Challenges Facing E-Commerce Companies
Despite the enormous investment e-commerce companies place on attracting and converting visitors, the average conversion rates range from 2% to 4%. What if you could identify the 70% to 90% of your online visitors who are fence sitters so you could take appropriate actions such as:
Remind customers of loyalty points that could be applied towards a purchase
Make an in-session offer such as a discount
Provide free shipping to those that have items in their cart but are hesitating
Provide social proof of items viewed by those that are browsing but not purchasing?
What if you could do this in real-time, while they are engaged with you?
The ZineOne Intelligent Customer Engagement (ICE) platform can help you identify “fence sitters” early in their online session with a high degree of accuracy (prediction accuracy is up to 90% by the 5th click), so you can engage them, while they are on your site before they bounce.
Actionable insights that lead to increased revenue
Using the example from the Purchase Propensity dashboard above, here is a calculation of the potential revenue lift from targeting the customers that are not likely to make a purchase.
x
57,000
Visitors Predicted Not to Purchase
x
20%
Avg. Expected Redemption
Average redemption rate based on 150,000 online stores according to Smile.io
=
$32.5
Avg. Expected Redemption
Average order value is $35 less offer of $2.5 = $32.5
$370,500
Avg. Expected Redemption
Take 57,000 visitors that are predicted to not purchase multiplied by an average redemption rate of 20% if an offer (coupon for $2.50) was presented in real-time.
Then, multiply the average order value with the offer of $32.50 to equal $370,500 in additional revenue that would otherwise not be realized for that day. If you were to apply the Purchase Propensity model over a month or a year, the increase in revenue will be much greater.
AI-driven, real-time personalization yields significant results
The ZineOne Customer DNA provides insights into site visitor activity, enabling you to segment customers by their characteristics and behavior, such as who will not buy over a 10-hour window on a major holiday weekend.
ICE Platform Trial
The 45-day, no obligation trial is a great way to realize the value of the ICE platform quickly. It provides access to the ICE platform to help you to understand visitor activity better and obtain insights into their intent so you can take relevant and timely action. Here is what’s included:
Actionable predictions to arm you with insights on how to best engage with your visitors.
ZineOne Customer DNA dashboard access, which shows the entire clickstream activity of each visitor, all in real time.
Purchase Propensity model will predict, in real-time, whether your online visitors will buy or not during the session.
Insights into what is trending with your visitors, in-the-moment for the channel selected for this trial.
Recommendations on a wide range of possible actions you can take are optionally available.