How Candere increased e-commerce revenue by over 24%
Posted on October 16, 2017 by
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 omnichannel 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 based on ‘relevance only’ and did not consider engagement analytics to determine the product sorting for Search results. This led to a very high bounce rate in the Search funnel and the average searches per visitor were less than 1.2.
You may also like recommendations: Candere originally used the Product Recommendations from Magento that was further customized for their business. The CTR to the product page from a recommended impression was under 10% and conversion rate at less than 0.1%
Personalized Store Front: A visitor on average took more than 4 visits over the 2 weeks 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. Prospective customers were not seeing what “they” wanted, thus dropping off, increasing CAC.
Product Listing Pages: Sales & Marketing teams took an average of 4 to 6 hours to create a campaign and the product sorting order was manual. Loss of time and lack of analytics did not give the team the data required to make an insightful decision, leading to low conversion.
Candere installed Site Search, “You may also like” recommendations, Intelligent Product Listing Pages, & Personalized Storefronts
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 55% 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 47%, with a CTR of 39% to product detail pages. The position of the recommendation widget was placed above the fold to influence CTR. 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 than Search conversion, their best-performing funnel.
Product Listing Pages: The team recognized productivity or time savings of over 220%. They were able to launch new campaigns in a few minutes and tweak them instantly to adjust to their business requirements. 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%. Add to cart ratio increased by over 30%.