Reflektion’s AI Magic is working: Double to triple-digit KPI growth across the board
Our Promise – Convert Browsers to Buyers
Since its inception, Reflektion has had a credo for innovation and disruption in the personalization industry. Our brand promise is to deliver best-in-class, highly engaging, predictive, and individualized shopping experiences across all online touch points so that brands and retailers can convert browsers into buyers and drive more revenue.
In fact, we just shared a number of our expert tips for boosting conversions in the Reflektion blog. If you haven’t had a chance to read through them, you can download the complete 5-part blog series and save for future reference here: Real-time Personalization Guidebook – 10 Tips for Improving Conversions.
Reflektion’s AI Delivers Real-Time Intelligence
Our AI engine is a key part of this conversion magic — it’s continuously uncovering hidden relationships across broad and growing combinations of products, attributes, visitor interactions, and their subtle preferences. Armed with this product intelligence, our platform constantly listens to the customer’s clickstream and responds in real-time with personalized products or content that engage and convert them much more frequently.
Customer Results Prove Our AI Magic Is Working
As they say – the proof of the pudding is in the eating. We’ve gained significant market traction over recent years, as borne out of the total sessions by Reflektion’s customers. In 2018 alone, Reflektion’s customers generated more than 2.6 billion sessions, which was a 400% increase over 2017! Similarly, we’ve experienced overwhelming positive results across our bustling customers in diverse segments spanning apparel & accessories, beauty & fashion, jewelry, footwear, sports, health & wellness, entertainment, electronics, medical accessories, and home & outdoors.
Reflektion’s AI has significantly boosted their KPIs, accelerating their growth. We know that our machine learning technology is constantly optimizing with more data and is delivering exciting business results. To understand this in a tangible way, we performed an internal customer survey of important eCommerce KPIs for Q1 and measured them year-over-year from 2018 to 2019.
Conversion rate is one of the prominent and versatile KPIs used for measuring success in eCommerce, which is why this is the first metric I want to discuss. While brands and retailers have continuously invested in driving inbound visitor traffic, acquisition costs are increasing across the board, and brands must strategically focus on quality as well as quantity — a challenging balance. Average conversion rate bear out the quality of traffic quite well. Comparing Q1 YoY performance, our Reflektion customers are experiencing an average improvement of 21%.
Another important KPI to track is the add-to-cart rate, which is the percentage of site visitors who add a product to their shopping cart. Add-to-cart rates can indicate whether or not shoppers are having an effective personalized experience. Even a small improvement in the difference between your add-to-cart rate and cart completion rate adds up to a lot of revenue. I’m proud to share that we saw an average 94% year-over-year lift in conversion rates for our customers in Q1! This indicates that customers that shopped on sites powered by Reflektion have benefited tremendously from our AI magic.
Unlike other solution providers, Reflektion believes in a direct attribution model, which is simple, easy to understand, and defendable in your stakeholder meetings. A “direct” order is an order that a customer placed within 30 mins of clicking a product that was recommended by a Reflektion powered personalized experience – search, recommendations, pages or email. The simplicity and conservatism of this attribution model enables brands and retailers to separate the truth from the noise.
Per retail experts, average order value is a critical metric to track for all data-driven online eCommerce businesses. Knowing the average dollar spend of each order placed across channels can guide retailers to plan pricing and marketing strategies so as to increase that KPI — which can significantly impact your bottom line. Reflektion customers saw a year-over-year average increase of 58% in the average order size across the first quarter. Indeed, we know with certainty that Reflektion’s personalized experiences are helping online brands and retailers grow their revenue significantly.
Direct Orders Placed
Revenue growth is primarily driven by growth in order volumes due to improved traffic, both in quality and quantity. On average, we saw an 87% increase in the number of direct orders placed year-over-year (2018-19) for the first quarter. The message is clear –Reflektion’s AI magic is delivering the right kind of 1:1 personalized experiences to help businesses increase their order volume.
Direct Revenue – Overall & Per Converted Session
No matter which KPIs you track for measuring your effectiveness, at the end of the day, it all boils down to hard dollars. “Cash is King” still rings true. Based on Reflektion’s direct attribution model, we’re pleased to share that our customers experienced a 193% jump in direct revenue for the first quarter, year-over-year!
On a related note, the average direct revenue per converted session jumped by 76% for the first quarter, year-over-year. These highly promising lift figures are a standing testimony to the direct value that Reflektion is providing to our customers for growing their business–in times when supersites like Amazon are eating into other retailers’ online share.
Direct Gross Merchandising Value (GMV) share
An interesting question brands may ask is: how much incremental revenue is Reflektion adding to our coffers? Well, we track this through the direct GMV share metric. Reflektion customers also saw an average 67% increase in the Reflektion powered direct revenue in the overall GMV that transacted through the customers’ eCommerce system. This means that our AI magic is increasing our incremental share of value to brands, which is awesome.
Your Revenue Grows With Reflektion
As you continue adding Reflektion modules within the Reflektion Customer Engagement Platform, our AI gets increasingly smarter due to the additional customer behavior data points, thereby making more accurate and holistic predictions about purchase intent. Thus, by implementing additional native Reflektion modules, cumulative revenue continues to increase. The above mentioned double and triple-digit growth KPI growth figures speak for themselves.
Overall, Reflektion’s customers had a great growth year in 2018 by taking advantage of the AI magic that’s deeply embedded in our robust customer engagement platform. The verdict is clear: Reflektion’s real-time, hyper-personalized AI magic is fueling eCommerce growth at scale across channels.
We are constantly investing in innovation at Reflektion, so continue watching for more great results in the near future. Also, if you are not experiencing the Reflektion AI magic today but want to, then schedule a personal demo for growing your business today at www.reflektion.com/demo.