CJ's Data Science Solution Suite Proves Honey's Ability to Drive Incremental Value

Honey, a subsidiary of PayPal, offers a popular consumer browser extension that automatically finds and applies coupon codes at checkout with a single click. Deals are also aggregated on their website and mobile app.

Background

As Honey continues to grow their reach, they wanted to address the incremental value that their suite of solutions creates for brands by using a data-driven approach. Honey leveraged CJ Affiliate’s Data Science Solution Suite to demonstrate how they drive incremental revenue for advertisers from high-value customers.

• CJ’s Affiliate Incrementality and Affiliate Customer Journey solutions were used to understand how Honey influences consumer purchase behavior.
• The CJ Data Science team, along with Honey’s Analytics team, reviewed shopping journeys from existing customers across several retailer verticals (office supplies, sporting goods, specialty retail, and luxury retail).
• CJ compared shopping behavior for 12 months before and after a consumer’s first interaction with Honey to understand the incremental effect Honey had on customer purchasing outcomes.

Results

• Honey drives higher conversion rates.
  • Shoppers using Honey were 166.6% more likely to make a purchase than shoppers who had visited the brand's website and did not use Honey.
• Honey makes already high-value customers even more valuable.
  • Existing customers who used Honey generated 16.3% more revenue per customer compared to non-honey customers.
  • 12 months after consumers interacted with Honey, the revenue per customer was 38.7% higher than non-Honey customers.
• Honey’s Reward program, Honey Gold, increases basket size.
  • Active Honey Gold customers, on average, have a 16% higher average order value and 108.6% higher gross merchandise value than non-Honey Gold consumers.

Learnings

• In the shopper journeys analyzed, consumer engagement with Honey has a positive, incremental effect on the value of a shopper.
• When assessing the value of the Honey relationship, all consumer interactions (not just commissionable actions) should be considered.
• Advertisers can coordinate directly with Honey to ensure strategies are optimized and they are providing the highest value to their consumers.
• Both advertisers and publishers can tap into the power of CJ's Data Science Solution Suite to solve previously unanswerable needs related to their affiliate business.