Maximize Your ROI, Predict What Your Customer Wants To Purchase Next
Posted: July 8, 2010 | John Fildes
Online sales are expected to reach 12 percent of the total retail market by 2012, up from 6 percent, or $211.7 billion, now, according to Forrester Research.
Not surprising and most know is just the beginning of the continued growth of online shopping.
So how can companies maximize return on investment of their own online storefronts?
By optimizing their cross-sell and up-sell opportunities – fine tuning them to increase spend per transaction.
But it requires more then just personalization and product recommendations. Companies need to be able to identify trends across customer’s previous purchase behaviour and customer segments and use predictive analytics to foresee what a customer will most likely next want to purchase.
And use the ability to control cross selling and up selling across digital marketing assets, to primarily invest in the campaigns that return the highest level of engagement and close the most selling opportunities following the customer’s visit of your online storefront.
As a result of anticipating a customer’s wants, customers perceive a brand to be the one that best understand them, a deeper more compelling connection, and superior customer loyalty.
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