How Candere increased e-commerce revenue by over 20%
Posted on October 16, 2017 by
How Candere increased their e-commerce revenue by 24% in 2 months
Candere.com is part of the USD 1.4B Kalyan Jewellers Group. Candere is an initiative to make fine jewellery more affordable and accessible to you than it ever was. Candere’s philosophy is to offer customers extraordinary value on the largest inventory of fine jewellery and certified diamonds with the comfort, convenience and security of online shopping. The Candere team has an extensive amount of expertise in selecting diamonds and guarantees their customers only genuine quality diamonds, gemstones, platinum and gold.
With rising competition from omni channel retailers and venture funded e-commerce companies, Candere’s customer acquisition costs (CAC) were rising. The company did not want to reduce marketing spend, but improve efficiency on marketing dollars spent and the conversion rate, thus attempting to reduce CAC.
The business was experiencing over 70% of traffic from a mobile device and since Jewelry is a high value, thought out purchase, the time to transact was over 2 weeks. Hence helping visitors instantly get back to their last shopping journey could significantly improve engagement and reduce time to transact.
Site Search: The original Site Search solution at Candere was good at showing relevant search results, but did not consider engagement analytics to determine to determine the product sorting for Search results. This led to a 70% bounce rate in the Search funnel and the average searches per visitor were less than 1.0.
You may also like recommendations: Candere originally used a visual recognition product that identified visual similarity to generate recommendations. The CTR from product page to a recommended impression was under 10% and conversion rate at less than 0.1%
Personalized Store Front: A visitor on average took more than 3 visits over X period to purchase a product. Most of this window shopping was on a mobile device, where space & time is limited. With over 6000 products in their catalog, we recognized that is was becoming increasingly difficult for a visitor to continue shopping from when they last stopped and with marketing campaigns, prospective customers were not seeing what “they” wanted, thus dropping off.
Marketing campaigns: Sales & Marketing teams took an average of 4 to 6 hours to create a campaign and the product sorting order was not data driven. Loss of time and lack of analytics, did not give the team the data required to make insightful decision, leading to high opportunity cost.
In this period no incremental marketing dollars were spent when compared to the previous period. Hence revenue generated was compared against the same marketing and operating costs.
Site Search: Conversion rate increased by 120% and search bounce reduced by 40%. Average searches per unique visitors reached a peak of 3.2, with almost 9.3% of unique visitors adding products to cart post searching.
You may also like recommendations: Conversion rate increased by 91%, with a CTR of 39% to product detail pages. The average add to cart per unique visitor increased to 4.9%
Personalized Store Front: This was a new product discovery channel with no historical data. What Candere loved about this product, was that over 25% of visitors who entered this funnel, added 1 or more products to cart and the resulting conversion rate was over 3X better that Search conversion, their best performing funnel.
Marketing campaigns: The team recognized productivity or time savings of over 800%. The inorganic conversion rate or conversion rate when product listing pages were used in marketing campaigns, increased by 30%, but organic conversion or conversion rate when visitors came in from SEO increased by over 165%.