“Customer intelligence platform” provider Custora is rolling out a new version of its solution, “Custora v10,” which the company said is “designed to help retailers take control of critical customer challenges like churn, one-time buyer conversion and promotion reduction.”
Custora’s chief executive officer Corey Pierson told WWD that retailers are “losing millions of dollars to customer attrition, but it can’t be solved with a ‘we miss you’ e-mail alone. You need to know who is churning and why, and you need to know what to do about it.” Pierson described what retailers and brands face as a “multifaceted issue” that historically has been “a lot for a marketing team to manage, and that’s why we built v10: to put retail leaders in the driver’s seat and make it easy to mobilize the whole company.”
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The company said in a statement that retailers know securing customer loyalty is a priority amid the challenges of today’s market, and especially for “long-term survival” of the brand. “Marketers often find themselves overwhelmed by the number of competing priorities and frustrated by an increasingly complex technology stack,” Custora said adding that marketers looking to convert one-time buyers into repeat shoppers “must typically navigate a tangle of ad hoc analytics, synchronize the efforts of different channel teams, harness a multitude of marketing technology tools and cobble together reporting from many systems to gain visibility into results.”
It was with this complexity in mind that Custora updated its solution. With this version, retailers and brands also have an interface “custom-built to benchmark performance against industry peers; set company-wide, one-time buyer conversion goals; automatically distribute AI-powered insights to different teams; launch and monitor strategies across channels, and track team-wide progress.”
Mike Relich, chief operating officer of Lucky Brand, which was a beta customer of Custora v10, said it is “easy to talk the talk about being ‘customer-centric,’ but it can be a very fluffy concept. Custora’s latest launch really helps us take control and mobilize around critical customer initiatives like reducing attrition and converting one-time buyers.”
Henry Ferris, director of marketing at Venus Fashion, echoed Relich and said with the upgrade, “we’re able to track progress against our goals and root cause challenges across channels and product lines.” Ferris said the latest version of the platform has also allowed the brand “to put high-performing strategies in place to boost cross-season retention. It provides an immediate impact when it comes to managing customer lifetime value.”
Custora said that “under the hood” the solution works by “unifying a retailer’s disparate sources of customer data, mining for predictive insights on each individual customer, and integrating with marketing channels to help marketers improve the relevance of each customer touchpoint.”
The Custora v10 release offers retailers end-to-end solutions designed to vastly accelerate organizations’ progress on critical customer loyalty challenges.
Pierson said the impetus behind the upgrade was to offer retailers and brands a “command center” for managing marketing initiatives. “There’s no e-mail widget out there that can solve customer churn,” he explained. “Doing so requires building a data-driven strategy, and mobilizing disparate teams and tools to execute it. We’re excited to have built the first software capable of giving marketing leaders this power.”
Vadim Grinberg, vice president of consumer growth and insight at handbag brand Dagne Dover, said Custora v10 “distills the retail and customer value management expertise — knowing where to focus and how to move the needle,” which is key to “building a strong long-term business.”