Using Dynamic Yield’s Best Practices to Increase Conversion Rate

Dynamic Yield is a leading personalization tool in the ecommerce industry. Personalization should be a key initiative for all commerce brands and businesses because it allows tailored and customized experiences using machine learning algorithms and data analytics to drive conversion rates, acquire customers more efficiently, deliver content to specific customer persona types, and increase revenue. 

Here are some of these best practices for utilizing Dynamic Yield to its fullest potential.

OPTIMIZE PRODUCT RECOMMENDATIONS AND SUGGESTED SELL

If a customer is already familiar with a brand and has purchased their products, chances are they’ll be interested in other products offered. The most successful businesses capitalize on this already-existing relationship and use personalization techniques and algorithms to determine the recommendations most likely to yield a conversion.

Techniques to Best Optimize Product Recommendations:

• Highlight a brand or business’s most popular items, 
• Use machine learning to recommend certain products at certain times of day, 
• Dynamically adjust the site layout to match user preferences
• Create logic to trigger real-time recommendations and promotions based on user behavior profiles
• Customize product rollout based on touchpoint or channel

`Dynamic Yield has been Gartner’s leader in their personalization technology survey for six years running because of their learning reinforcement algorithms that use unrivaled user demographic data to build truly personalized experiences. Forward-thinking brands set up targeted and real-time adaptive versions of their website that administer content and recommendation services based on massive amounts of consolidated user data that their various channels collect.

COLLECTING CRM DATA IS THE WAY TO CREATE PERSONALIZED EXPERIENCES

Through modern tech, brands can access treasure troves of consumer data that assist in creating personalized experiences. 

Customer Behavior Information that Helps Build Personalized Experiences:

• Which products a customer already has
• Which products a customer has looked at
• When the customer has made purchases
• If the customer has returned products and the reason for the return

Once a brand has these insights about their customers, targeted experiences can be created with segmented groups of customers in mind. 

Experiences to Create with Customer Behavior Information:

• Send product recommendations related to previous purchases
• Resend products or services left in the cart or previously inquired about
• Show new customers the best-selling products 
• Show disengaged customers new products and recent arrivals

Brands that show customers targeted and personalized content will have higher conversion rates. Personalized and targeted content can be A/B tested to determine which set of recommendations and content streams perform best with which demographics.

Brands need to use the services available to them to deploy multiple versions of a storefront and collate the data they receive to learn about which versions of which storefronts perform best and why that is. Once a brand or business has customer data, the options they have to create unique and personalized experiences expand exponentially.

CONSOLIDATE CUSTOMER DATA ACROSS CHANNELS TO DELIVER TARGETED EXPERIENCES

A modern commerce ecosystem has so many potential customer touchpoints that it can become overwhelming. Trying to utilize all the available data from brick-and-mortar customer behavior to digital storefront consumer trends to how email blasts perform compared to SMS outreach, can get quite hectic. 

Difficulty aside though, it is paramount that brands consolidate all the available information and integrate it into a unified, holistic customer experience. By using first-party data analysis or customer info from rewards and loyalty programs, brands need to be able to access what their customers are doing on any of their sales channels to respond to it the next time the customer engages one of the brand’s touchpoints.

Let’s say a customer bought a new scarf from a brick-and-mortar store. The next time they log on to the website, the brand in question needs to have technology that can consolidate that consumer behavior, understand that they bought that scarf, and show them gloves that match even though the scarf purchase was made from a different channel. Rewards and loyalty programs are tremendous assets in this because they consolidate customer behavior across all brand channels.

BUILD PERSONALIZED EMAIL CAMPAIGNS

Email is a lucrative outreach channel that allows brands increasingly greater levels of control in how they connect with their customers. The old days of email marketing would have us thinking of rinse-and-repeat static emails that outreach to customers in the same way.

While that paradigm has been changing for years now, Dynamic Yield has an offering that allows adaptive personalized emails to be utilized to any even greater, and more efficient, level. 

Features Included in Experience Email

• Drag and drop whole content blocks into email; edit, view, and send those emails from the same interface
• Integrated with a machine learning tool to autofill and recommend personalized product recommendations based on customer profile
• Automate email sending times based on user behavior to maximize open rate
• Aggregate first-party data to send emails at the correct time of data, through the best touchpoint with products the customer has shown interest in

Dynamic Yield is a profound and powerful tool for brands to use to gain access to customer information, and more importantly, deploy concerted strategies using that information that target their customers’ shopping habits and expectations. 

Contact Corra today to learn how we can help you integrate Dynamic Yield and its full suite of capabilities into your commerce solution.