The low barrier to entry in eCommerce has helped connect many retailers and customers alike. On one hand, most retailers are selling to customers that would be impossible to reach without an internet connection.
On the other hand, customers have a plethora of options to choose from when it comes to making a purchase. This exchange between retailers and shoppers has provided retailers with tons of data.
Did you know that 90% of the world’s data has been created in the last two years? It’s time for retailers to use data to its full potential. You and your competitors are fighting for the same customers, why not have the data on your side to back up your decisions? Keep your customer data close and your competitor data closer to optimize the customer experience.
Offer a Personalized Experience
Wouldn’t it be awesome if every time you entered a store someone remembered your name and style? It’s nearly impossible for brick and mortar stores to do this, especially since the odds of running into the same salesperson every time you visit are slim.
One cool thing about online retail is that this personalization can be a reality. Use historical data to remember, even greet the shopper when they arrive to your online store to make them feel more welcomed. Approximately 48% of shoppers recognize they’ll purchase more from retailers that leverage shopping behavior to personalize the experience.
What is it about a website that makes it cater to a shopper’s needs? Well for one, if it’s a returning customer, you can use their purchase history to make recommendations based on their preferences. Roughly 53% of shoppers will spend more on a website with product recommendations, so go ahead and offer complementary products.
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Once a shopper has made a purchase (possibly based on one of your recommendations), use their email to send personalized offers and discounts. For example, let’s say a shopper purchased a bright-colored shirt just in time for spring. Shoot them an email with a pair of white jeans to prepare them for spring trends.
About 48% of shoppers spend more after receiving personalized emails, not to mention discounts are a great incentive to return to your store. You can build loyalty, and increase sales.
Competitor Data Keeps Shoppers From Leaving
Gathering and analyzing competitor data is like having the opposing team’s playbook in a game of football. It can help you plan your next moves to provide your customers with a better experience.
As we all know, price is a big deal in online retail. Knowing and understanding your competitors’ prices can help you offer the lowest price to your customer. Approximately 94% of shoppers invest time to find the best price online, so do your best to make sure your price is the most appropriate.
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Finding the best price is obviously important for shoppers. About 51% of shoppers will visit more than 4 sites before making a decision, which is quite a daunting task. If you have the ability to reprice your product below your competitor’s prices, then good for you.
If you can’t beat the competitors’ prices, then that’s ok. There are so many other ways retailers can compete online, namely their customer service.
It was long speculated that price was the most important factor in the shopper’s purchase decision. Don’t get me wrong, it’s definitely important, but there’s so much more than price. Research conducted by Granify shows that most customers view return policies as the most important factor in the purchase decision.
But the point of the matter is that it’s entirely subjective. Different shoppers value different things, but it’s best to be prepared. If you fall short in one area, make up for it in another.
You can use your customer and competitor data hand in hand to make the ultimate shopping experience. Remember how customers will search multiple websites to get the most bang for their buck? Well you can make it easier on them by using competitor data to advertise the fact that your price is the lowest for a certain product. It will add convenience, and you can add links to competitor sites as proof to subside any skepticism that may arise.
You can also use competitor data to learn more about your own product assortment. How else would you know that you’re the only seller of a certain product? If you know you’re the only seller, make sure the customer is aware of that to keep them from attempting to look at other prices. You can also use that information to increase the price of that product to get the most out of your supply.
Going back to competitor data, if you find your price to be below the competition’s, use a shopper’s email address to notify them. This will increase loyalty and reduce cart abandonment greatly. The customer will appreciate the notification, and you’ll reclaim an abandoned cart.
Take Data Seriously
Using your customer and competitor data together can help you get the most out of your website’s experience. Whether you’re looking to personalize your eCommerce store or build loyalty, customer and competitor data makes up an incredible goldmine of information you can use to boost your sales and develop a reputation as the most convenient store on the web.
How are you using data to optimize your store and create the perfect shopping experience? Let us know in the comments.