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return false;"> <svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 512 512"><path d="M389.2 48h70.6L305.6 224.2 487 464H345L233.7 318.6 106.5 464H35.8L200.7 275.5 26.8 48H172.4L272.9 180.9 389.2 48zM364.4 421.8h39.1L151.1 88h-42L364.4 421.8z"/></svg> </a></li></ul><div class="topnav-buttons"> <a href="#" data-toggle="modal" data-target="#lc-subscription" class="btn-desktop-only pulse-button v5 topnav-btn"> <span class="button-inner"> XP² Newsletter </span> </a> <a href="/newsletter/" class="pulse-button v5 topnav-btn btn-mobile-only"> <span class="button-inner"> XP² Newsletter </span> </a></div></div></div><div class="lc-progress-wrap"><div class="lc-scroll-progress"></div></div></header><article id="post-126002" class="et_pb_post post-126002 lesson type-lesson status-publish has-post-thumbnail hentry article-category-recommendations article-industry-ecommerce article-tags-marketing-strategies article-tags-product-recommendations article-function-conversion-optimization article-function-merchandising-ecommerce article-function-leadership article-function-marketing article-type-thought-leadership course-product-recommendations"><div class="lesson-content-sidebar"><div class="lesson-content-sidebar-inner" style="background-color: #f08b86"><div class="lesson-content-sidebar-header"><h4>Product Recommendations Course</h4></div><style>@media only screen and (max-width: 1199px) {
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}</style><div class="lesson-content-sidebar-list"><ol><li class=""> <a href="https://www.dynamicyield.com/lesson/introduction-to-product-recommender-systems/">An introduction to product recommender systems</a> <span class="mark-as-read" data-id="118631"></span> <span class="article-read-mark">Already read</span></li><li class=""> <a href="https://www.dynamicyield.com/lesson/merchandising-rules/">Applying merchandising rules to product recommendations</a> <span class="mark-as-read" data-id="121426"></span> <span class="article-read-mark">Already read</span></li><li class=""> <a href="https://www.dynamicyield.com/lesson/product-recommendation-strategies/">The essentials for choosing the right product recommendation strategy</a> <span class="mark-as-read" data-id="118684"></span> <span class="article-read-mark">Already read</span></li><li class=""> <a href="https://www.dynamicyield.com/lesson/affinity-based-recommendations/">An Introduction to Affinity-Based Recommendations</a> <span class="mark-as-read" data-id="10075"></span> <span class="article-read-mark">Already read</span></li><li class=""> <a href="https://www.dynamicyield.com/lesson/deep-learning-recommendations/">The rise of deep learning-based recommendations</a> <span class="mark-as-read" data-id="130571"></span> <span class="article-read-mark">Already read</span></li><li class=""> <a href="https://www.dynamicyield.com/lesson/product-recommendations-guide/">Impactful techniques to help you ace your product recommendations</a> <span class="mark-as-read" data-id="16834"></span> <span class="article-read-mark">Already read</span></li><li class="current"> <a href="https://www.dynamicyield.com/lesson/apmex/">The gold standard for recommendations: An APMEX case study</a> <span class="mark-as-read" data-id="126002"></span> <span class="article-read-mark">Already read</span></li></ol><div class="view-all-courses-wrap"> <a href="https://www.dynamicyield.com/learning-paths/" class="view-all-courses">Discover more courses<svg xmlns="http://www.w3.org/2000/svg" width="10.928" height="9.501" viewBox="0 0 10.928 9.501" style=" "><path d="M10.929,4.753a.859.859,0,0,0-.19-.491L6.938.224A.835.835,0,0,0,5.892.16.736.736,0,0,0,5.9,1.2L8.577,4.041H.746a.733.733,0,0,0-.734.586.711.711,0,0,0,.7.84H8.577L5.9,8.3a.784.784,0,0,0-.008,1.038.8.8,0,0,0,1.037-.063l3.8-4.039a.652.652,0,0,0,.2-.483Z" transform="translate(-0.001 -0.003)"/></svg></a></div></div></div></div><div class="article-content"><div class="lesson-content-inner"><div class="article-breadcrumbs"> <a href="https://www.dynamicyield.com/learning-paths/" title="Learning Paths">Learning Paths</a> <a href="https://www.dynamicyield.com/course/product-recommendations/">Product Recommendations</a></div><h1 class="article-title">The gold standard for recommendations: An APMEX case study</h1><h2 class="article-excerpt">We caught up with Andy Mueller, Director of Digital Analytics at APMEX, about why breaking down silos between data is essential to connecting with consumers on a one-on-one basis and how recommendations can surface relevant products for every type of buyer persona.