With our extension, eCommerce owners can easily analyze the health of their business from a customer retention point of view and personalize their store interaction
OverviewBack to top
Omniconvert is a conversion rate optimization platform which allows marketers to deploy A/B tests, surveys and personalization experiments on their websites with minimum intervention from their developers. Although we started off as a conversion rate optimization company, we soon realized that the success of an eCommerce store is in the blend of optimization and retention. That's how Growth engine came to be.
Omniconvert Growth Engine extension x-rays the data of an eCommerce in Magento and provides a diagnosis of whether a business is experiencing sustainable growth or is suffering due to high churn and low retention. After working with many eCommerce businesses, we realized how vital retaining customers is for the long-term growth and stability of an online business. For an eCommerce to thrive in the long run, it needs to nurture relationships with existing customers and transform a one-time transactional sale into a long-lasting relationship.
ACCOUNT & PRICING:
We are submitting a free Lite version of our extension in the Magento Marketplace. The Lite version gives users insights on Customer Lifetime Value, Orders, Average Retention Rate and Omniconvert Activities. All other features are locked and available in preview mode (with dummy data).
To benefit from all features, customers must upgrade to the Premium version. The starting price for the Premium version is $4,000 per year which includes the Omniconvert web personalization platform. High volume sites will be offered a discounted rate for platform usage in addition to the base extension rate. Further details will be available on our pricing page.
A low retention rate is a deal breaker for any Venture Capitalist that is willing to invest in a company. According to RJMetrics, after 24 months, 50% of the revenue is generated by returning customers. A Harvard Business Review article also states that increasing customer retention by 5% increases profits by 25% to 95%. When customer retention goes up, customer acquisition costs will go down.
We built the extension with this in mind: what if we can arm eCommerce owners with the right insights into their own business from a retention point of view and prompt them proactively actions to reduce churn and drive growth.
OUR VALUE PROPOSITION:
Our extension’s unique value proposition comes from the intersection of three key differentiators: the focus on customer retention, the RFM segmentation and the native integration with Omniconvert web personalization software.
Focus on customer retention → Omniconvert Growth Engine extension brings in one dashboard: Customer Lifetime Value, Retention Rate, Cohort Analysis and the RFM Segmentation. All these metrics together tell the story of your online store. How many customers are leaving you? How many are staying? Are they churning at a faster or slower pace? Are you relying your future on a one time sell or on loyal customers who placed more than 2 orders lifetime?
RFM segmentation and automation → We designed an automated RFM model built on your shop's history which reveals the customer segments hidden in your data so that you can tailor your marketing efforts based on each group’s needs.
Native integration with Omniconvert → We integrated the RFM customer groups created based on Magento data with Omniconvert web personalization software. This empowers customers to do real-time personalization (e.g. AB testing, overlays, surveys) on specific customer segments.
Customer Lifetime Value - Gives clarity over the value they can expect to receive from the entire relationship with their customers. This is especially useful when deciding how much money to spend on acquiring and retaining customers.
Retention Rate - Gives clarity over how many customers returned and placed another order and how this evolved over time.
Cohort Analysis - Displays the number of customers acquired on a monthly basis and tracks their buying behavior over a period of time. This is especially useful when trying to understand whether customers are churning at a higher or slower rate. It also points out the months when an online store experienced the highest customer engagement and how this reflected in sales.
Recency, Frequency, Monetary (RFM) Segmentation - Do you know your best customers aka your heroes? What about the ones who just flirt with your store? Or the ones who are about to dump you? By knowing these details, marketers can set-up targeted emailing campaigns and personalized web experiences to meet each segment’s needs. We provide the segments on the spot, no coding, no additional work needed. You can always change them as you see fit.
eCommerce Growth Trend - Gives clarity over whether you are experiencing a negative or positive growth YoY and MoM
Native integration with Omniconvert web personalization software for the RFM customer groups
Native integration with Magento customer groups for the RFM customer groups
As mentioned before, Growth Engine extension is integrated with Omniconvert web personalization platform. This means that, if a Magento owner has an Omniconvert account as well, the section in the extension called "Omniconvert activities" will be populated with data from the Omniconvert platform. As an Omniconvert user, Magento owners can we also easily set-up experiments in Omniconvert directly from Magento.
If a Magento owner does not have an Omniconvert account, the section called "Omniconvert activities" will not be populated with any data. Upon installing the extension we offer the Omniconvert platform for free for 3 months, for 50k visits per month.
There is no additional account required for this extension.
Let’s take the following example. Matt, an eCommerce manager at Matt’s Hats for Cats had a few major blind spots when trying to manage growth.
- First, he wasn’t sure how much to budget for new marketing campaigns; specifically, he wasn’t sure how much it cost to acquire a new customer.
- His second problem was understanding how successful his marketing campaigns have been and which brought long-lasting customers.
- Finally, he was struggling to understand how to differentiate his store from his competitors.
He turned to Omniconvert Growth Engine for help. After a simple installation process, he was able to get instant clarity on the questions he needed to know. After installation, Matt was able to instantly see his historical and present Customer Lifetime Value. With this information, he knew exactly how much he could spend on acquiring new customers and project which marketing campaigns would not have a positive ROI.
Looking a bit further down the extension dashboard Matt noticed the Growth Engine’s Cohort Analysis. There, he was able to see that his marketing campaign last March resulted in double the number of customers (and revenue) than in February or April. He was also able to see that customers acquired during the March campaign tended to return month after month, while other months churned.
Finally, Matt found the key to getting ahead of his competition, personalization based on buyer behavior. With the Growth Engine’s instant RFM Analysis, Matt’s past customers were instantly segmented based on their Recency, Frequency and Monetary value of their past purchases. With these unique Magento Customer Groups automatically created he could personalize their shopping experience through the native integration with Omniconvert’s platform or individualized email campaigns.
Release NotesBack to top
- Compatible with Open Source (CE) : 1.9 1.9.1 1.9.2 1.9.3
- Stability: Stable Build
- Initial data aggregation not to be run by default,
- Cohort Analysis bug fixed;
- Romanian translations updated for the Romanian customers.
- Compatible with Open Source (CE) : 1.9.1 1.9.2 1.9.3
- Stability: Stable Build
1. The extension has crons that aggregate data for reports. Magento cron jobs setup is required.
2. In order to aggregate the results before the cron runs, you can manually run the aggregation script (see README.md file included in the extension)