Posted on February 26, 2018 by
Shopping cart abandonment is a recurring challenge at every online store. Data suggests this varies between 60% to 95%, depending on the country, device, category, and brand. The good thing about realizing this challenge in your business is that you are not alone, it happens at every retailer including the greats of Amazon. If you are not sure whether you face this challenge, look at the total number of unique products added to cart and the final number of products sold. If you have a delta, you are facing the same challenge as everyone else.
So why do visitors add products to their cart and not become customers? There are many reasons, such as
- Simply forgot
- Got busy
- Distracted by a mobile notification from another app
- Waiting for a discount
Statista has done surveys to break this down quantitatively to give you some more insights
So, we now know this is a worldwide, industry-wide phenomenon. What can you do to fix it? There are a couple of simple things you can do right away to reduce this by a few percentage points – install a notification service, that will send an “add to cart” reminder email or notification. These notification services will reduce the abandonment rates and companies offering these services will be the experts to tell you by how much.
The question to you as a retailer is
- Do you know what your overall shopping cart abandonment rate is?
- Which funnel contributes the most to shopping cart abandonment rate – Search, Browse, Product listing pages, Recommendations?
- Which source of traffic is the biggest influencer in shopping cart abandonment rate – Facebook, Organic, Google Adwords, email etc.,?
- Does device type (Mobile or desktop) influence shopping cart abandonment rate?
- Are there visitors from a specific location that influence shopping cart abandonment rate?
Finding answers to these questions can help tweak your marketing campaigns to continue improving who you target via marketing channels. While Tagalys can assist you to gather insights into these questions, we do not provide any email or notification service that can alleviate the cart abandonment rates. We do know a couple of really awesome products companies out there that do this for a living. We would be happy to recommend a few names if it can help you. Contact us (firstname.lastname@example.org) and we will make the connection based on your needs.
Posted in e-Commerce General, e-Commerce Product Listing pages, e-Commerce Product Recommendations, eCommerce Site Search
Posted on January 29, 2018 by
One of the most commonly executed tasks at any retail store (brick & mortar), is to merchandise the stock visible to consumers. The dictionary defines Merchandising as “the activity of promoting the sale of goods, especially by their presentation in retail outlets.” This is exactly why retailers do this religiously at their stores because the consumer psyche believes “what you see, is what you get”. The purpose of Merchandising is two fold
- For the window shoppers passing by the store often it creates a sign of freshness, helping them believe that there is more to see inside the store if they step in
- For retailers, this exercise also gives them a chance to promote items, collections, categories that they may want to drive sales or inventory turns, depending on their goals for the month
This task of Merchandising requires the store to understand data – what products are new, best selling, trending by category, collection etc., it is more significant than just picking pretty looking products; and involves knowing which of these products meet the data requirements for the merchandising activity in mind.
This exact same user experience is expected by visitors even in the online world, but why do most online retailers have the same homepage for weeks together? Our data suggest that most visitors who have an interest in your online store are likely to visit the store more than 3 times before they purchase. Your store is just a click away and that is exactly why everyone loves online shopping: It’s convenient! It’s another channel for your customers to reach out to your store and they expect the same experience from your online store. But, online shopping is a lot harder on retailers because walking out of your store is also a click away.
The need for the art of Merchandising is more important at your online store and should be executed with the same goals as your physical store. Keep it fresh and engaging, show something new every X days on your homepage. As a retailer, your core competency is to figure out the Merchanding plan for the week and leave it to tools like Tagalys or BlueFoot to execute this strategy in the easiest manner. You have to also understand that Merchandising tools like Tagalys and Bluefoot are geared to keeping the Merchandiser in mind. They are easy to use with visual & interactive tools that allow your online merchandising team to focus on Merchandising and the technical requirements also imposed by platforms like Magento, Shopify etc.,
At Tagalys, we help our customers with a suite of features that helps you merchandise your online storefront. Some of the most popular features used by our customers are homepage recommendations like – Personalized Recommendations, Bestsellers, New Arrivals & Trending that constantly change based on the data generated by your online store. The same strategy is used by leading online retailers like Amazon, Target, Walmart where they continuously change their home page, as first impressions are the best impressions. Our customers also use the Merchandising feature from Tagalys, to create product listing pages in less than 60 seconds, that is anchored to the home page. And with all these features, we also provide real-time analytics, so as a Merchandiser you can evaluate if the strategy is actually working.