</h2><div class="article-authors lc-flex"><div class="article-author-box lc-col lc-flex"><div class="article-author-image lc-col"><div class="entry_author_image"><img src="https://www.dynamicyield.com/wp-content/authors/shana-126.jpg" alt="Shana Pilewski" width="76" height="76" /></div></div><div class="article-author-title lc-col"><div class="article-author-name"> <a href="https://www.dynamicyield.com/blog/author/shana/" title="Posts by Shana Pilewski" rel="author">Shana Pilewski</a></div><div class="article-author-title-text"> Senior Director of Marketing, Dynamic Yield</div></div></div></div><div class="entry-content article-entry-content"><p></p><div id="WYNTK-Sec" class="what-you-need-to-know-sec"><p><img decoding="async" src="/wp-content/uploads/2020/09/star-icon.svg" style="width: 20px; margin-right: 5px; vertical-align: -2px;"><strong class="first">Summarize this article</strong><strong class="hidden">Here’s what you need to know:</strong></p><ul style="margin-left: 4px; font-size: 16px;"><li style="margin: 10px 0;">Precious metals company, APMEX, uses product recommendations to personalize the shopping experience and drive sales, with strategies like “Best Buys” and “Top Picks” increasing revenue.</li><li style="margin: 10px 0;">APMEX segments its customers based on various data sources to target them with relevant product recommendations, ensuring they find what they’re looking for.</li><li style="margin: 10px 0;">The company continuously experiments with different recommendation strategies through A/B testing to find the most effective ones for driving sales and engagement.</li><li style="margin: 10px 0;">APMEX has a vast inventory of precious metals, and product recommendations help customers navigate this variety and discover relevant products.</li><li style="margin: 10px 0;">By understanding customer behavior and preferences through data, APMEX tailors product recommendations to individual needs, improving the overall shopping experience.</li></ul></div><p></p><p>Since 1999, <a href="https://www.apmex.com/" target="_blank" rel="noopener noreferrer">Oklahoma-based APMEX</a> has sold over 130 million ounces of gold and silver in 60+ countries across the globe. And with more than 10,000 precious metals in stock, the company boasts $14 billion in transactions, earning the #1 spot for specialty retailers in Internet Retailer Magazine.</p><p>While operating in a niche market, fusing both retail and finance, APMEX wanted to be seen as best in class when it came to the traditional eCommerce experience. To deliver, the team knew it needed to discover the real motivations of its shoppers.</p><p>We caught up with Andy Mueller, Director of Digital Analytics at APMEX, who discussed why <a href="https://www.dynamicyield.com/blog/personas-into-data-driven-profiles/">understanding customer personas</a> is essential to the company’s digital efforts and how <a href="https://www.dynamicyield.com/lesson/product-recommendations-guide/">product recommendations</a> have helped the brand better connect with their customers.</p><h2>Crafting best in class digital experiences</h2><p>To gain a deeper level of understanding of its visitors, APMEX set out to:</p><ol><li>Fully integrate their technology stack, especially its CRM</li><li>Analyze and identify <a href="https://www.dynamicyield.com/blog/targeting-high-value-customers/">high-value segments</a> in real-time</li><li>Optimize product discovery for a vast assortment of SKUs</li></ol><p>As Andy explains, “We needed a really sophisticated understanding of our segments, personalization techniques, and targeting. When I came into the company a couple of years ago, that really was the core focus of what we were trying to do from a data perspective.”</p><h2>Connecting and consolidating data from multiple sources for enhanced segmentation</h2><p>Given APMEX’s extremely diverse customer base, data integrity and customer segmentation were paramount. In order to gain a 360-degree view of its customers for real-time activation, the company made sure to connect and consolidate all of the available data from across its marketing stack.</p><p>The team integrated various first- and third-party solutions including its CMS, email service provider, tag management platform, ad serving platform, web analytics solution, and more.