Our digital lives revolve around secret codes and algorithms. How does Google really prioritise search? How does facebook know who your 6th grade english teacher is? How does Amazon recommend such relevant products to you?
Even the techiest of coders amongst us doesn’t know all of the answers, as companies keep the secrets to their success to themselves. (And let’s be honest, even if we did publish our complicated algorithms, it would bore 99% of you).
But we do have some secrets that we can share. Such as how one of our top clients made an extra £946,883 in revenue in one single month!
After developing over 600 eCommerce sites, we’re ready to share some insider tips and tricks on how to optimise your site for success.
As part of our new weekly blog series, we ‘spill the secrets’ to easily boosting your revenue and doubling engagement without any tech training or expensive developers.
In the first post, we deep dive into one of the online retailer’s trickiest challenges- product recommendations. All of our pieces are based on real statistics and insider tips from some of our top clients. Starting with:
Boost Revenue by £801,896 Per Month with Smart Product Recommendations
How many products do you have in your catalogue? 500? 1000? 10,000? And how often does your inventory change to reflect new seasons and lines?
With such huge catalogues, product recommendations is one of the trickiest challenges facing online retailers. How do you categorise it? By price? Product type? Designer or brand? And what happens when the recommended product goes out of stock?
To do this manually requires multiple full-time merchandisers at a considerable expense. This is the reason why we developed Recommend.
Amazon-style product recommendations can have a HUGE impact on your bottom line. And if you don’t have this, then you’re losing potential revenue with each and every visitor.
So what is our secret? And how do we help clients boost revenue so significantly and simply with product recommendations?
Putting Your Customers at the Heart of eCommerce
The answer is simple. Instead of focusing on products and setting up complicated rules to do with product type, price, style or colour, you need to focus on your shoppers.
Personalized shopping experiences = increased engagement and revenue.
We developed our algorithm to track your shoppers, not your products. We gather huge amounts of data on each and every action and click that your shoppers make, enabling us to provide smart, personalized insights.
There is a wealth of information in every click. You just need to watch closely. For example, if your customer is on the homepage, statistically 90% will then use the top navigation which lets us know the category they are interested in, for example sale or skirts or streetwear. If they then use any filter for price or size or price, this adds to that info.
We then map that onto the whole user journey, from how long they stay on each page, to which items they add to wish lists or bags, to which blog posts they read.
And the great thing is that this can successfully apply to any type of eCommerce store or products- from fashion to pharma to tractors.
So you can sit back and let your shoppers do the work for you.
That’s not to say that it was easy to develop. Our algorithm combines millions of complicated rules that we were only able to develop because of our extensive Magento experience. (We knew developing those 600 eCommerce sites would serve another purpose one day).
Amazon-Style Results with Boutique Budgets
But, like we said before, we don’t want to bore you with our algorithms. We’ve done all of the hard work so that you don’t have to.
With personalization platforms like Recommend, you can boost revenue and increase engagement without Amazon-style budgets or hiring huge teams of resources. You just plug in our platform and watch the revenue start rolling in for a minimal monthly cost.
But that isn’t the only secret that we want to share. Want to know how to tackle high abandoned cart rates? Tune in next week for our next blog post in our ‘Spilling the Secrets’ series:
How to Transform a 91% Basket Abandonment Rate into $305,156 Revenue Per Month
Want to start boosting your revenue and increasing engagement? Try Recommend for free today.