• by Ray Schultz , Columnist, August 12, 2024

Email is a dominant channel worldwide, especially in the subscription and fintech verticals. But it falls short in other areas, judging by Unraveling The Cross-Channel Marketing Strategy, a study by CleverTap. 

In the Fintech sector, email, push, in-app, and App Inbox contribute to 31% of conversions.

Email stands out due to the industry’s need for data security, and it pulls conversion rates reaching 26% because users see it as a secure channel for financial transactions and account management. 

Email is also the most effective channel for subscription services, driving 21.16% of first-month engagement. “The informative and personalized nature of emails likely contributes to this effectiveness,” the study says.

In the ecommerce area, email engagement contributes only 0.9% of conversions, versus an overall average of 6.32%.

However, email plays a crucial role in addressing cart abandonment, sending promotions, and communicating details about loyalty programs, product comparisons, and wish-listed items.

The study also notes that while email maintains its position with high open rates, it falls short in terms of CTRs.

The U.S. accounts for 9.7 billion daily emails. Germany and Ireland each contribute 8.5 billion, while the U.K., Belgium, the Netherlands, Japan, and India produce 8.3 billion daily emails apiece.

The study argues that “businesses should explore the advantage of emails in terms of their widespread presence across geography and industry. With their high open rates, emails serve as an excellent channel to initiate initial engagement, potentially leading to conversions through other channels."