The state of customer journey optimization in e-commerce, as told by 200+ marketers.
The State of CJO 2018 is Yieldify’s inaugural survey into the current state of customer journey optimization in e-commerce, as told by marketers themselves. The report is one of the first to take a comprehensive look at Customer Journey Optimization (CJO) and how it’s being achieved across the UK and US.
The purpose? To understand more about where marketers are focusing their efforts, the challenges they’re facing and the investments they plan to make in 2019. Grab your copy of the full report here, or read on to get a sneak peek at some of the findings, and what they tell us about the state of CJO.
Customer acquisition is the focus, despite the cost
More than half of those we spoke to are focusing 60% or more of their efforts on acquiring new customers. This is in spite of the oft-cited facts that acquiring new customers is getting more expensive, and can cost up to 5x more than retaining an existing customer.
The chart below illustrates how marketers are splitting their time, as you can see the majority opt for a 60:40 split in favour of acquisition. However, the next most popular split was the reverse of this, with 18% 60:40 in favour of retention, indicating that perhaps marketers are sarting to shift toward a more balanced approach given rising costs and greater compeititon.
The takeaway? Whether you’re splitting your time and budget to focus more on acquisition or retention, creating different journeys for new visitors versus returning customers is paramount to ensure you’re getting a good ROI.
More than 70% of marketers understand the customer journey, but optimizing it still presents challenges
At first glance, marketers are pretty satisfied with their understanding of the customer journey (70.9%). This decreases as the journey extends beyond the site to encompass other channels, and further decreases when it comes to using this understanding to optimize the journey.
The main tool marketers are using to optimize the customer journey is customer feedback – 59% are currently employing this qualitative method. Despite ranking their satisfaction with understanding the customer journey as high, only 41% of marketers are using customer journey mapping, suggesting that the approach could benefit from being more data-driven.
Personalization is hard… but it’s on the agenda for 2019
The reason customer feedback features so highly on current priorities is because it is perceived as ‘easy to implement and execute’. The two most difficult strategies or tools were personalization, and AI & Machine Learning, accounting for their lower ranking when it comes to current strategies.
But that doesn’t mean marketers are shying away from personalization and AI & Machine Learning. 2019 may yet turn out to be the ‘year of personalization’, with 37% of US marketers planning to implement it, alongside current strategies such as customer feedback and customer journey mapping:
Get more insights on the state of CJO
Hopefully, this has given you a taste of what to expect from the State of CJO report, and some food for thought when it comes to your own customer journey optimization strategy moving into 2019.
Download your copy of the full report here to get the answers to questions like:
- How satisfied are marketers with their conversion rate, and how does this differ across the UK and US?
- Where will marketers be investing budget to support their CJO strategy in 2019?
- What are the top challenges marketers face when it comes to optimizing the customer journey?