Every day customers miss products with the best price on the internet. Retailers have no way to promote such products to customers, can’t show what of their stock is cheapest on the internet. No matter how much you lower the price, it doesn’t increase sales. ALLO, one of the biggest Ukrainian omnichannel electronics retailers, is not an exception. It has dozens of shops all over the country, together with an online store with millions of visitors and just tested the best price verified products on a small subset of their stock. ALLO, together with Softcube and Competera, conducted a full experiment which resulted in a solution for this problem.
All items look the same to the customer
Softcube analyzes customer and product data in order to recommend the most relevant products; and Competera warrants that the goods are sold at the most attractive price. So, we join our forces and present a new tool to increase sales, which works as follows:
To verify the efficiency of our solution, we measured changes at every step of the sales funnel. First, products with a “Check price” button get more impressions by 33%. This gives results immediately at the next step – increasing CTR by 346% compared to regular recommendations. Purchases after clicks on recommendations has increased by 4x compared to blocks without the “Check price” button.
4.9x more purchases per impression
And finally, the implementation of the new recommender algorithm has increased share of the best price products among purchases up to a significant 4.9 times compared to share by number of impressions.
Softcube, in partnership with Competera, opens up new horizons in the creation of a strong audience of loyal and satisfied customers. Come join us!