Don’t Miss Out On Customers – The Significance of Hyper Personalisation in Online Marketplaces
In the growing world of online marketplaces, you’ve already built an online marketplace with an exclusive product range, but are wondering why you are still struggling to find customers to buy your products?
Are you still looking to retain your older customers?
What you need is online marketplace personalisation.
Introduction to a hyper-personalised online marketplaces
In today’s digital era, consumers have moved from traditional retail purchasing to a more evolved e-commerce world. As we move forward in this constantly evolving and introspecting world of online marketplaces, delivering personalised experiences has become crucial for building customer loyalty and driving business growth. In the crowded world of Shopify marketplaces, personalisation has emerged as the winning point for brands to distinguish themselves from others. Personalization extends beyond addressing customers by their names, it involves modifying products, services, and interactions to meet individual needs and preferences. In this blog, we will explore the power of personalization in enhancing customer experiences, offering illustrative examples, and imparting insights on how businesses can leverage personalisation strategies for optimal growth within the online marketplace sphere.
Why is personalization important for online marketplaces?
In the realm of Shopify multivendor marketplaces, personalization has become a key differentiator in the customer-centric era. Today’s customers anticipate that online marketplaces comprehend their distinct preferences and deliver experiences that meet their expectations
In a survey by Accenture, it was noted that both customers and brands are heavily inclined towards personalisation in online marketplaces.
Benefits of personalisation for online marketplaces
• Increased customer engagement and loyalty by providing customers with a unique purchasing experience. According to a survey of 1,000 US adults conducted by Epsilon and GBH Insights, an overwhelming 80% of respondents expressed a desire for personalisation from brands.
• Improved customer experience as customers no longer waste their time browsing irrelevant products.
• Increased sales and revenue by higher average order value. A study by Monetate found that offering customers recommendations based on their individual preferences can boost sales by as much as 300%.
• An edge over other competitor marketplaces by offering a one-of-a-kind and interesting shopping experience.
Personalisation has become a fundamental expectation; customers view it as a standard practice within online marketplaces. Shall a certain marketplace fail to capitalise on the same, customers very quickly move to a competitor. This blog will delve into the vital role of personalisation in the crowded online marketplace world by examining its impact on customer satisfaction and loyalty, and the role it plays in increasing revenue growth.
Data-Driven Personalization For Online Marketplaces
In the dynamic world of online marketplaces, data serves as the cornerstone of effective personalisation endeavours. Online marketplaces harness the power of data to not only collect but also analyse customer information, unearthing invaluable insights into individual preferences, purchase histories, and behaviour patterns. This wealth of knowledge empowers marketplaces to strategically align their products, ensuring they resonate with their target audience. Just as in the broader context where data is hailed as the “new oil”, safeguarding and utilising it judiciously can yield remarkable benefits for online marketplaces, distinguishing it from the multitude of other Shopify multivendor marketplaces. However, it is imperative to prioritize the security of your customer database, a responsibility that should not be taken lightly. Amazon is one of the very first online marketplace, which still functions and thrives to this day. Amazon offers a highly personalised experience to all users by tracking absolutely everything customers do through big data analytics. They offer personalised recommendations based on customer’s interests and cross-category recommendations, thus leading to a whopping 35% of their sales coming from personalised recommendations.
Personalization Across Channels For Online Marketplaces
Harvard Business Review and a significant US retail company conducted a 14-month study with 46,000 shoppers to understand customers’ shopping behaviour. This study showed that the majority of customers use multiple channels.
When it comes to online marketplaces, personalization should extend across various channels to ensure a seamless and unified customer experience.
This involves devising strategies to personalise elements like marketplace website content, email marketing campaigns, social media interactions, and customer service engagements. This approach creates a harmonious integration and consistency across diverse channels, all aimed at providing customers with a tailored and individualised experience within the multivendor marketplace environment.
Customised Product Recommendations – A Differentiating Factor For Online Marketplaces
Tailored product recommendations are a pivotal factor in driving customer engagement and boosting sales for an online marketplace. By exploring techniques like filtering, predictive analysis, and the integration of machine learning algorithms or AI, online marketplaces can precisely cater to individual customer preferences. This level of personalisation enhances the overall customer journey and significantly increases their likelihood of successful transactions. It allows vendors to showcase their offerings in a manner that resonates with the unique tastes and needs of each customer, ultimately leading to higher customer satisfaction and loyalty within online marketplaces ecosystem.
