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Increase Conversion and Boost Revenues with Personalised Recommendations
The document discusses how personalized recommendations can increase online conversion rates and revenues for retailers. It provides statistics showing that personalized recommendations can reduce bounce rates by 213%, increase average order value by 24%, and boost conversion rates by 66%. The document also outlines typical online shopping journeys and how personalized recommendations at different points, like search pages, category pages, product pages, and cart pages, can positively impact key metrics like time on site, number of products viewed, and purchases. It advocates that personalized recommendations are a proven solution for addressing challenges in e-commerce like longer buying cycles and lower conversion rates.
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Increase Conversion and Boost Revenues with Personalised Recommendations
- 1. Increase Conversion andBoost Revenues with Personalized Recommendations Isaac Moshe, UK Managing Director ! Manchester Tuesday, 8th July
- 2. Nosto enables onlineretailers to deliver customers a personalized shopping experience… ! …increasing conversion, AOV and customer retention. About Us
- 3. +1.8 billion personalizedrecommendations generated AN INTERNATIONAL LEADER1200+ etailers in over 50 countries
- 4. Impact of PersonalizedRecommendations Objectives Nosto performance Reduce Bounce Rate +213% Customers who clicked Nosto recommendations spent 213% more time on the site Increase Average Order Value +24% Customers who clicked Nosto recommendations have 24% higher Average Order Value Boost Conversion Rate +66% Customers who clicked Nosto recommendations converted 66% better
- 5. Today’s Talk The Stateof E-commerce Right now A Proven Solution Typical E-commerce journey The Good, The Bad and The Ugly Q&A The State of E-commerce Right now : The Growing Problem of Conversion A Proven Solution : Personalized Recommendations The Good, The Bad and The Ugly : Examples of best practices Typical E-commerce User Journey : Which Recommendations work best at each stage in conversion funnel Q&A
- 7. Buyers Are ShoppingAround More
- 9. Buying Cycles AreGetting Longer
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- 12. 100% 60% 30% Total visitors Visiting ShoppingArea Place items in cart But… after all that hard work and money 1% On mobile Make a purchase2.8%
- 13. Over 75% ofAmazon’s Pages Contain Personalized Recommendations
- 14. Conversion rate 18% Over 75%of Amazon’s Pages Contain Personalized Recommendations
- 15. Personalizing the customerjourney Cart Page Home Page Category Page Product Page Search Page Pinky Board 404 Error Page E-mail Surfboards Cart Page Search Page
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- 17. YES? NO? 6 seconds Average timebefore an internet user decides if he stays or leaves a website
- 19. baby items soldon Bodie & Fou
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- 21. baby items, paintings,jewellery…
- 22. baby items, paintings,jewellery, wedding gifts
- 23. baby items, paintings,jewellery, wedding gifts
- 26. Time spent onthe site increased by 66% ! Number of products viewed increased by 126%
- 27. Buying cycles aregetting longer… research website awareness product search Pinky Board product awareness decision payment reception satisfaction extensive research price comparison browsing competition sharing for feedback
- 28. research website awareness product search product awareness decision paymentreception Pinky Board satisfaction are buying from the 1st contact <15% Buying cycles
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- 55. Search Page Search Page Customers whosearch are ! 3-4x! more likely to buy
- 56. Total items :1005 51 pages
- 67. Personalizing the customerjourney Pinky Board 404 Surfboards Cart Page Search Page Cart Page Home Page Category Page Product Page Search Page Error Page E-mail
- 68. Personalizing the customerjourney Pinky Board 404 Surfboards Cart Page Search Page Search and visited items ! Search and purchased items Recommend Hottest Items of the moment ! Personalize Content right down to individual recipient Top List within the category ! Pro Tip: Filter by brand, price point or other tags Top List: Most Popular Right Now Top List showcasing store offering ! Personalized Recommendations Cart Related items ! Personalized Recommendations Cross-selling Up-selling ! Pro Tip: Filter by relative price point to increase AOV Cart Page Home Page Category Page Product Page Search Page Error Page E-mail
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