Interested, then check out our 28 day free trial. Sign up now.
Posted in e-Commerce General, e-Commerce Product Listing pages, e-Commerce Product Recommendations
Tagged in Popular searches, product recommendations, Recommendations
Posted on January 29, 2018 by
The first step to trying to improve your e-commerce conversion rate is to get your visitor to the product page. A lot of retailers, have a lot of jazz on their home page, forgetting that this is the online world. If there is anything different about it, its the ease of walking out of your store. Retailers have to get the attention of their visitors ASAP and that is by making sure they land on a product page (that meets that interest of course).
Once a visitor lands on the product page, chances are that they will not get satisfied with the first product they view. Most verticals call for what is called subjective buying, where the decision to buy is based on an array of attributes that make the product and not the product itself. A few instances where the product itself is key to the purchase is called objective buying, where the consumer is interested in an iphone X. There is no other brand/attribute alternative, but maybe a choice of RAM, color etc.,
They want choices like they would in an offline store. Given most of your visitors are engaging with your store in a mobile interface, helping them know that they are more products to view is critical and also showing products that are in context with what they are currently viewing keeps them engaged. For example, viewing wedding bands priced at $500, means they are not interested in solitaire rings priced at $1000 or gemstone rings priced at $250. They are interested in the attributes that define the product, not the product itself.
At Tagalys, we study how visitors interact with products at your store to understand what attributes are important in the buying decision of the visitor, thus creating product personas to help us better define our recommendations. This can be static (defined by the retailer) or dynamic (changes with how visitors interact with your store.)
Once you get this right, it is key to show these choices to the visitor when they visit the product page. We have noticed many retailers pushing up product specifications above the similar product recommendations, thus giving the visitor minimal opportunity to engage with product recommendations. We have noticed this by observing the Click through rates (CTR) of the widgets we display and identified that low CTR of recommendation widgets, lead to lower conversion rate. Hence to increase CTR, your visitors need to see the recommendation widgets, (UI matters) and once they see it only then does the intelligence of knowing what to recommend comes to question.
Connect with us on Twitter or LinkedIn to evaluate your UI or start your 28 day free trial of Tagalys Product Recommendations.
Posted in e-Commerce General, e-Commerce Product Recommendations
Posted on January 29, 2018 by
We are seeing more traditional retailers also starting their digital stores to give their customers another channel to engage with their brand. A recent study by Price Water Coopers, also confirms the same strategy that omni-channel retailers will soon overtake pure-play online retailers. But let’s start by defining “Omni Channel”
- Hubspot says “You need to deliver a seamless experience across channels and factor in different devices in these channels to ensure interactions with your brand are consistent”
- Google from a marketing angle suggests your strategies should allow you to convert shoppers from any channel
- At Tagalys, we believe its the ability for retailers to provide the same shopping experience in a 2D or 3D environment, giving consumers to power to decide when & where they want to purchase
How are retailers today, leveraging their online & offline presence in unison? At Tagalys, most of our customers use Magento Commerce for their online platforms and have a strong retail presence across the country. They understand that competing on price is a poor strategy as retailers like Amazon have bargaining powers to lower price. Omnichannel retailers compete by giving their customers convenience and trust. The biggest advantage an omnichannel retailer has is the physical presence of stores. Physical stores invoke trust in consumers and hence conversion is easier at a physical location that the online world. But the online world is where you can instantly reach out to your customers, geo-target them using social media or search engine marketing and drive them to your online store to give them a flavor of what you carry in your physical store that is a drive away if they are interested.
We are seeing more of our clients using Intelligent Product Listing pages and adding store location via Google Maps, to help consumers easily walk into the store, if they need more convincing than what they see online.
How do they execute this activity?
- Create a product listing page using Tagalys (The data for what products to display can also be extracted from Tagalys reports)
- Using Magento attributes of “Store availability” and “Product Type”, they instantly create a page for e.g., “Diamond rings at our 5th Avenue Store”
- Using the HTML editor in the page variables, they hyperlink a Google Maps address of the store
- Determine the best time to start the marketing campaign during the day
- Use Digital Marketing to target an audience in and around 5th avenue
- Launch the campaign
- Start analyzing the LIVE engagement reports on Tagalys for the page performance.
