Namogoo, a provider of digital journey continuity platform, has launched an Intent-Based Promotions solution. The solution helps retailers of all sizes with automated incentives tailored for specific user journeys. The solution uses machine learning to predict shoppers intent by learning from each visitors signals and digital behaviour in real-time. It delivers the optimum promotion needed on each and every session to ensure that online shoppers complete their journey. Even first-time shoppers.
Intent-Based Promotions autonomously effectively optimises promotion spend by synchronising eCommerce brands business goals with real-time shopper intent. By pinpointing effective promotions for each visitor session, the company says brands can expect around 25% reduction in promotion costs. At the same time achieving a 15% increase in revenue.
Dissatisfaction with sales promotion results
A large and growing number of eCommerce brands are dissatisfied with their sales promotions results. Current personalised promotions solutions use rule-based, demographic, or behavioural segments, leading to lost profits due to redundant offers. This “one size fits most” approach often fails to provide the exact right discount or promotions to the individual shopper. This often leads to them cutting their customer journey short. Alternatively, if retailers provide discounts larger than necessary, this simply shrinks the profit margins.
Intent-Based Promotions holistically considers each visitor’s intent in real-time, together with company goals such as desired margins and inventory levels. This ensures that brands offer the minimum promotion needed to complete the customer’s journey.
According to Ohad Greenshpan, Namogoo co-founder and CTO, “With Namogoo’s unique proprietary technology retailers can now shift their promotion budget. Away from visitors who would purchase anyway or have no shopping intent. Towards visitors who will convert when presented with the right promotion at the ideal moment in the customer journey. This is the best way to protecting both margins and brand perception. Our Digital Continuity Platform is elastic and can support businesses of any size, from Fortune 500 companies to mid-market.”
Retail brands can implement Intent-Based Promotions into their website or mobile app with the solutions’ native mobile SDK. Alternatively, brands can integrate with one of many available eCommerce integrations. Namogoo say the solution incorporates an intuitive, easy-to-use design studio and analytics dashboard.
“Retailers know that every phase of every site visit is an opportunity that can either be won or lost. This is an incredibly competitive retail environment. Losing customers is not an option,” said Chemi Katz, CEO and co-founder of Namogoo. “Adding Intent-Based Promotions to our Digital Journey Continuity platform ensures every site visit stands the best chance of converting. In short, we’re both clearing the path, and driving customers forward, and when customer journeys flow, everyone reaches their goals.”
Namogoo developed the Customer Journey Hijacking Prevention market, where unauthorised ads are injected into consumer web browsers. This results in product ads, banners and pop-ups which appear to the user when visiting an ecommerce site. The ads disrupt the user eCommerce experience, diverting them to competitor sites. As a result, increasing conversion rates for retailers between 1.5-5%. The company says eliminating these disruptions from the customer journey directly recovered over $1.6B in stolen revenue in 2020 alone.
Enterprise Times: What this means for business?
In digital marketing, there’s a major problem with online promotions. Irrespective of email, social media, display advertising, search engine optimisation, Google AdWords. Anecdotal evidence suggest they are not effective. Unfortunately, there is no recent industry research on the effectiveness of online promotions as part of the customer journey. However, the sector was further impacted by online customer hijacking activity which became more prominent a few years back.
Namogoo made a name for itself with the launch of its digital journey continuity platform which fought back the hijacking. Some major retailers use the company’s machine learning solutions to deliver distraction-free customer journeys and consistently enhance eCommerce KPIs. The theory is that adding Intent-Based Promotions should enable eCommerce brands — from retail giants to SMEs — improve their promotion strategy. It will be worth keeping an eye out on this development. To see, if the company achieves its aims of getting each customer journey to reach its full potential. Furthermore, being able to monitor and manage it.