Global MarTech Leader, Netcore Cloud has successfully concluded its third iteration of Martech Mashup on Thursday, 5th August 2021. This year, the theme for Martech Mashup was “The Product Edition” in line with the industry trend of working with a “product-first” mindset to gain and sustain retention amongst consumers. Held virtually and made accessible for product, growth & marketing professionals worldwide, Martech Mashup 3.0 was headlined by bestselling author Nir Eyal, who in his powerful session on “How to build habit-forming mobile apps, enlightened the attendees with unique ideas on how to design a product to connect a user’s problem to a product.
First held in 2019, Netcore Cloud initiated the Martech Mashup series to connect the best minds in the industry to share their experiences and insights for marketers everywhere. This year’s edition comes after a successful launch of Netcore Cloud’s report on Ecommerce Personalization that revealed valuable insights on the trends in the consumers’ experiences, based on the feedback by 200 retailers and 600 consumers.
Insights From Martech Mashup 3.0 To Ensure Product Acquisition, Engagement, and Retention
The first industry talk of Martech Mashup was shared by Anirban Das, Head of Product of Dunzo, who drew important links between the principles of sports and games to one’s product. Referencing Reiss’s Theory of “16 Basic Desires”, Das underlined how applying 9 gaming mechanics such as progression and appointment can better connect with and retain users to drive product growth. From his experience, users were willing to engage when these elements were present within one’s product.
Another session was presented by Varun Ramamurthy, Group Vice President and Business Head of Netcore Cloud. Ramamurthy, who also founded Hansel.io, a venture-backed SaaS start-up acquired by Netcore Cloud in 2020, dived into tips on setting one’s hypothesis before designing a product. The four steps to structuring a valid hypothesis to creating an effective product include, “Observe”, “Ideate”, “Weed”, and “Frame”, a framework he applied for his own journey with Hansel.io.
The keynote session was executed by this year’s guest speaker — Nir Eyal, who wrote the award-winning bestsellers, “Hooked” and “Indistracable”. In his session, the behavioural design expert explained how the most effective products in the market have all changed their user behaviour. While they might have started off as regular tools, these platforms have worked in a “Hook” pattern to retain their users to return. What this means is that they have successfully connected their users’ problems to their product, which serves to solve these problems for the users. Eventually, a habit is cultivated in their users to return to the product.
The event also saw three sessions of panel discussions, featuring experienced leaders from GoJek, Dineout, Myntra, AirAsia, Viu, and many more, who shared their industry insights on how to build customer experiences with a product-first mindset, maximising funnel conversions with data-driven experiments, and how to gain product-led growth.
Additional Findings And Insights From Netcore Cloud’s eCommerce Personalization Benchmark Report 2021
Earlier this year, in its drive, to contribute to the market understanding in the marketing tech scene worldwide, Netcore Cloud had pooled its resources and leadership to publish its Ecommerce Personalization Benchmark Report 2021. The report has also revealed the importance of effective customer retention strategies. From the study, 91% of shoppers mentioned that they would abandon an online retailer because of a poor shopping experience. More than 75% of shoppers also mentioned that they would want a personalised experience. On the side of retailers, 70% who invested in personalising the Customer Experience (CX) witnessed a Return on Investment (ROI) growth of at least 4 times, with an increase in conversion rates of more than 40%.
Other interesting findings include the following:
- Shoppers view 8 products on average before making a purchase, but personalization helps most (75%) retailers achieve at least 10 page views per user, ensuring that shoppers see more than enough relevant products to make a purchase.
- 3 in 5 (60%) retailers are seeing average order value jump by 10% or more post-personalization.
- Personalization increases the conversion rate by 45% for retailers on average
“Netcore Cloud has been committed to evolving the Martech landscape across the globe through platforms like Martech Mashup which facilitate the exchange of thoughts & inculcate learning from experts. These are particularly beneficial to the B2C community and to the overall consumer ecosystem as it elevates digital experiences,” said Avadhoot Revankar, Chief Growth Officer & Business Head of Netcore Cloud. He further added, “With a massive growth in the Mobile ecosystem, user retention continues to be an ongoing challenge, MarTech Mashup 2021 has been an educational opportunity for brands to learn how to win customers for life. We look at creating many such platforms in the future.”
With the insights provided from Martech Mashup and the report, Netcore Cloud is revolutionising the way product managers, marketers, and growth professionals engage with their customers.