By gaining a deep understanding of customer dynamics, Bluecore users can focus on customer-first strategies, graduating from decades old channel-led marketing approach
Bluecore, a retail shopper identification and customer movement technology, has announced the launch of its proprietary Customer Analytics product and Customer Movement Assessment services. Together, these solutions empower retailers to move from a channel-led marketing approach to a customer-centric strategy through unique customer insights and action plans to increase revenue in any macro environment. This launch further positions Bluecore as the leader in enabling retailers to identify more shoppers and impact performance metrics like conversion rate, retention rate, repeat purchase rate and more among specific cohorts of customers.
Bluecore starts all customer relationships with the Customer Movement Assessment, which provides an in-depth analysis of the conversion, retention, and reactivation of customers across multiple years and the speed in which those customers are moving from lower value to higher value.
Bluecore benchmarks every customer against the broader retail industry and their peer group based on retention rates, reactivation rates, average order value, purchase frequency, orders per buyers, survivorship, buyer penetration, and other customer performance metrics to surface performance gaps and opportunities.
The Customer Movement Assessment is conducted by Bluecore’s retail strategy team, which is composed of former leaders from Foot Locker, Champs Sports, Oriental Trading Company, Tory Burch, Rent the Runway, Expedia, Overstock.com, Shipt, Red Ventures, Shop Your Way, and other category-leading retailers and brands. The team works hand-in-hand with Bluecore’s customers to prioritize specific changes in performance to reach a retail or brand’s desired growth rates. Tactical hypotheses are developed, tested, and scaled through Bluecore’s customer success team, which boasts practitioners from Fortune 500 and high-growth retail and DTC organizations. The result is a growth strategy built with customer performance at the center over channel-specific performance.
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“We are focused on customer movement because this is the best way for retailers and brands to predictably grow,” said Dave Lokes, VP of Retail Strategy at Bluecore. “This methodology was created using our team’s years of retail leadership, data, analytics, and customer engagement expertise and it is transforming the way our customers engage with their shoppers and customers. Individual channels are important, but there must be a foundational strategy for moving customers from one stage to the next ultimately leading to a more profitable approach to marketing and a more personalized approach to consumer activation and retention.”
The ability to monitor customer movement can now be achieved through Bluecore’s new Customer Analytics. This reporting exposes the underlying signals unique to each individual that indicate movement toward retention or churn, allowing retailers to easily understand how individual campaigns connect to and promote customer movement.
Customer Analytics provides:
- Performance comparisons: Retailers can see short- and long-term insights including week-over-week and rolling 12-month comparisons across critical cohorts including new buyers, retained and reactivated customers by key metrics including revenue, AOV, and customer count.
- Cohort analysis: Retailers get customer movement insights from first identified to first purchase, first purchase to repeat purchase, and at-risk to active customer.
- Future enhancements: In future 2024 releases, retailers will have access to purchase recency and frequency, eligibility, and channel marketing KPIs
This release follows the rollout of Bluecore’s Transparent ID Reporting giving customers full visibility into digital shopper and customer identification rates; the launch of the Transparent ID Network for increasing identification and re-identification in 24 hours, and Bluecore’s other solutions for increasing reach and delivering incremental revenue.
“We have seen retailers and brands struggling to connect their technology purchases to revenue, while also battling increasing acquisition costs, challenging loyalty dynamics, and supply chain issues. With our Customer Analytics and Customer Movement Assessment, any retail or DTC brand leader can now clearly prioritize technology and tactics that deliver incremental revenue through incremental customer performance,” said Sherene Hilal, Bluecore’s Chief Product Officer.
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