eCommerce Pet Brand Reduces Churn by 16% Using Predictive Analytics Solution, Ocurate
Ocurate, the Predictive Analytics Solution for eCommerce, released results of their latest customer success which reduced churn of the most valuable customers for pet brand, WildEarth, by 16%. Ocurate empowers brands to better segment their audiences by identifying lifetime value and churn at the individual level. Companies can seamlessly launch campaigns knowing which customers are of greater value or at risk of churn and intervene with appropriate promotions or communications to drive greater customer engagement.
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“A stark reality of ecommerce companies is that 20% of the brands’ most valuable customers will generate 80% of the revenue. This means high value customers are 16x as valuable to the brand than regular customers. By identifying these individuals and their predicted lifetime value, companies can create experiences centered around them and are better equipped to drive greater revenue and reduce churn for their most valuable customers,” said Tobi Konitzer, CEO of Ocurate.”
According to Hubspot, more than 42% of companies don’t take any effort to better understand or get to know their customers. With a low barrier to market entry typical to ecommerce, brands will lose out to companies who are identifying what drives customer behavior, who key customers are, and understanding which customers are worth spending extra dollars and effort on to retain.
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State of Connected Customer shared, 66% of customers expect brands to understand their needs and expectations. Throughout the customer lifecycle, from first contact to repeat purchase, buyers expect brands to queue up offers, content, and support aligned with their expectations and specific interests. With the risk of losing customers forever the shift toward understanding your customers with the help of data and machine learning has never been more vital. Most businesses don’t connect these dots, resulting in a poor brand experience because all consumers receive the same communications. Ocurate was built so brands can access the intelligence they need to meet buyers where they are and offer a hyper-personalized customer experience with offers and content.
“With Ocurate, we easily identified high-value customers at risk of churn. By creating a custom campaign, we were able to reduce our churn rate of this audience by 16%. Not only were Ocurate’s predictive analytics accurate, but we were able to quickly see meaningful business impact.” Steve Simitzis, CTO, Wild Earth.
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