This year’s Retail Week Live is all about how to thrive in a digital world. Today, it’s not enough to just try to survive with a “safe” digital strategy – you need an exceptional digital strategy to unlock success and differentiate your company in a crowded marketplace.
Syntasa helps brands make use of their first-party digital data to provide their customers with uniquely relevant and targeted experiences – boosting sales, increasing loyalty and engagement, and improving the bottom line. We’ll be exhibiting in Booth 28 at this year’s conference in London — come by and learn more about the many ways we can help you thrive in a digital world!
Here are four ways Syntasa helps today’s leading consumer brands:
1. Personalized Recommendations
Building personalized and relevant experiences isn’t just about keeping up with the latest trends in design and styling – it’s also about how you choose which products and content to put inside those exprences. Today, 91% of consumers say they’re more likely to shop at companies that provide personalized offers and recommendations, according to Accenture. Personalization efforts can boost revenue by up to 15%, reports Adweek.
Syntasa makes it easy to build recommenders with custom AI and machine learning models that power data-driven personalized recommendations at scale — on mobile, web, social media, or wherever customers interact with your brand. Leading electrical and mobile retailer Dixons Carphone increased add-to-basket rates by 3x by replacing manual recommendations with AI-powered personalized recommendations using Syntasa.
2. Audiences
As digital marketing takes off, the ability to segment customers into audiences and target marketing campaigns accordingly is increasingly important. For many companies, this remains a largely manual process. Between bringing the necessary data together, exporting spreadsheets, and uploading information into ad management systems, it can take weeks to create bespoke audiences for each different marketing campaign. The time lag not only slows down campaigns but also decreases their effectiveness, since there’s no way to take more recent customer behavior or purchases into account.
Syntasa helps brands automatically ingest data on an ongoing bases to keep customer segments up-to-date at all times. By automating data ingestion and continuously rescoring audiences, Syntasa helped British supermarket Waitrose increase online return on ad spending by 11%, increase in-store spending 2%, and increase click-through rate by .5%. (For more on Waitrose’s methods, watch this presentation from the Google Next ‘19 UK conference, starting around 29:00).
3. Data and Insights
First-party behavioral data from websites, apps, and devices has massive value. But the majority of retailers are not harnessing it effectively. Their digital data is fragmented across different silos, their data sets are too large and messy to consolidate, and their data pipelines (if they have any) are unreliable. Further combining with their enterprise data (e.g., from customer orders and CRM systems), offers huge opportunities to better understand and serve your customers — but getting them to a point where they’re actually usable can be a huge (and costly) challenge.
Syntasa’s platform makes it simple for retail companies to build behavioral data pipelines that make this data accessible in real-time, for real use cases. Your analysts can use their preferred analytics tools (like Tableau) to build dashboards and visualizations, more advanced analysts can perform ad hoc analytics with standard SQL queries, and your data scientists can get straight to building models without worrying about wrangling the data.
In one example, we helped the world’s second-largest sportswear brand collect data from 2.5 million unique daily website visitors to help them understand how customers came to the site and what their behavior looked like once they were there, so their analysts and marketers could target campaigns accordingly.
4. Attribution
In the digital ecosystem, where customer journeys span multiple devices and channels, attribution is a crucial — and complicated — issue. What are the most effective demand generation channels, and how should you allocate spend accordingly? While popular rules-based attribution models like first-touch and last-touch are simple to implement and enable straightforward reporting, they don’t actually take into account the true contribution of each step in the customer journey.
Syntasa helps brands improve on these outdated methods with multi-channel algorithmic attribution models, which take into account massive amounts of customer data and use machine learning and predictive analytics to map each customer’s journey to a sale. By using these models, you can identify the initial trigger point, other influences along the way, and the closing event that led to conversion, and understand the relative importance of each touchpoint to help determine future marketing spend. (Watch this presentation from the O’Reilly Strata Data Conference to learn how Lenovo, the world’s largest PC vendor, partnered with Syntasa to implement multichannel attribution.)
Ready to get started with your own digital transformation? Stop by Booth 28 at Retail Week Live, or get started with a free trial of Syntasa today.
Personalization efforts can boost revenue by up to 15%, reports Adweek.
