Case Study

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

Sep 22, 2020

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.

Honey_Logo_Orange (3)

 

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 brands 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 the CJ Affiliate Data Science Solution Suite to solve for previously unanswerable needs related to their affiliate business.
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