If you work within Ecommerce, listen up. You will know technology is everchanging and moving quickly. Some of these software providers have outgrown their niche and are now operating in saturated markets. Marketing platforms are in the thousands, but Monevert solves a specific problem that many retailers and brands are trying to solve; How can you lower your cost per acquisition, but increase online sales at the same time?
A quick way to do this, is to recover abandoned shopping carts on your site.
On average, 70% of customers that visit your site, and enter into a shopping cart will abandon it. These are customers that have shown a specific interest in purchasing from you, but for whatever reason, a doorbell, shipping costs, or your favourite show starts, you abandon it and close your screen.
Remarketing, now more than ever, is absolutely crucial for ecommerce retailers, maybe even more so than for any other type of online business or advertiser. If you’re not remarketing to people who came close to crossing the line, you’re effectively restricting yourself to having just one shot at getting visitors to convert, and that would be in a single session – an almost inconceivable feat in today’s multi-device and online environment.
Who Are Monevert
Based in the UK, Monevert is a humble tech start and marketing company with employees that are experts in their industries. They provide a fully managed service, which was great to hear.They can collaborate and advise on best practice for retargetingyour customers during the consultation and implementation phase.Imagine it as an outsourced specialist team, working hard to earn your business more revenue.
The software platform itself has been developed by their internal technical team. It is a multi-lingual marketing tool, specifically used to increase online sales by up to 30%, this is done through live data capture on your website, and then using Email and SMS messaging to bring customers back to their abandoned carts and compete their purchase.
Contact Us Now to See How We Can Add to Your Bottom Line
How Do They Retarget Your Customers?
Monevert is smart solution with many features that empower teams to create targeted, effective communications. The software integrates with leading Ecommerce platforms and their optimized funnels quickly kick into action upon a customer generating an online shopping cart.
Retailers’ target audience can vary widely to the point where a unified message would never work.By using Monevert’s powerful segmentation and playbook features, you are able to deliver more targeted messages to your prospective and current customers in order to drive more revenue and build a stronger brand connection with them.
Contact Us Now to See How We Can Add to Your Bottom Line
What Are The Key Features?
Data Capture
The tech team at Monevert have managed to create a software that captures data live when customers are entering key fields on their shopping cart. This can then be used almost immediately to retarget. Competitors can retarget via email if they have logged in but failing to offer a guest checkout option is one of the leading causes of shopping cart abandonment. Approximately 14% of online shoppers indicated that forcing them to log in to complete a purchase was sufficient reason for them to abandon the process, however Monevert can still retarget these customers.
Global SMS & Email Coverage
Their marketing is conducted via Email and SMS which is available globally. It integrates with SMS and email providers and the SMS rates are even included in their contract! All messages can be tailored and highly optimised with your products and brands in mind.
It’s Multilingual
Okay, so one of the things I think separates Monevert from any competitorin the market is the use of multilingual tech. All communications can be translated by their native speaking support team for your target audience. When a user visits your online store, they can detect the country and send communications in their own language. It’s proven to increase conversion and I’m unsure if there is any other solution that has this capability.
Bespoke Playbooks
This is where the product and service prove their worth. Intelligent segmenting means you can literally create hundreds of bespoke playbooks to fit everything from customer profile, order value and even specific product SKU codes.
Reporting
With their reporting and analytics module, merchants can assess which campaigns and playbooks are the most effective for your companies’ goals. Each communication carries performance metrics to enhance your customer’s experience and provide invaluable insights. Monevert provides these monthly and then can make suggestions on improvements based on the market and their experiences across the board.
Contact Us Now to See How We Can Add to Your Bottom Line
Who Whould Benefit From Using Monevert?
I would say that if you have an ecommerce store that is generating over £1m in revenue annually, it’s definitely worth speaking to them. On the assumption that your cart abandonment rate is the industry standard (70%), you could be losing out on £2.3m that left without buying. Monevert can recover upwards of 20%. There are many reasons customers abandon carts, but by using Monevert playbooks you can combat almost all of them.
If you are using WooCommerce, Shopify or Magento 2 it’s an added bonus as their software can plug and play almost immediately meaning carts can be recovered straight away.
Pro’s
1. Monevert has an inhouse team that take of everything
2. They can capture data faster than competitors
3. Their results are much higher than the industry standard
4. It’s completely bespoke so you can tailor communications and constantly improve
5. They integrate with leading ecommerce platforms so it’s easy to implement
6. The pricing model is commission based, so they work hard for you
Cons
1. It can be more expensive than off the shelf solutions like Klayvio or MailChimp
2. They currently integrate fully with WooCommerce, Shopify and Magento 2, but any others they would have to build an integration which may take time
3. As they design the playbooks, you have to dedicate some time to work with them and develop your email design and SMS templates
My Verdict
I like the fact it’s a manged service. Having someone who specialises in something is a great bonus rather than buying a plug-in or off the shelf solution. Their pricing is a CPA model, so they take a percentage of what they recover, this is good to hear as it means I feel they will work harder for an ecommerce business as it’s in their best interest.
When speaking to my connections in the Ecommerce sector and spoke about other players in the market, they were surprised at Monevert’s proven results, and the larger retailers were excited about the multilingual and global functionality.
Treat them as a consultancy that will make you a substantial return on investment and definitely increase revenue from day one.
Contact Us Now to See How We Can Add to Your Bottom Line
Client Testimonial
Med One Solution Ltd
Christian Tremmel -> Marketing Director
“We have been using the Monevert application since November 2019. When Monevert approached us, we were already using an abandon cart solution so we were skeptical that it would add much value to our business. We ran with it on a trial basis. We literally did not need to lift a finger other than install a plugin on our WordPress sites and add in our credentials. The Monevert team designed our Email, SMS and Call Center playbooks and integrated with their call center services. We have never looked back. We are averaging 17% conversion across 6 websites. With the previous marketing solution we were averaging 8% conversion. In financial terms that’s an extra 73K EUR of revenue per month compared to our previous solution. Overall we are averaging 143K EUR in additional revenue if there was no solution in place at all. The user interface could be a little more refined but our business manager is super responsive and always able to answer any questions we have. He is a pleasure to work with.”