Yocuda Launches World’s First End-to-End In-Store Customer Identification and Engagement Solution
A landmark service has been launched by Yocuda to give retailers the power to identify and engage 100% of in-store customers in real time. It is the first end-to-end data driven service of its kind and is geared to enable retailers to push sales and profit through improved customer insight, personalised marketing and tailored experiences.
The launch of the ground-breaking solution has resulted in the re-brand of eReceipts (the world’s leading digital receipts provider) to Yocuda, which is an abbreviation of ‘Your Customer Data’ and reflects the company’s new, wider service offering.
Yocuda’s offering launches at a time when in-store retailers are being challenged to become more Customer Effective, putting the customer at the centre of all business decision making. While pure play e-commerce retailers have had the luxury of creating tailored offerings as a result of customer linked transactions, multi-channel retailers have, until now, struggled to be able to identify customers let alone created tailored experiences.
With 80% of most multi-channel retailers’ sales still coming from bricks and mortar stores, the inability to use real time transaction data to understand customers has severally hampered their ability to provide optimised customer offerings. Using its core technologies, Yocuda unlocks retailers’ transaction data, linking it to customers to provide a Single Customer View.
This data can then be used to derive deep customer insights (allowing retailers to embrace behavioural along with demographic insights), enhance customer engagement and establish better operations, ultimately allowing retailers to profit from having a greater view of their customers’ data.
The award-winning company has tiered its services into four core product categories. eReceipts (the core technology that unlocks retailers’ transaction data and enables them to send digital receipts) forms the foundation to the three new tiers of Yocuda Operations, Yocuda Engagement and Yocuda Insights. These new tiers facilitate retailers to create highly personalised real time customer engagement, from returns management and loyalty schemes to retention marketing offers and coupons at till.
Yocuda works with many of the country’s leading retailers, processing in excess of 1 million receipts every day and has captured in excess of 16m unique customers linked to their transactions. Its portfolio of clients is rapidly growing and its products are currently embraced on a national scale by Argos, Halfords, Debenhams, Booths and Monsoon Accessorize. More recent partnerships include a national store roll out with Super Dry and Fred Perry.
Yocuda is already enabling clients in some stores to identify 100% of their transactions and, with their emailed receipts delivering an open rate of 75% (and 12% click-through rate) compared to a CRM industry average of 15-25%, it is allowing retailers to turn the traditional receipt into a highly effective new, dynamic marketing channel.
The Yocuda product has seen partners capture 100,000 email addresses a day with a LTV of £11 per each new email address captured. It has seen partners drive an additional £2m of incremental sales through their tills, while a highly targeted Direct Mail campaign for another client achieved a redemption rate of 40% and an uplift of an additional £28 spend on an average basket of £45 across the average redeeming customer. Yocuda Insights have also helped make retailers marketing budgets more efficient, with one client increasing its revenue generated per pound spent from £3.81 to £4.98.
Yocuda CEO, Andrew Carroll, said: “By launching Yocuda, we aim to level the playing field with pure play e-commerce retailers by bringing the benefits of e-commerce tracking and personalisation to the in-store environment.”
With our real time insights, Yocuda empowers staff to have a far more meaningful conversation with customers on the shop floor that will ultimately tailor the experience, drive customer loyalty and allow retailers to optimise sales opportunities.”