Cloud commerce platforms provide the infrastructure that retailers need to manage operations across all online and offline channels. This omnichannel approach enables retailers to centralize their technologies with a single solution. By doing this, retailers can better understand their customers and deliver personalized experiences at scale. And it all starts with business intelligence.
Cloud commerce solutions give retailers unmatched extensibility, enabling them to quickly add capabilities so that they can develop digital experiences at pace. This reduces the time to market and total cost of ownership.
A singular solution leverages leading capabilities in one platform and enables retailers to consolidate all of their data, providing a 360-degree view of customers. Simplifying data collection and management in one place means retailers can focus on managing the business, not the technology.
Business Intelligence for Meeting Customer Expectations
Business intelligence combines data, strategy, and technology to help businesses understand their customers, improve operations, and make data-driven decisions.
Cloud commerce platforms employ business intelligence by combining 1st and 3rd party customer data, behavioral data, and contextual shopping data so that content can be personalized at the individual level. Advances in AI and machine learning make commerce platforms increasingly agile, with algorithms that automatically learn and adapt to changing consumer behaviors in near real time.
Leveraging business intelligence to meet customer expectations can improve customer satisfaction, with 80% of shoppers more likely to buy from a company that offers personalized experiences.
Customers expect more from retailers as the following statistics demonstrate:
- 75% of shoppers prefer to buy from retailers that personalize the shopping experience.
- 66% of customers say shopping technologies/innovations improved their experience.
- 55% of consumers are very interested in technology that informs that a product is in stock or available.
In August 2020, McKinsey reported that the pandemic significantly impacted consumer shopping behavior. This has made an omnichannel approach that leverages business intelligence a necessity for retailers.
Among the rising shopping trends reported, digital shopping increased significantly, particularly for essentials and home entertainment products. McKinsey also found that consumers will continue to shop online after the COVID-19 crisis ends. In fact, most retail categories are projected to have some level of online growth as the following chart demonstrates:
Business intelligence tools help eliminate the guesswork involved with testing messaging and making UI changes. Data-driven segmentation and targeting capabilities that leverage AI help retailers deliver the right messaging to the right audience across all channels (without the need for coding).
The true power of data-driven personalization is the agility it provides retailers who can quickly discover new areas of opportunity.
How Cloud Commerce Solutions Improve Customers’ Digital Experience
There are several ways that cloud commerce makes the digital shopping experience better for customers. Our own internal data has found that Kibo clients outperform industry conversion rates by 57%. That’s no accident. Unified commerce technology consistently meets or exceeds customer expectations. Here’s how:
Cloud Commerce Uses AI to Predict Consumer Intent
AI can be used to predict changing consumer intent which fuels personalization of product recommendations, content placement, product/home page designs and layouts. It also supports one-to-one segmented messaging across all consumer touchpoints.
Cloud Commerce Helps Retailers Personalize the Shopping Experience Across Digital Channels
A cloud commerce platform can facilitate personalization across multiple channels by integrating in-store data with online data and capturing loyalty activity which further enhances customer profiles. This results in a seamless shopping experience across online and offline channels, and enables retailers to personalize the entire buying journey, making better recommendations to customers at the individual level.
Cloud Commerce Streamlines Order Management and Fulfillment
Cloud commerce enables retailers with multiple locations to streamline order management and fulfillment, opening up inventory across multiple locations. This is particularly helpful for stores that have low-depth inventory and small ecommerce teams. Unified commerce platforms enable retailers to increase inventory and order flexibility by adjusting the order fulfillment approach by using stores to fulfill orders rather than routing them through one centrally located distribution center. This makes products more readily available for consumers and easier to obtain locally.
Cloud Commerce Facilitates Global Personalization and Segmentation in Specialty Categories
Retailers with a global presence that sell highly specialized or seasonal products can benefit from a machine-learning driven approach that adjusts to many variables. Automated approaches to testing, segmentation, and recommendations reduces the time involved in managing personalized experiences and provides a much better experience for shoppers who speak different languages and have different needs or interests. With algorithm-driven features like product carousels, retailers can showcase the most appropriate products during the most relevant season.
