Overstock builds innovative mar-tech stack for personalization
Salt Lake City, UT (GLOBE NEWSWIRE) - Overstock.com, Inc. (NASDAQ:OSTK) recently showcased its marketing innovation and customer focus by launching a completely dynamic and real-time email experience. The personalized customer experience leverages Overstock’s proprietary technology built to create a real-time streaming platform. This initiative will deliver a more engaging experience in one of Overstock’s most important loyalty channels.
Contrary to traditional personalization efforts that give a group of users with similar attributes a cohort customized experience, or simple template changes such as adding a user’s first name to the email, Overstock has built a real-time streaming platform that feeds individual user events and attributes through Overstock’s Customer Data Platform (CDP) partner, mParticle. This strategy avoids a “batch and blast” approach and shifts to an individual, unique experience for every customer.
“Over the past several years we have stripped out our previous marketing tech stack and put in a new stack that allows us to build industry-leading personalized experiences,” said JP Knab, Chief Marketing Officer for Overstock Retail. “I’m proud to say that our team has realized and successfully deployed a fully dynamic email experience through our proprietary technology LiveRex and OADP. These two integral innovations driven by our cutting-edge machine learning algorithms determine and deliver the optimal layout, offer, content, and much more for each customer’s email in real-time. Though this just launched in full, early results are very promising.”
These personalization efforts speak to Overstock’s customer focus and desire to build a secure and streamlined customer experience by delivering just what the customer wants at every touchpoint.
Overstock customers should expect a 1:1 curated experience. Every aspect is customized, from the subject line to landing pages on Overstock.com. The ideal imagery is pulled from Overstock’s Asset Data Platform (OADP), utilizing the optimal image for each customer; subsequently, building and delivering newly minted personalized and composite assets for each customer, within milliseconds.
“This allows us to personalize each individual user's actions to provide them a unique experience,” said Ramsey Kail, Marketing Group Product Manager for Overstock Retail. “Then at time of send and in inbox time of open we’re calling out to our services for each customer to pull the latest content relevant to that user. This puts us on the cutting edge of dynamically changing content pre- and post-send to provide users with an experience that is uniquely their own.”
“Promotional emails are notoriously cumbersome, rigid, and at best deliver a rewarding experience to 20 percent of customers,” said Julie DeForest, Director of Email for Overstock Retail. “This technology creates an all-inclusive and scalable customer experience that leverages our OADP, real-time image and overlay compiler and a proprietary personalization algorithm that creates an individualized experience for every customer.”
To see Overstock’s personalized email experience, feel free to subscribe to its email program HERE.
Overstock.com, Inc Common Shares (NASDAQ:OSTK) / Digital Voting Series A-1 Preferred Stock (Medici Ventures’ tZERO platform:OSTKO) / Series B Preferred (OTCQX:OSTBP) is an online retailer and technology company based in Salt Lake City, Utah. Its leading e-commerce website sells a broad range of new products at low prices, including furniture, décor, rugs, bedding, home improvement, and more. The online shopping site, which is visited by nearly 40 million customers a month, also features a marketplace providing customers access to millions of products from third-party sellers. Overstock was the first major retailer to accept cryptocurrency in 2014, and in the same year founded Medici Ventures, its wholly-owned subsidiary developing and accelerating blockchain technologies to democratize capital, eliminate middlemen, and re-humanize commerce. Overstock regularly posts information about the company and other related matters on the Newsroom and Investor Relations pages on its website, Overstock.com.
O, Overstock.com, O.com, Club O, Main Street Revolution, and Worldstock are registered trademarks of Overstock.com, Inc. Other service marks, trademarks and trade names which may be referred to herein are the property of their respective owners.
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include all statements other than statements of historical fact. Additional information regarding factors that could materially affect results and the accuracy of the forward-looking statements contained herein may be found in the Company's Form 10-Q for the quarter ended June 30, 2019, which was filed with the SEC on August 8, 2019, and any subsequent filings with the SEC.
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