Jivox Partners with Taggstar to Drive E-Commerce Conversions
Jivox, provider of a data-driven advertising and marketing platform, announced a partnership Monday with Taggstar, provider of an intelligent product messaging system. According to Diaz Nesamony, president and CEO of Jivox, the partnership will allow online retailers to tap into a powerful data source and bolster their digital advertising efforts.
"At a time when many online retailers are experiencing increasingly flat revenue growth, those who…personalize their online ads…are likely to have the best shot at converting consumers to purchase," Nesamony told CRM magazine in an email. Furthermore, as consumers gain access to more channels for making purchases, and as their attention spans shorten, "the ability of a retailer to present the right product at the right time to the right individual can accelerate sales and win the purchase ahead of retailers" who rely on traditional methods.
Taggstar's Social Proof Engine operates under the notion that people will assume that the actions of the masses reflect the "correct behavior [in] a given situation," according to a statement. The engine analyzes product-related data (including reviews and ratings) to detect trends regarding availability, popularity, reception, and order history. It then uses an algorithm to process that information and sends online shoppers stylized messages to prompt them to purchase any products stored in their virtual shopping carts.
Jivox’s IQ Dynamic Ad Platform draws from first-party, audience-related, and contextual data to target customers with personalized and dynamic ads that scale across screens and devices.
Under the agreement, end users of Jivox’s IQ Dynamic Ad Platform can leverage Taggstar’s tools for determining product popularity and trends based on shoppers' online browsing history. The goal is to better target customers with relevant advertisements. The ads can show, for instance, how many times an item was purchased over the past day or two, as well as how many people are looking at it.
According to Marjorie Leonidas, managing director at Taggstar, its "social proof" technology is effective because the feedback it provides customers works as a stand-in for peer approval, and can help convince shoppers that the item they are contemplating is a good decision:
"Whereas people might ask for friends' opinions when they are shopping in-store, online shopping is a solitary experience."
In the statement, Leonidas agreed that in partnering with Jivox—a partnership that follows another recent deal the company cut with Tealium—the vendors will help online retailers increase sales conversions:
"Even when consumers have left a site, or never even visited that site, we can drive traffic to specific products that we know…shoppers will like."
According to Nesamony, retailers need to move beyond simply retargeting consumers with digital ads that operate based on prior browsing behavior and include data on inventory levels, top-trending items, and 'hot list' products. "This deeper level of personalization helps keep customers more engaged and even directs them to purchase items they may have been researching or just thinking about."
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