</p><p><img fetchpriority="high" decoding="async" class="size-large wp-image-126016 aligncenter" src="https://www.dynamicyield.com/wp-content/uploads/2020/06/apmex-inline-1-1024x751.png" alt="data consolidation at apmex" width="1024" height="751" /></p><p>Next, the team pushed all of the incredibly valuable customer scoring, persona, product classification, and purchase prediction models its data science and analytics teams had built into the same, unified ecosystem. Then, it used those sophisticated models to segment and assign a score to each user based on their financial value and engagement.</p><p><img decoding="async" class="size-large wp-image-126022 aligncenter" src="https://www.dynamicyield.com/wp-content/uploads/2020/06/apmex-inline-2-1024x520.png" alt="apmex algorithm" width="1024" height="520" /></p><p>Andy explains, “It’s not like, say, sportsgear.com, where, maybe you’re into kayaking or mountain climbing and I can deliver experiences catered to that, right? We’ve gotta get to the motivation and the means really quickly. Do you have the money to spend? Are you interested in investing? Are you a collector?”</p><p>So, with its data unified and robust segmentation logic applied, APMEX was ready to not only personalize at scale but also increase the impact of one of its most valuable tools for product discovery, its recommendations.</p><h2>Targeting each visitor with relevant product recommendations</h2><p>Given the time-sensitive market and number of unique buyer personas, matching users with relevant products from a massive inventory requires APMEX to identify, understand, and act on important behavioral and contextual signals, oftentimes, on the fly.</p><p>For example, users who arrive on the site and immediately begin looking at extremely rare pieces and collectibles are seen as displaying VIP and elite user behavior. Representing an extremely small percentage of APMEX’s customers (less than 0.25% of shoppers), Andy explains, “These customers are looking at very niche, high-margin items. We’re able to recommend coins worth hundreds of thousands of dollars that typically, the average person would just never look at or never care to see.”</p><p>In another case, APMEX targets those who have shown an affinity to gold versus silver the appropriate collectibles immediately upon returning to the site, mixing in other related and popular items of varying price ranges to tease out additional interests and preferences. The engagement data is then used to continuously optimize the recommendation experience.</p><p style="text-align: center;"><img decoding="async" class="size-large wp-image-126028 aligncenter" src="https://www.dynamicyield.com/wp-content/uploads/2020/06/apmex-inline-3-1024x416.png" alt="" width="1024" height="416" /><em>Left: recommendation widget for Gold buyers; Right: recommendations for Silver buyers</em></p><p>Over time, his team has implemented a variety of recommendation widgets to ensure the right products are targeted to the right audience.</p><h2>Experimenting with recommendation strategies across the funnel</h2><p>From global and <a href="https://www.dynamicyield.com/blog/affinity-based-recommendations/">affinity-based product recommendation</a> strategies to <a href="https://www.dynamicyield.com/blog/collaborative-filtering/">collaborative filtering</a>-based suggestions – Andy knew how important <a href="https://www.dynamicyield.com/lesson/introduction-to-ab-testing/">A/B testing</a> the various algorithms and widget placements would be to the team’s ability to generate long-term revenue uplifts.</p><h3><strong>Homepage recommendations</strong></h3><p>The homepage facilitates product discovery, and on both mobile and desktop devices, APMEX needed an effective way to showcase best-selling products to both new and returning visitors. Because the price of precious metals can fluctuate, the team used this unique element of their business as an opportunity to recommend “Best Buys,” or items considered to be ‘value buys’ based on the most up-to-date data.</p><p>Doing so allowed them to go a step further beyond the “Most Popular” <a href="https://www.dynamicyield.com/blog/product-recommendation-strategies/">product recommendation strategy</a> – often deployed on the traditional eCommerce homepage – and recommend the best deals and savings possible to each site visitor.