Vegan Dukan, an online marketplace for vegan products has an interesting personalisation on their marketplace website. When they notice that a customer has been browsing for some time, they show a pop-up about the most recently purchased product based on the product category they’ve been browsing. This is an interesting way to capture customer’s attention and assist them in choosing products that are relevant to them.
Personalized Marketing Campaigns For Creating A Niche For Online Marketplaces
The essence of a successful marketing campaign lies in its ability to connect with consumers on a deeply personal level. The implementation of personalised marketing campaigns, coupled with strategic audience segmentation, tailored messaging, and individualised offers, plays a pivotal role when it comes to differentiating your online marketplace from an array of other Shopify multivendor marketplaces. This level of personalisation not only enhances customer engagement but also leads to higher conversion rates and increased customer satisfaction. It’s a strategic approach that drives meaningful connections between vendors and customers within the marketplace, ultimately contributing to its growth and success.
Two of the ways that Vegan bag brand Zouk increases customer engagement and loyalty is with personalized emails and a branded post-purchase experience. When a customer makes a purchase they are taken to a shipment tracking page that contains information about their product, shipment FAQs and more information about Zouk’s mission. The brand also sends personalized emails letting customers know when it’s time to reorder a new product.
Continuous Improvement and Feedback – A Must-have For a Successful Online Marketplaces
In the dynamic landscape of online marketplaces, the journey towards personalisation is an ever-evolving process. It necessitates the consistent adaptation of strategies based on valuable customer feedback and meticulous data analysis. The significance of actively seeking customer input, conducting surveys, and scrutinising reviews cannot be overstated in this context. By attentively considering customer preferences, behaviour patterns, and transaction histories, multivendor marketplaces can fine-tune product recommendations and tailor marketing campaigns to individual preferences. Real-time data and advanced analytics further amplify this process, enabling marketplaces to gauge the effectiveness of their personalisation endeavours. This continuous cycle and refinement and feedback forms the bedrock of a thriving multivendor marketplace, propelling it towards sustained growth and success.
Learning From Success Stories
Within the realm of online marketplaces, there lies a trove of success stories that illuminate the path of effective personalisation at scale. While industry behemoths like Amazon, eBay, Etsy, and Flipkart have pioneered this field, other diverse marketplaces like Vegan Dukan, Brown Living, The Design Cart, Artikate and many more have made substantial strides. Their journeys serve as invaluable blueprints for online marketplaces seeking to implement personalised strategies that resonate with their customer base and drive business growth.
How To Personalise Online Marketplaces With Shipturtle
1) Multilingual and Multicurrency Website
You can seamlessly build a multilingual online marketplaces accepting multiple currencies or convert your Shopify marketplace into a multilingual and multicurrency website using Shipturtle’s marketplace growth solutions.
2) Hyperlocal Storefronts
With Shipturtle, you can roll out hyperlocal storefronts easily and quickly. You can seamlessly maintain the Location restrictions at a Vendor or Product level and parse the incoming orders accordingly, all using a single dashboard.
3) Omnichannel Support
With Shipturtle, your Shopify multivendor marketplace can offer omnichannel support through website, mobile, social media and WhatsApp integration for faster growth and better audience engagement. This not only leaves a great brand recall but also boosts customer engagement and increases recurring purchases.
4) Branded Shipping Labels
Most Shippers brand themselves on Shipping labels generated on their portal. With Shipturte you can customize the look of your Shipping Label and keep your own brand instead.
5) Personalised marketing
Shipturtle lets you completely customize your emails with Variables for what information you want to relay. It also offers WhatsApp Integration and marketing growth solutions for your marketplace to grow without bounds.
Conclusion:
In the growing world of online marketplaces, personalisation emerges as a catalyst, yielding a remarkable 20% surge in customer satisfaction rates. This, in turn, fuels a substantial 10 to 15 percent escalation in sales-conversion rates. In today’s fiercely competitive online marketplace landscape, personalisation wields the ability to revolutionise customer experiences, fortify brand loyalty, and propel brand triumphs. By using customer data, implementing personalisation seamlessly across channels, offering tailored product recommendations, orchestrating individualised marketing campaigns, and perpetually refining strategies based on feedback, marketplaces can forge profound connections with their customers. This results in the delivery of extraordinary experiences that set them apart from other competitor marketplaces.
Shipturtle is a Shopify multivendor marketplace platform that offers e-commerce solutions for personalising online marketplaces for your customers. Being a SaaS-based platform, Shipturtle has an edge when it comes to e-commerce personalisation and utilising these tactics can do wonders to engaging and retaining your customers.
Are you ready to personalise your Shopify multi vendor marketplace with Shipturtle? Start your 14 day free trial now.
