AI drives the rise and rise of retargeting in SA
Historically, the retargeting domain globally has observed a peak of attention and inventiveness, particularly within ecommerce. The reason? According to one study of 40 online merchants by independent web UX research institute, Baymard, the average documented online shopping cart abandonment rate was over 70%. For that reason, reminding customers of the brand and product is essential to re-trigger interest.
A report by Criteo highlighted that retargeted customers were 70% more likely to convert, whilst another study by Invesp indicated a 70% conversion rate uplift from website visitors retargeted with display ads. Brands like Amazon, eBay, and Alibaba have harnessed retargeting to revive the interest of users, not only nudging them towards conversion but also bolstering customer lifetime value.
In South Africa, global company SHAREit group, with more than 2.4 billion app downloads, has collaborated with eminent local players in ecommerce, food delivery in order to dial up their marketing just as Amazon arrives on our shores. Focused predominantly on food delivery and ecommerce, they've leveraged retargeting to reignite and sustain customer engagement, targeting both one-time and repeat purchasers through astutely crafted, personalised digital journeys.
The science of retargeting
Retargeting has burgeoned as an indomitable strategy, especially amidst sectors like ecommerce, fintech and travel, where customer retention and repeat purchases are paramount. Moving beyond the conventional realms, retargeting, has evolved to be an intrinsic part of a multi-faceted marketing approach. It isn’t merely about re-engaging lost customers but is a calculated strategy to deepen engagement with existing ones, urging them towards repeat purchases and amplifying LTV (Lifetime Value).
In the context of budget allocation within digital ad options, retargeting often garners a modest percentage, predominantly owing to a blend of apprehension and a lack of comprehensive understanding of its potential. However, with customers repeatedly engaging for multiple small to medium-sized purchases, retargeting becomes a pivotal tool. It manoeuvres through the customer journey, from ‘add to cart’ moments to ‘repeat purchase’ instances, strategically placing products within easy reach of potential buyers.
Conceived from a decade of expertise in AI and advertising technology, SHAREit's retargeting solution emerged as a response to the dynamic shifts in consumer behaviours and the evolving adtech industry. With a foundation deeply rooted in AI, every facet of the solution – from its engine to its workflow – is intertwined with artificial intelligence, ensuring that the retargeting is not only efficient but also critically intelligent in understanding and predicting user behaviour and engagement patterns.
SHAREit increases its investment in the country
The selection of DigiMarCon South Africa as the event to unveil goes beyond its reputation as the premier digital marketing, media, and advertising conference in South Africa. This two-day summit in Johannesburg, from October 19th to 20th, 2023, and in Cape Town on 25th and 26th October, not only teems with digital marketing acumen, latest trends, and innovative solutions but also congregates a rich tapestry of professionals, experts, and innovators from the digital marketing, media, and advertising ecosystem.
"This 4th annual assembly is a nexus of digital marketing mastery, presenting a spectrum of topics that seamlessly dovetail with our functionalities and capabilities. Themes include behavioural & neuromarketing, conversational marketing, data science and big data, geo-targeting, proximity marketing, programmatic advertising, and predictive analytics and attribution. We‘ve observed that app brands in many sectors like ecommerce, fintech, and social now are not only focusing on driving user acquisition in South Africa but are also making efforts to re-engage existing users in key African countries. Our AI-integrated retargeting capabilities, finds a consonant echo in the event's agenda, where disruptive innovations and future-forward strategies will be under the spotlight, amidst keynotes and sessions that promise to inspire, challenge, and transform the attendees," says Sub Saharan Africa Director at SHAREit Group, Chanel Hardman.
"Sponsoring DigiMarCon South Africa is not merely a showcase for us but a strategic alignment with a platform that reflects a confluence of expertise, innovation, and a forward-thinking approach towards digital marketing. It presents a convergence where we can seamlessly weave into the theme of the event, sharing a future where AI-driven retargeting is not an tool but a cornerstone of digital marketing strategies," explains Arunabh Madhur, Regional VP & Head of Business, EMEA at SHAREit Group.
In this vibrant confluence of thought leadership, innovation, and practical strategies, SHAREit propounds a commitment to redefining intelligent retargeting and pledges to sculpt a future where brands navigate through the digital continuum with predictive, personalised, and powerful retargeting solutions. We cannot wait to share this smart technology with South African brands needing reach and performance," he concludes.
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