</p><p style="text-align: center;"><img loading="lazy" decoding="async" class="size-large wp-image-126034 aligncenter" src="https://www.dynamicyield.com/wp-content/uploads/2020/06/apmex-inline-4-1024x663.png" alt="best buys apmex" width="1024" height="663" /><em>Best Buys homepage recommendation widget</em></p><p>In addition to “Best Buys,” APMEX recommended “Top Picks” on the homepage, displaying five specific items above-the-fold. Looking to nudge users closer to checkout, they used badges to denote which items were top picks or on sale. The team surfaced products across categories in this widget, increasing the likelihood of displaying products that would resonate with every type of shopper.</p><p style="text-align: center;"><img loading="lazy" decoding="async" class="size-large wp-image-126040 aligncenter" src="https://www.dynamicyield.com/wp-content/uploads/2020/06/apmex-inline-5-1024x721.png" alt="top picks apmex" width="1024" height="721" /><em>Top Picks homepage recommendation widget</em></p><h3><strong>Product detail page recommendations</strong></h3><p>With thousands of unique precious metals in the store’s inventory, the team at APMEX knows users can get lost while searching for the perfect product as they browse through page after page. To ease the discovery process, the team tapped a number of different recommendation strategies on <a href="https://www.dynamicyield.com/glossary/product-detail-page/">product detail pages (PDPs)</a> for users browsing a particular category.</p><p>An especially popular recommendation strategy they deployed on PDPs was the <a href="https://www.dynamicyield.com/glossary/bought-together-recommendation-strategy/">“Bought Together” strategy</a>, which surfaced products related to the current item in view. This strategy enabled them to surface suitable products for every customer and presented an upsell opportunity for those with items already in their carts.</p><p style="text-align: center;"><img loading="lazy" decoding="async" class="size-large wp-image-126046 aligncenter" src="https://www.dynamicyield.com/wp-content/uploads/2020/06/apmex-inline-6-1024x474.png" alt="related products apmex" width="1024" height="474" /><em>Related products PDP recommendation widget</em></p><h3><strong>Recommendations on the APMEX Education Center</strong></h3><p>Many turn to APMEX in search of educational content to understand the differences between precious metals. While some users arrive organically via search traffic, others arrive at APMEX’s Education Center after browsing through different PDPs to find answers to questions they have about a specific type of metal or coin. Knowing this, the team stretched the value of this resource by marketing specific product categories related to the article a user was reading.</p><p style="text-align: center;"><img loading="lazy" decoding="async" class="size-large wp-image-126052 aligncenter" src="https://www.dynamicyield.com/wp-content/uploads/2020/06/apmex-inline-7-1024x845.png" alt="education center apmex" width="1024" height="845" /><em>Related products recommendation widget in APMEX’s Education Center</em></p><h2>The key takeaway</h2><p>Recommendations, while just one element of personalization, are an extremely useful tool for creating tailored, on-site experiences. By unifying its data sources, APMEX has been able to better understand who its customers are, where they are coming from, and where their interests and affinities lie, helping them surface the most relevant products for each customer, drive revenue, and build a best-in-class digital experience.</p><div class="article-separator"><svg width="54" height="26" viewBox="0 0 54 26" fill="none" xmlns="http://www.w3.org/2000/svg"> <path d="M53.0088 25.6367C52.7884 21.9564 51.8025 18.3625 50.1141 15.0849C48.4256 11.8073 46.0718 8.9181 43.2031 6.60203L43.2031 25.6367L53.0088 25.6367Z" fill="black"/> <path d="M14.4395 3.59038C10.3237 5.69174 6.82743 8.83082 4.29638 12.6973C1.76533 16.5638 0.28711 21.0239 0.0078125 25.6367L14.4395 25.6367L14.4395 3.59038Z" fill="black"/> <path d="M17.6563 2.20809L17.6562 25.6367L39.9829 25.6367L39.9829 4.36701C39.9829 4.36701 30.7303 -2.31342 17.6563 2.20809Z" fill="black"/> </svg></div><div class="article-tags-block"> <strong>Categories:</strong> <a href="https://www.dynamicyield.com/course/product-recommendations/">Product Recommendations</a></div><div class="article-tags-block"> <strong>Tags:</strong> <a href="https://www.dynamicyield.com/tags/marketing-strategies/">Marketing Strategies</a><a href="https://www.dynamicyield.com/tags/product-recommendations/">Product Recommendations</a></div><div class="article-pagination"><h5>Continue