Boost product intelligence with all new Push Notifications for Ecommerce
Is your ecommerce website conversion rate less? Are your marketing engagements suffering from low clickthrough rates(CTR) and low conversion rates(CVR)? Further, are your efforts towards improving the conversion rates not yielding the results you are looking for?
Do not worry! Data suggests that you are not alone. The global ecommerce conversion rate stands at 2.42% as of the third quarter 2018.
Therefore, we need to dive deeper to analyze the factors that influence conversion rates to improve them. Moreover, it is essential to acknowledge the need to focus on improving conversion rates by knowing its impact on business growth.
Also, considering the quantum of investment, even if we are able to make a marginal impact on the conversion rates, the returns in terms of revenue and ROI should be quite significant!
Factors Affecting Conversion Rate
In case of an e-commerce website, several factors can impact the conversion rate (Conversion/Unique Users). Some of the key reasons could be
– User is a window shopper and visits to browse products
– Product variety available on the website
– Lack of detailed product information
– Lack of trust on whether to purchase a specific product user is interested in
– Unable to decide among alternatives
– User is interested in new arrivals
– User is price conscious and would purchase when there is a price drop
These factors illustrate the complexity of making a purchase decisions by users. Further, they can range from various degrees of purchase intent, multiple variables in decision-making process, the factors and its impact could vary significantly.
In a utopian world, we can expect a user to visit an ecommerce website, with a strong purchase intent and makes the purchase decision once they locate the product. Unfortunately, human decision-making is complex.
Thus, it is imperative that we are aware and possess the right set of tools to influence these factors
Additionally, certain communication mediums like push notification for ecommerce can help in increasing the user engagements. We must understand the ways to simplify and reaffirm the users’ purchase decisions to shorten the purchase cycles.
The below graph is a brief insight on the nature of information and its influence on the purchase decision-making process of users.
Influencing User’s Decision-making process in push notification for ecommerce
From the above discussion it is conspicuous that a plethora of factors can impact purchase decisions.Thus, let’s simplify and broadly categorize the factors broadly into two categories :
i.) Product Information
- Price ( on sale, price drop)
ii.) Social Information
- Number of users who have bought the product
- Number of users interested in the product
The first category help users understand the product and make their decision faster. Suppose a user is interested in a product. Now, a price drop provides an urgency to complete the purchase, while recency can inform the user of the latest trends.
In addition, stocks can help in deciding whether to make a purchase now, and bestseller reassures the user of the product preference.
The second category is more psychological as it reassures the user of their choice and depends on other users purchase patterns. Additionally , it provides social proof and credibility to the products by showing the other users’ interest in the product.
Hence. the chance of making an error by choosing to purchase the product becomes lesser. It act as social conformation of the user’s choice of product.
Moreover, it can also provide insight on the product as the information is based on actual purchase and product usage.
Further, we might have observed similar information being associated with products across e-commerce websites.
Hence, these validate the usefulness of this information for users making a purchase decision.Below is a sample of such an information on an ecommerce website.
So, we gathered some insights of the factors influencing user’s purchase making decisions and the ways to accelerate the purchase cycles by helping users to simplify the decision-making.
Now let us understand how we can incorporate the same in our marketing programs.
Product Labels for Marketing - push notification for ecommerce
Generating and displaying a product label through push notification for ecommerce could be quite complex. Thus, to appreciate the intricacies of the task we are undertaking, let us walk through the steps required to successfully display a product label to users.
First, we need to determine the product to be shown to the user based on their interests and purchasing patterns.Subsequently we need to generate labels for the product and finally decide which label to displayed to user.
The above steps should be replicated across millions of users who are engaged to your marketing program. Further, the process should be able to update itself with the latest information available and generate labels based on the most recent information available.
vEngage - Product Labels on push notification for ecommerce
vEngage – Product labels helps you achieve all the above.Product Labels on push notification for ecommerce is a first of its kind feature in marketing platforms across the globe. Additionally, it lets you overcome all the challenges and helps you include this vital piece of information in your marketing programs
Our proprietary algorithm (Intellirec) helps us to understand user interests and purchase patterns. Further, it identifies the relevant products for each user to maximize engagement and conversion rates.
Thereafter, it generates product labels to be displayed to each user and product. Further, as new information on the labels are generated in real time, the information displayed to the user incorporates the most recent information available on the platform.
Below are some key labels which you can get started right away and evaluate the results!
This label provides intelligence on the product and recent performance of the product against other products.
Price of a product could be a key factor in making purchase decisions. We have witnessed products which are on sale almost always primarily to influence this factor and fasten the purchase. Thus, a notification or email which highlights price drop on a product could be very essential in improving the conversion rate of the campaign.
This label provides social validation of a product, User is interested in. Top carted label helps you to inform a User about the interests of other Users on a specific product.
Some Users could be interested in the latest products. You can use this label to introduce new product to your users, who were interested in similar products. This could help in increasing the conversion rate of the new product as other information might not be available.
As you can see, Products labels through push notifications for ecommerce work as an intelligent and micro piece of information that could help users in multiple ways right from providing product information to reassuring Users on making purchase decisions. Hence, if Product labels are incorporated well it could help us provide the final nudge or deliver a crucial piece of information to our Users.
Let us know if the information in this blog helps you create the perfect Product Labels for your push notification campaigns. Feel free to get in touch with us if you need more information or help on incorporating Product labels in your marketing programs at email@example.com