The past two weeks have been a little different at RevLifter Towers. For those who missed our recent announcement, we’ve added RevWallet as a new core part of our hyper-personalisation toolset.
Our latest release gives brands the opportunity to supercharge their on-site incentivisation game by putting all their personalised deals, recommendations, and marketing messages in one place.
Every incentive, call out, and suggestion on RevWallet is personalised – down to a micro moment – enabling brands to turn what were previously anonymous site visitors into customers.
RevWallet carries benefits on both sides. On a basic level, it means customers don’t lose track of all the deals they receive throughout their journey. They also benefit from a personalised experience that assists them throughout that journey.
From the brand’s point of view, it gives them a simple way of putting their first-party data to good use – enabling the personalisation of experiences, incentives, and communications for every customer – while driving lots more sales and a whole lot more revenue per customer.
A brief summary of RevWallet
You won’t always be able to spot a RevWallet in the wild. That’s because every solution is fully branded through a range of colours, fonts, and design elements in order to look and feel native to the retailer’s site.
Once the design has been finalised, brands can decide on which ‘Offer Cards’ fill their RevWallet and drive their goals. Popular choices include:
- Stretch and Save: Where the customer is invited to spend more for a bigger discount
- Call Outs: For pushing new product releases, sales, and more
- Daily Deals: The classic ‘limited-time only’ promotion, completed by a countdown timer
- Secret Sales: For targeting specific audiences (e.g. new or existing customers)
- Product recommendations: Available as a standalone or mixed with a deal
The next choice is to set up the rules that decide which audience sees which incentive. Popular targeting options include session data (e.g. location, weather, time of day), cart data (cart total, new/existing customer status, cart contents), and site data (time on site, no. of visits to site in set period). This is key to ensuring everything in the RevWallet stays relevant, and that your incentives always link back to your unique goals.
As an added touch, the tool also uses a unique form of machine learning called ‘predilection’ (essentially your way of knowing that your customer has a preference for something) to self-learn from past journeys and produce better results.
That’s RevWallet in a nutshell. Now let’s go into some of the reasons why it’s making such a great early impression.
Brand buy-in
Launching RevWallet has been like nothing we’ve seen before. For one, we’ve seen interest from a strong mix of retailers – from fashion, to consumer electronics, and telco. Each present very different challenges but tend to share common goals in terms of converting customers, raising spend, decreasing abandonment, and increasing margin.
Secondly, rather than easing RevWallet onto their site by launching it with a control group, we’ve seen instances of brands going for 100% exposure from the start.
Maybe it’s a culmination of retailers being more willing to share their data with tech partners after seeing what they can do for their competitors. Maybe it’s the ease at which those partners can now go live. Praise must go to affiliate networks like Awin and Rakuten Advertising for the latter, as the introduction of container tags has vastly accelerated the process of getting innovations like RevWallet onto a site. Maybe it’s being able to add something that not only raises conversions but levels up their on-site experience.
It could also be the confidence shown in a technology that can make use of all the signals imparted by customers during their journey. Regardless of the reasons, we’re looking forward to seeing brands getting creative with their RevWallets and learning from their early experiments.
E-commerce involvement
Another interesting point surrounds the people that can make use of RevWallet. It’s been refreshing to see Heads of E-commerce, Product, and Innovation entering into discussions with Team RevLifter over the launch of this particular solution.
We firmly believe tech partners and innovations like RevWallet are giving the affiliate channel a much bigger seat at the table. Plus, when factoring in incrementality tests, it’s possible to swiftly answer the usual questions around the real value the technology is bringing.
Award winner
We expected RevWallet to maintain our rich history of producing award-winning technology, but the timing took us all by surprise.
Last month, before it even been officially launched to the market, RevWallet claimed the ‘Innovation’ prize at Rakuten Advertising’s European Golden Link Awards. We hope this will be the first of many trophies we collect for our brands, and there’s still time for us to add to our collection in 2022.
The results so far
To give you an idea of why RevWallet is drumming up such a buzz, look no further than its first case study with beauty brand Face the Future.
On the lookout for a solution that could give its customers a stronger reason to purchase, the retailer was the very first user of RevWallet. Team RevLifter collaborated with Face the Future on a version of the technology that included personalised recommendations and promotions to stretch spend and generally made deals more visible. The effort led to an incredible +33% rise in average order value and a +5.1% incremental increase in revenue per user.
Now the first results are in, we’re eager to see what the rest of the year holds for RevWallet across multiple retail verticals.
Want to see what RevWallet can do for your brand? Click here to book a personalised demo with the team.