reading</h5><div class="article-pagination-row lc-flex"> <a rel="next" style="background-color: #d3eef5" class="article-next-link pagination-link" href="https://www.dynamicyield.com/lesson/cro-plan/">Developing a conversion rate optimization strategy</a><a rel="prev" style="background-color: #f08b86" class="article-previous-link pagination-link" href="https://www.dynamicyield.com/lesson/product-recommendations-guide/" title="Impactful techniques to help you ace your product recommendations">Impactful techniques to help you ace your product recommendations</a></div></div></div></div></div></article></div><section class="lc-subscription-section"><div class="lc-subscription-form-block lc-subscription-inner"><h4 class="lc-subscription-title">Sign up for the XP² newsletter</h4><div class="lc-subscription-text">Join thousands of readers from Target, Citi, Spotify, Hulu, Google, Sephora, and other innovative brands who read our bi-weekly XP² newsletter, delivering educational content, research, and insights straight to your inbox</div><form class="mktoForm" data-formId="3876" data-formInstance="sub-inline"></form><div class="lc-privacy-wrapper"><div class="lc-privacy"> You may unsubscribe at any time. 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}
});
});
});
// GA ID and Referrer
var dy_utms_cookie = {};
document.cookie.split(';').forEach(function(el) {
var splitCookie = el.split('=');
var key = splitCookie[0].trim();
var value = splitCookie[1];
dy_utms_cookie[key] = value;
});
if(dy_utms_cookie["_ga"]) {
form[0].querySelector('input[type="hidden"][name="Visitor_ID__c"]').value = dy_utms_cookie["_ga"].substring(6);
}
if(dy_utms_cookie["personalize_referrer_string"]) {
form[0].querySelector('input[type="hidden"][name="Referral__c"]').value = dy_utms_cookie["personalize_referrer_string"].substring(6);
}
// ZoomInfo
if(localStorage.getItem('ZoomInfoData')) {
var zoominfo_data = JSON.parse(localStorage.getItem('ZoomInfoData'));
if(zoominfo_data) {
form[0].querySelector('input[type="hidden"][name="Alexa_Rank__c"]').value = zoominfo_data.alexaglobalrank;
form[0].querySelector('input[type="hidden"][name="Employees__c"]').value = zoominfo_data.employeesrange;
form[0].querySelector('input[type="hidden"][name="Company_Revenue_Range__c"]').value = zoominfo_data.estimatedannualrevenue;
}
}
// Also, dispatch a dataLayer event on success
_form.onSuccess(function(values, follow_up_url) {
window.dataLayer = window.dataLayer || [];
if([3739, 4802, 5094, 5110, 4946, 5076, 5116, 5171, 5172, 5173].includes(_form.getId())) {
window.dataLayer.push({
'event': 'demo_request_complete',
'eventCallback': function() {
if(follow_up_url) {
window.location.href = follow_up_url;
}
}
});
return false;
} else if([3876].includes(_form.getId())) {
window.dataLayer.push({
'event': 'newsletter_signup_complete',
'eventCallback': function() {
if(follow_up_url) {
window.location.href = follow_up_url;
}
}
});
return false;
}
});
});
}</script> <script>if(typeof(jQuery) !== 'undefined') {
$ = jQuery.noConflict();
}
function getUrlParameter(sParam) {
var sPageURL = decodeURIComponent(window.location.search.substring(1)),
sURLVariables = sPageURL.split('&'),
sParameterName,
i;
for (i = 0; i < sURLVariables.length; i++) {
sParameterName = sURLVariables[i].split('=');
if (sParameterName[0] === sParam) {
return sParameterName[1] === undefined ? true : sParameterName[1];
}
}
}
$(window).load(function(){
var videoID = getUrlParameter('video');
if(videoID !== undefined){
if($('#wistia-' + videoID + '-1').length){
var videoName = $('#wistia-' + videoID + '-1').parents('.tab-pane');
videoName = videoName[0].id
}
if($('a[href="#' + videoName +'"]').length){
$('a[href="#' + videoName +'"]').each(function(){
$(this).click();
});
}
addScript('https://fast.wistia.com/embed/medias/'+ videoID +'.jsonp');
addScript('https://fast.wistia.com/assets/external/E-v1.js');
$('body').append('<span class="wistia_embed wistia_async_'+videoID+' popover=true popoverContent=link dy-wistia-popup" style="display:inline"></span>');
window._wq = window._wq || [];
_wq.push({ id: videoID, onReady: function(video) {
var video = Wistia.api(videoID);
video.popover.show(); // open the popover
video.play(); // play the video
setTimeout(function(){video.unmute();}, 500);
}});
}
});</script> <style>#adBanner {
background-color: transparent;
height: 0;
width: 1px;
}</style><div id="wrapfabtest"><div id="adBanner"></div></div></body></html>
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