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, Reflektion customers experienced an average improvement of 21% for their site conversions.
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.
Average Order Value
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. Across all customers, there was a 58% increase in the average order value across the first quarter YoY. 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 a cumulative basis, we saw an 87% increase in the number of direct orders (note definition of ‘direct’ above) placed YoY 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 the total direct revenue generated via Reflektion’s platform (across all customers) jumped by 193% in the first quarter, year-over-year!
On a related note, the average direct revenue per converted session across all customers 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 a 67% YoY increase in the cumulative share of direct revenue in the overall GMV transacted through the customers’ eCommerce system for the first quarter. 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.