Independent Consulting Firm Finds RichRelevance’s Relevance Cloud™ Boosts ROI 367% with Payback in 1.4 Months
According to new study, the Relevance Cloud increases customer engagement & drives higher sales with omnichannel personalization
San Francisco, CA – October 13, 2015— RichRelevance®, the global leader in omnichannel personalization, today released the results of a commissioned study completed by Forrester Consulting on its behalf entitled the Total Economic Impact™ of Relevance Cloud™. In the study, Forrester concludes that, for a composite organization based on interviewed customers, the Relevance Cloud personalization platform delivers 367% ROI by minimizing costs and risks while boosting value and engagement with shoppers across multiple channels and devices. Measurable benefits of the Relevance Cloud include revenue increase of at least 10% and over $400K in annual maintenance savings. Forrester also measured significant improvement in such KPIs as engagement, conversion, demand, likelihood to buy and basket size, as well as faster time to market for personalization innovations.
- The methodology for the study included in-depth interviews with leading multichannel retailers in the US and Europe. Based on these assessments, Forrester created a composite company for analysis. The composite represents a large retail organization with two billion dollars in annual revenue, 1,200 brick-and-mortar stores and 6 branded websites.
- For this composite organization, the study found that the Relevance Cloud allows marketers to coalesce real-time omnichannel data and deliver personalized omnichannel experiences that yield 367% ROI and payback in 1.4 months.
- The study, based on interviews with long-term RichRelevance customers in the US and Europe, found that the Relevance Cloud successfully drives measurable incremental sales and profit while meeting shoppers’ expectations of seamless personalized content as they shop across different channels.
- Personalization through the Relevance Cloud delivers a revenue increase to the composite organization of at least 10% and grows to 15% within 3 years, while saving over $400,000 per year in maintenance fees and achieving a faster time to market for projects such as in-store personalization.
- Additionally, improved consistency of the customer experience by making personalization data available to in-store associates and customer service reps [in a pilot project] raised in-store revenue by 7% and reduced store returns by 2%.
- The study also highlights significant increases in core KPIs including conversion rate, demand, likelihood to buy and basket size. Representative results achieved by RichRelevance’s world-class customers include an 89% increase in conversion rate; a 20% increase in demand per visitor; 3x jump in likelihood to buy for customers who engaged in editorial content with content personalization versus regular customers; and basket size increases ranging from 15% – 54%.
Comments on the News
- “Retail is in the midst of a sea change as brands blend the digital and in-store experience to engage shoppers and drive their business forward. The path forward requires a new kind of ability to manage data, a true 360-view of the shopper and real-time personalization to glue together a consistent experience across every touchpoint. We believe that Forrester has analyzed real data to provide a clear picture of how RichRelevance supports retailers in this effort and the success that brands can expect to achieve with the Relevance Cloud.” – Eduardo Sanchez, President & CEO, RichRelevance
- “We’ve worked with RichRelevance for years, and have first-hand experience of how the Relevance Cloud and data-driven personalization deliver a multitude of benefits to our business. With RichRelevance, we are able to elevate the experience we offer our customer – driven by a 360-degree real-time view of the shopper.” – Cam Fortin, Senior Director of Product Development, Wine.com
- “From a technology platform perspective, Relevance Cloud allows us to be agile in terms of how we’re creating data and personalized-driven product for both internal and customer consumption. Traditionally, this is something you might try to do through a CRM or OMS, and that would be a huge headache.” – EVP of Digital, luxury retailer, as quoted in the Forrester TEI of Relevance Cloud study