Vizury

Smart e-commerce hacks : Price drop alerts

Even in this internet age where purchasing stuff just takes a click, compulsive shopping is a real thing and actual shopaholics aren’t just fictional movie characters. The digitally savvy among these tend to be extremely smart in their online shopping habits, and one of the most obvious things they always have an eye on is fluctuating prices on e-commerce websites.

Now the kind of person who only heads over to these websites once in a while might be forgiven for thinking prices pretty much remain constant, with a negligible rise and fall every now and then. But remember that there are actual websites dedicated solely to tracking these prices on other e-commerce sites, that’s how significant this is to regular shoppers who spend more time online trying to figure out what to buy than the actual buying.

When two rival websites, each with multiple resellers peddling the same product, are duking it out with each other, they each want to be seen offering the lower price. This may be dressed up as some sort of loyalty offer, a general discount or may even happen without reason or logic or any kind of intimation, often changing several times within the same day. These customized prices are also thought to depend to some extent on previous customer behavior, marked up or down accordingly. Shrewd shoppers are generally right on top of all this, but they make up just a small portion of the website’s consumer audience. How so these sites reach out to the others then?

Enter price drop alerts!

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Essentially triggers to keep your customers informed at all times about dynamic price fluctuations, push notifications about price drop alerts are crucial to get your haggling customer over the line, and timely updates are important to hasten the purchase.

The personalization element

Perhaps the best thing about these triggers is the level of personalization they afford you in order to facilitate better communication with the user and thereby a better conversion rate. The key thing to recognize, especially since we’re talking about user behavior being extremely varied, is that each consumer needs an offer tailored to their preferences in order to be persuaded. These alerts can be modified according to the percentage of price drop, as well as the number of days to wait before targeting the consumer, in order to give them a very individualized feel and stay relevant to the user you’re sending them to.

Who to target

The hesitant buyer – Simply anyone who has viewed, carted or generally shown some sort of interest in the product without actually buying it. Maybe the shopper figured out the price was beyond her budget at the last minute, in which case a notification about the prices dropping is all it takes to get this shopper back on the app and complete her purchase

The multitasker – How often does this happen? The shopper has multiple tabs open, and simply gets distracted before the transaction can be completed amd never comes back. These type of consumers just need a reminder trigger to get them to complete the purchase, so a price drop is a real bonus sweetener that is guaranteed to ensure a successful transaction.

The intelligent buyer – Remember those shrewd shoppers we talked about? Well they may have figured out how to reverse engineer price drops. However, these shoppers are unlikely to adopt this tactic for products they desperately need, so manufacturing a purchase here using price drop alerts is a win-win either way.

 

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Optimizing channels

So the main part of getting the maximum out of your notifications is to figure out the best channel specific to a particular user and then target her there, rather than send the same message across various channels and devices. When it comes to price drop alerts, here are three ways you can reach and interact with your user most effectively

Push – Arguably the most popular of the various marketing channels, push notifications that contain information about price drop alerts are more likely to be opened on user mobiles and result in upto three times the normal conversion rate if they are designed and timed well. The ones that are deep linked and take the user directly to cart will have a more obvious chance of closing the sale successfully.

Email – Email remains a great medium to inform customers about falling prices and encouraging them to make the purchase, especially for users that don’t have the app of the particular retailer installed and prefer shopping on their desktops. They also have the added advantage of affording more time to the user to make the decision, unlike the more fleeting push notification.

Browser push – Another option to target consumers who spend more time on their desktops rather than the mobile, this is even more relevant if the ones you’re targeting are in turn closely tracking website prices as well using sites like camelcamelcamel or pricezombie, comparing prices across retailer brands in order to spot the best deal.

So what do you think about these price drop triggers? Are they compelling enough to make you complete a purchase, or will it take more effective prompting to get you back shopping? Write back to us at marketing@vizury.com with your thoughts

About the author

A thousand years from how, all things I say and do will fade into obscurity and become irrelevant, just like this bio

naren.madan@vizury.com'

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