It’s no secret that the “Cyber Week” of 2015 holiday shopping has driven record-breaking sales for online retailers. We’ve officially hit the long-anticipated tipping point with more people shopping online than in stores, spending an estimated $4.45B online Thursday and Friday and $3B+ on Cyber Monday. Needless to say, it’s a great time to be a retailer.
To put it simply: our clients killed it this year! Many of the retailers in the Edgecase portfolio experienced a record breaking season with all of them surpassing their projections! Here’s a recap of what we saw:
• Thanksgiving Weekend: 139% higher RPV for shoppers who used Edgecase vs. those who didn’t
• Cyber Monday: 123% higher RPV for shoppers who used Edgecase vs. those who didn’t
• “Themed” category pages saw up to a 180% higher average RPV
• Engagement with filters saw increases up to 80% for some clients
• On Cyber Monday alone, our clients saw over 2.9M+ unique visitors to whom we served over 19M+ product results
• More Cyber Monday greatness: some categories saw greater than 2000%+ RPV lift for those using filters compared to those who didn’t – a stat so unbelievable, we almost didn’t share!
So now that “Cyber Week” is over, what’s next? The National Retail Federation is already making predictions for 2016, emphasizing that “success in 2016 boils down to smarter, data-driven decision-making.” According to the article, every merchant and marketer will need to be in sync with the ever-connected customer and that means ensuring that data is connected across the entire organization.
This is especially true when it comes to product data and the insights that organizations can utilize by monitoring how it’s being used. Product data is a core element behind nearly all merchandising and marketing initiatives from navigation and search to personalization, recommendations, email campaigns and even trend analyses that feed buying decisions. The success or failure of all of these initiatives hinges on complete, accurate and comprehensive product data, along with intelligence on what’s driving shopper preferences and purchases.
Success in 2016 will ultimately mean many things to many organizations, but one trend that will certainly continue is the need for data-driven decision-making. We are seeing Merchant and marketing teams, empowered with fast feedback on what campaigns and merchandising tactics are resonating, be able to quickly tune in to what product characteristics are driving purchase decisions. We are seeing much more than the standard “Price,” “Brand,” and “Color” impacting sales, and seeing retailers empowered with this intelligence have the ability to confidently make optimizations to product data and merchandising strategies.
From what we can tell, the connected-consumer will continue to demand that retailers meet their every “whim” with something unique and relevant. In order to meet the challenge, companies will have to start making smarter investments in the data and take advantage of the rich insights that will ultimately set them apart.
Learn more about one way Edgecase is empowering our clients’ merchandising and marketing teams to make the most out of product data intelligence this holiday season.