Cloud Commerce Offers Unmatched Extensibility
A cloud commerce platform can be customized to fit each retailer’s specific needs. Using native integrations, retailers can quickly add new capabilities and develop a unique digital experience at their own pace. Extensibility reduces the time to market and the total cost of ownership.
Cloud Commerce Provides an All-In-One Singular Solution
Retailers can leverage industry-leading capabilities from one platform with a singular SAAS solution. A key benefit of the all-in-one solution is consolidation of data which gives retailers a 360-degree view of their customers. Simplified data gives you more time to focus on managing your business, not your technology.
Customer Success Stories
Sometimes it’s better to show rather than tell. To this end, we’ve compiled a comprehensive library of customer success stories that illustrate how key brands have benefited from cloud commerce.
Here’s a summary of how retailers leveraged the platform to lift revenue, improve ROI, increase conversions, and more.
Reebok Delivers Scalable Personalization to Shoppers
Reebok wanted to better personalize their ecommerce experience and become “the most personalized sports brand in the world.” They needed an AI-driven solution to help them predict customer intent and drive 1-to-1 personalization at scale, a significant challenge considering they have millions of customers around the world.
The apparel company used Kibo’s personalization platform to deliver three unique customer experiences that personalized key elements of their website: home page carousels, dynamic product pages, and personalized home page experiences for returning visitors.
After implementing these personalization features, Reebok used customer insights to increase performance and continually improve the customer experience. They then leveraged these insights to roll out personalization strategies to other regions, lifting their revenue per session by 4.2% over Black Friday 2020. They also saw a 5.5% increase in add-to-cart (ATC) rate and a 12.2% increase in clickthrough rate (CTR).
Toolstation Uses Social Messaging to Improve Conversion
Toolstation, a European trade & DIY hardware manufacturer, partnered with Kibo to create a range of new digital experiences in 2020. They subsequently wanted to step up their already improved conversions in January 2021, so they leveraged Social Proof, a Kibo feature that motivates purchases with social proof messaging.
Social Proof targets specific segments of shoppers with scarcity messaging (e.g., “60 people are looking at this item right now”).
Toolstation pushed their first Social Proof test live within days, testing messaging approaches and design features like font color. The test itself took just five minutes to execute.
Social Proof proved to be an immediate success for Toolstation. With it, they were able to achieve 30x ROI from implementation, contributing to a 2% uplift in revenue per session.
Toolstation plans to continue testing this feature as they expand Social Proof across the customer experience.
Subaru Optimizes Order Management for Their Industrial Power Products Division
Subaru Industrial Power Products (SIPP) sells small engines, generators, water pumps, axles, and other industrial products. They also sell engines to manufacturers which are then sold to end users such as construction companies.
SIPP has been around for 20 years and many of their older engines are still in use today. They were faced with the challenge of providing parts support for customers. But most of their engines are sold to companies that build custom products specific to their industry. Thus, SIPP needed a way for users to get parts quickly through the dealer where they originally purchased the engine.
With Kibo, SIPP was able to leverage a plug-and-play ecommerce platform that supports credit card sales and distribution. Purchases could be made directly with the manufacturer or dealer where the user originally purchased the engine. The result was a turnkey solution that combined product registration with ecommerce sales. KIPP was up and running within two months. The system makes signing up dealers and distributors a fairly simple process, enabling KIPP to focus on their core business.
The Enduring Power of Cloud Commerce
Cloud commerce platforms simplify managing the complex moving parts inherent with omnichannel, global, and seasonal shopping experiences. In addition to the examples above, Kibo facilitates testing and experimentation, provides deep customer insights with less effort, and has unique capabilities for B2B versus B2C commerce.
The Kibo Unified Commerce Platform gives retailers unmatched extensibility in a singular SAAS framework, reducing the time to market and total cost of ownership while minimizing time spent on managing the tech stack. By leveraging industry-leading capabilities and consolidating data with one platform, retailers have more time to focus on managing their business.