Electronic Consumer Relationship Management (eCRM)

What do eCRM and personalisation mean?

We are very excited in the Digital team to introduce eCRM and personalisation for the first time to Colart, live on the new Liquitex website. Let us explain what this means…

Consumers are no longer basing their purchase decision on price or product. Instead it’s based on the consumer experience they receive – whether in store or online. 86% of buyers are willing to pay more for a great consumer experience. This is where eCRM and personalisation comes in!

eCRM is a business strategy with the goal of acquiring, developing and maintaining long-lasting relationships with consumers in order to improve their experience and our profitability by adopting consumer-centric and automated processes.

How do we use these strategies at Colart?

For Colart – personalisation on our digital channels offers great opportunity as we can be much more relevant and give different audiences, such as students and professional artists, or first-time and repeat/loyal purchasers a different brand experiences serving them communications and product recommendations based on who they are, what they’re interested in and their lifecycle stage.

Also, as it is powered by an AI (Artificial Intelligence) engine it is scalable (vs today when it is done manually). Imagine a student is perhaps after Liquitex basics range vs a professional artist wants more information about our Professional ranges. Or for Winsor & Newton – creative professionals like architects and designers are more interested in markers and fineliners vs a hobby watercolourist. With the power of our new AI personalisation engine, called NOSTO, we will able to serve different audiences with different content based on their previous browsing behaviour or which part of an email they clicked on, or when and what they purchased.

What benefits does it bring to the business?

The really exciting bit is how much value and potential revenue it can drive for us, as we can now recommend related products or popular products automatically and encourage more sales. We’ve already found that the average visit value of a user who clicked on a product recommended by Nosto is 350% higher than that of a consumer who did not click on a Nosto recommendation.

The benefits of eCRM are indisputable:

• more satisfied consumers as they are getting served with content they want
• more insights and knowledge about our consumers so we can plan better marketing campaigns and drive more sales
• more sustainable as marketing costs go down and we become more efficient
• 65% of consumers say that personalization influences their brand loyalty
• 52% of consumers would switch away from brands who don’t personalize communications
• 80% of consumers like when brand’s emails contain recommended products based on previous purchases
• eCRM and personalisation offers us an opportunity to gain a competitive advantage over the competition and be the leader in our industry.

Where do we use eCRM?

It’s already live on Liquitex and will launch on the relaunched Snazaroo and Winsor & Newton websites coming soon.