- Hits or page views do not matter, but how many products did the audience engage/view, during this campaign
- This is the only metric that directly correlates to offline or online sales
- Unless you measure it, you will never improve
- Work with the physical store to also analyze the uptick in store walks after the campaign was launched
A key requirement for this strategy to work is to ensure the digital marketing budgets are not measured by only online sales. They key is to understand that online is a channel and omnichannel is the strategy, hence digital marketing is a part of the larger marketing budget that is used to drive total sales.
There is another buzzword for this activity – ROBO – Research Online Buy Offline
Have you tried any of these strategies? Connect with us on Twitter or LinkedIn and share your stories. If you want to try Tagalys for a 28-day free trial, you can signup here
Posted in e-Commerce General, e-Commerce Personalization, e-Commerce Product Listing pages, e-Commerce Product Recommendations, eCommerce Site Search
Posted on December 18, 2017 by
No matter how awesome your search engine is, there are going to be instances where you will show the visitor “No products were found for that query”, or the world knows it a “No results page”. Our data shows that typically less than 4% of all search queries show this message and this 4% can be further broken down by the type of query. For the sake of this post, let’s assume monthly search volume is 10000, hence 400 queries have no product results to show.
In these 400 search queries, 50 of them are tied to content related searches like “Order number”, “FAQ”, “Size graph” and the other 350 are tied to queries where Tagalys would have shown products if the retailer carried them. It is these 35 queries that we now tackle with product recommendations on the no results pages.
Why Product Recommendations
At Tagalys, we realize that almost 99% of the visitors who ended up seeing the “No results” page, were first-time visitors. These visitors either do not have a clear understanding what is being carried by the retailer or are just browsing. Hence the product recommendations, are a quick way to keep them engaged vs. showing a message, that gives them no opportunity to interact further.
Which Product Recommendations
At Tagalys, we started with showcasing Best Sellers, New Arrivals, Top Viewed & Trending. The strategy behind these recommendations was to quickly give the visitor a complete overview of what is being carried by the retailer. We did not choose the personalized recommendations, as it works best with data and with limited or no data, it might actually be a turn off than a source to continue engagement.
Now you can leave the “No results” page without any change and it will not negatively impact your conversion rate, but showing product recommendations can only potentially improve your conversion rate marginally. We say marginally cause it will only impact the 4% of visitors that are exposed to this page. With Tagalys, we leave no stone unturned to help you improve your conversion rate
You can also track the impact of the “No results pages” with our reports, to validate if they help increase visitor engagement & conversion. If interested, signup for an account at https://next.tagalys.com/signup
Posted in e-Commerce Product Recommendations, eCommerce Site Search
Posted on October 4, 2017 by
If you do not have billions of dollars to build your own personalized recommendation engine like Amazon, this post is for you. When you think of Personalization in e-commerce, you should think of Amazon. No online retailer has experimented across varies application of personalization with the goal to help visitors find a product of interest.
Personalization should not be measured by improvement in conversion rate, cause factors like marketing, promotions, product content, payment gateway failure rates, discounts influence the purchase decision of a visitor. What personalization should do instead, is to allow an online shopper discover as many products thus improving the unique product views per unique visitor metric, eventually improving the end conversion rate. Here are a few funnels where Amazon experiments with Personalization and Tagalys provides the same for online retailers
Personalized home page Product Recommendations
When you engage with products at Amazon, you start sending signals of intent helping them understand what you might be interested to buy. If you return to the home page, almost instantly you will discover many personalized product recommendations by category to ensure you do not get lost in the store and remain to engage with the products or categories of your interest.
Search is usually the best performing funnel at any online retailer. At one of our clients candere.com, personalized homepage recommendations led to 10x higher revenue per visitor vs. the search funnel, with a 4x higher conversion rate
Personalized Site Search
Once you have created a persona for each visitor, it is easy to curate the catalog based on their intent and show them exactly what they want. For example, if I am in the mood for running shoes, then when I ask/search for shoes, the retailer would show me running shoes first besides showing the generic product sorting that is defined sitewide.
Personalized Store or Product feed
Amazon has been experimenting with this feature with a small subset of products in what is called “my mix”. At Tagalys we call this feature my-store. Essentially, what this allows a retailer to do it dynamically prioritize categories and products for each visitor based on exactly what they want.
More on My Store from Tagalys in the next article. Interested, Sign-up for your free trial now.
Posted in e-Commerce Personalization, e-Commerce Product Recommendations
Tagged in e-commerce, magento, personalization, product recommendations