGroceries eCommerce, for example, saw an increase of 2.5%. The reason for that might be that groceries shopping is a frequently reoccurring purchase where consumers already know which products they want to buy, and with quick deliveries and low shipment fees, alongside the advantages of saving the hassle of having to carry shopping bags and waiting in line, there is no reason to buy the same milk carton from the brand of your choice in the physical store.
So, How Come Brick-and-Mortar Stores Are Still Popular?
Some experts claim that “Old habits die hard” to justify why consumers are back shopping at brick & mortar stores and haven’t shifted to 100% eCommerce shopping, but I don’t believe that’s the main reason.
I believe that some in-store businesses and brick-and-mortar stores are thriving because it’s still an irreplaceable experience – smelling, seeing, holding, wearing, and touching new products – using our senses, is still something we long for, something we trust, and something we look for. And, as of now, it’s still irreplaceable.
Will the Metaverse Change the Retail Industry?
About a year ago, I wrote about the Metaverse as I believe it’s going to play a crucial part in the future of our shopping experiences. I still believe that, but for now, the Metaverse for retail is still a gimmick. It’ll get there in the sense of recreating the missing experience of in-store shopping online. But it will take time, and for now, brick & mortar businesses are still growing and expanding regularly.
So if you’re a retailer, invest in eCommerce, but do so not at the expense of your physical presence and customer experience. We won’t give up on that experience so fast.
Shai Raiten is the CEO and Founder of Weezmo, part of Nayax’s commerce solutions. Shai enjoys gourmet food and fine wine but, most of all – he loves taking his son to soccer games.
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