Understanding end-to-end eCommerce systems and their functionalities can be challenging if not explained properly. In this article, we aim to help you understand the ABCs of eCommerce systems and the role they play in a luxury brand’s growth.
Discover the top 7 product recommendation options ranked by their ability to generate revenue. Optimize your strategy for maximum profits.
As reported by Marketing Sherpa, the folks at Barilliance mined data from 1.5 billion shopping sessions over the first three months of 2015 to determine which product recommendation options generated the most revenue. On the sites studied, 11.5% of revenue was attributed to product recommendations.
Since not every recommendation tool was applied on all sites, we measured the “effectiveness rating” as a way of looking at revenue relative to usage. The higher the effectiveness rating, the better the performance.
"Visitors who viewed this product ultimately bought" recommendations generated 25% of all revenue even though it was used by only 7% of sites, so it received the highest effectiveness rating. If you offer visitors only one type of product recommendations this may be the way to go.
Selecting the right mix of recommendation options, displaying them in the right place and at the right time is key. It depends on the number of categories and the kinds of products and, most importantly the needs and desires of your customers.
The ultimate goal of adding personalized recommendations to your store is to enhance the customer experience. Measuring the actual performance on your site will reveal how well you’ve succeeded.
To transform your business into a market powerhouse, we can offer you several different services that will boost your business.