Amazon and Google (News - Alert) today dominate transactional commerce, which makes it difficult for any other brand to succeed in this realm, says Jetlore’s Vice President of Market Dan Buckstaff. That’s why Jetlore, a startup founded in 2011, has turned its attentions to relationship commerce, he says.
Jetlore leverages relationship commerce to help key brands such as Etsy (News - Alert), Pinterest, and Wayfair build deep relationships with their customers.
“The focus of relationship commerce is not just on acquiring customers but developing loyal customers,” explains a December Jetlore blog. “Rather than focusing on capturing transactions off the search queries, the goal is to build a relationship and long-term value.
“In this model, search should be viewed as a user acquisition mechanism rather than a transaction driver,” the blog continues. “Most revenue and profit comes from repeat buyers rather than one-time transactions. The whole point is to develop a relationship with customers and offer meaningful reasons for them to feel a connection and to keep coming back. Methods for maintaining the relationship include email subscriptions, social mechanics, and a stream of uniquely curated content.”
Etsy, Pinterest, and Wayfair build deep relationships with their customers by encouraging their customers to invest in their profiles and put on display their interests, notes Buckstaff, and through that they get to discover things that are more aligned with their interests. The idea, he explains, is to keep these customers engaged even when they’re not purchasing, so when they are purchasing they can better drive that intent.
Jetlore helps companies in content-rich industries such as media and retail to orchestrate and deliver their content, and to do it in a way that serves up the best content for the individual and avoids repetition, says Buckstaff. That contact can include promotions (based on discounts, themes, or seasons), editorial content (blogs, how-to posts, etc.), product catalogs or subcatalogs (like just dresses), and details about individual products.
This is Jetlore’s process. First it builds profiles based on semantic attributes instead of specific products. So it looks at product attributes (like type of material, design of clothing, color, etc.). Jetlore understands some attributes (like color) might be short lived but others (like brand affinity) may be longer lived. Second, content is re-ranked with each user interaction in real time. (That way if, for example, it showed a blue shirt several times and it was ignored, Jetlore knows to try something else.) Third, it tracks the content displayed in every channel to guarantee a consistent and non-repetitive experience, and it does that across all channels. Fourth, it enables marketers to define layouts, manage content, and control what content qualifies for display. (In fact, Jetlore recently came out with a layout generator so marketers can configure the experiences they deliver and put that layout into their different channels such as email, websites, etc.
Leveraging this solution is reaping benefits for companies like dafiti, eBay (News - Alert), and Linio, says Buckstaff, adding that 30 enterprises use Jetlore’s solutions. For example, eBay has seen a 68 percent revenue uplift for its promotional emails. It uses Jetlore for email sent via its CRM for cross border trade; Jetlore takes thousands of deals and customizes the email that each consumer receives to keep engagement high. Brazil-based fashion retailer dafiti, meanwhile, has experienced a 35 percent revenue uplift for its CRM program. And Linio, which Buckstaff describes as the Amazon of Latin America, has seen a 50 to 80 percent revenue uplift for its CRM program.
While some other suppliers deliver recommendation systems, Buckstaff says what Jetlore does is unique in that it is not limited to a single type of content or products, and that it works even in scenarios involving a broad portfolio or products and content.
“Traditional solutions are isolated to a single interaction or transaction, only capable of personalizing based on a specific product context or customer segment. Our technology is the first in the market to listen and learn from customer reactions and then adapt the next set of content on 1-1 customer level,” said Eldar Sadikov, CEO and founder of Jetlore. “This dialogue between retailer and consumer builds over time, becoming more and more tuned to the customer's needs. This cycle leads to higher customer engagement, repeat orders, and lifetime retention.”
Edited by Alicia Young