Personalization Results So Good, It’s Scary
The Halloween season may be a spooky and scary time of year for Americans, but for the retail and eCommerce, also known as electronic commerce, digital commerce, or internet commerce, refers to the buying and selling o... More industries, it’s deadly serious business. Halloween 2016 is predicted to be the most profitable yet.
According to the National Retail Federation’s (NRF) annual survey conducted by Prosper Insights & Analytics, total spending for Halloween is expected to reach $8.4 billion, an all-time high in the survey’s 11-year history.
According to the survey, consumers plan to spend $3.1 billion on costumes (purchased by 67 percent of Halloween shoppers), $2.5 billion on candy (94.3 percent), $2.4 billion on decorations (70 percent) and $390 million on greeting cards (35.4 percent).
Few retailers understand this tremendous opportunity better than BuySeasons Inc., the parent company of two leading costume brands, BuyCostumes.com and CostumeExpress.com and a valued Reflektion customer. During the Halloween holiday season (September and October) the Company does about 75% of its total business! Managing this much volume in such a compressed timeframe would be terrifying for most brands; but not BuySeasons. In a recent Q&A with Total Retail, BuySeasons COO, Eric Kirkhofer unmasked the secret to their success – personalization.
With more than 10,000 SKUs to choose from, it can be overwhelming for a customer to find the perfect costume. How do you shorten the path to purchase and avoid losing customers unsure of what they want? According to Kirkhofer, he’s learned that, “shortening the path to product drives revenue… Rather than scouring through 10,000 SKUs, we can now help our customers whittle their sorts down to 10 SKUs in a only a few clicks thanks to our partnership with Reflektion. The technology enables us to gain insight into the preferences and intent of a shopper based on her clicks, and then in the same session present the most relevant costumes based on that shopper’s unique interests.”
Reflektion powers BuySeasons real-time merchandising, product recommendations and individualized site search. Kirkhofer continued, “Once we were up and running with Reflektion and our sites started taking into account the real-time individual intent of their shoppers, an important shift occurred. Because we were now able to respond to the shopper’s expressed interests in real time, rather than on our e-commerce team’s best guesses or outdated data, shoppers could more quickly discover the items that expressed their individuality. As a result, engagement rates increased, with conversion quickly following.” Specifically, across all devices, BuySeasons conversion rates jumped 20 percent and revenue per visit increased 21 percent!
Those are some scary good results. Check out the full article to learn more about how BuySeasons is using Reflektion to personalize each shopping experience for the individual or read our case study. With consumers signaling they’re not afraid to spend this holiday season, Halloween should be quite the treat for the BuySeasons team this year!