1) Reporting & Analytics:
The Reciproci Reporting feature employs data analytics and visualization techniques to derive business insights.
The dashboard covers broad areas like:
1.Transactional Level Data – Gives overall statistics about the business
2.AREM Strategy Data
- A – Acquisition : Incorporates profile of the customers that a business caters to.
- R – Retention : While acquisition guarantees the initial sale, retention brings in additional recurring revenue for an extended period of time. This dashboard gives count of new, returning and lost customers.
- E – Engagement : Gives the trends in use of loyalty points by the customers
- M – Monetization : Gives an overview of transactions as well revenue generated from loyalty vs. non-loyalty users.
3.Customer Segmentation Data – RFM (Recency, Frequency, Monetization)
RFM stands for recency, frequency, and monetary value. The idea is to segment customers based on when their last purchase was, how often they’ve purchased in the past, and how much they’ve spent overall. This helps in identifying their behaviour and creating customized campaigns for each segment.
Along with the above areas, reporting also allows customization for a particular business(FnB, Fashion Retail, Travel, and Hospitality, etc.) by including modules like:
- Menu analysis
- Inventory management
- Delivery data analysis
- Campaign/Coupon reports
- Ratings and Feedback module
Reciproci Reporting encourages smart decision making, increases efficiency & gives a real-time view of business insights through visualization. It is an important tool to help your business grow and make data-driven decisions.
2) Referral Program:
The Referral Program cuts the cost of acquiring new customers drastically, and in lieu companies do not mind extending certain benefits to the referrer and referee.
Evidently most of us are prone to easily believe in peer / community recommendations, a more sure shot mode vis à vis traditional advertising. Conversational, trust-based marketing has gained lime light, and continued adoption of Marketing Information Systems (MkIS) has further boosted the use of Referral Programs.
Companies have now understood that they can grow organically and economically by engaging, monetizing and leveraging their brand’s biggest assets: their customers. What was incepted for growing the business has now transformed into systems programs that amplify customer acquisition and growth, with the only prerequisite of a right Referral Program Software and Strategy!
The Reciproci Referral Program empowers businesses to configure the Referral Earn Rules from the Reciproci Admin panel to the effect that registered members can refer non-members and both the entities (referrer and referee) can earn points upon certain predefined activities using the Reciproci app.
2) Recommendation Engines:
Reciproci leverages the Voice of Customers to predict user sentiments through rating and review systems. And the data collected are used by the Recommendation Engine to orchestrate the want of customers through filters and focuses on customer-centricity, thus, playing on the basic concepts of Know Your Customer, Own Your Community, and Scale Your Commerce.
Behavioral traits of every customer are also measured by various techniques like market basket analysis, heat maps, etc in order to analyze the customers closely and provide the best possible recommendations.
- In the case of FnB Businesses, if a customer eats pastries with apple pies, then Reciproci recommends the customers to buy the apple pie as well whenever he orders a pastry.
- If a customer is a regular brown bread consumer, Reciproci gives recommendations on the type of brown bread that his look alike customers buys. The flavors can be curated based on the regular orders that each and every customer is making.
- In case of Fashion Retail, the brands of the perfumes can be curated and any new variations can be highlighted in the top recommendations. This will help the companies in cross-selling & upselling their new product line on the application. Any cosmetic that is used on a regular basis by the majority of the customers are also recommended by Reciproci.
- ·In case of Salon and spa, the services that are regularly availed by the customers will be targeted and focused upon. For instance, if a male or a female customer takes a regular haircut or gets any spa service, the recommendation engine will highlight all these services when the user comes on the application with all the special offers that are available on that service on a regular basis
As one of the key highlights of the Reciproci’s Recommendation Engine, it will not only maintain the freshness in the customer’s preference but will also cater to the profits of existing product lines present on the application. The Recommendation Engine will also showcase the variations in terms of sizes, quantities, add-ons and combos available. The perfume bottles can be of 30ml, 50ml or 100ml, but don’t worry! This will be taken care of by the Recommendation Engine by showcasing the right quantity to the right customer by the use of algorithms and logics developed by Reciproci.