Ebook
How to Maximize your Ecommerce Profitability
In a wildly unpredictable economy, margins are down one day and up the next. But if your online store isn’t designed to maximize profits flexibly, in response to changing consumer habits and economic trends, how can your business survive? In our free ebook “The Elephant in The Room,” you'll learn how to maximize your ecommerce profitability.
- Shoppers expect personalized experiences. According to a McKinsey study, 76% of customers will leave an ecommerce brand that doesn’t provide personalization — but the good news is that personalization can actually lower the cost of acquisition.
- Sorting products by popularity kills your ecommerce business. Our research shows only 16% of customers want “Popular Products,” while 84% of customers are more interested in products that are right for them — which means you need tech that can reach into the long-tail of your product catalog.
- With the right AI-driven technology, you can delight shoppers by offering them a personalized customer experience while maximizing the profitability of your ecommerce platform.
- Focus on profitability, not popularity. Find out the three significant problems created by showing the same popular products to everyone. Instead, prioritize products based on what’s right for each unique customer and what maximizes profits.
- Personalize the customer experience. Why does this matter? Because according to research, “71% of customers expect one-to-one personalization” McKinsey. But what about the large percentage of customers who don’t authenticate when making a purchase? The thing is, you already have what you need.
- Automate your ecommerce platform. With artificial intelligence you can free up merchandisers by reducing the number of merchandising rules by 90% while increasing the profit margin at the same time. This enables your merchandising team to make data-driven decisions — so they can focus on more strategic issues.
- Ask crucial questions to your ecommerce search and recommendations vendor so you can evaluate all of the options on the market and find the right choice for your business.
In the face of rising customer acquisition costs, increases in product returns, and rapid markdowns, the ability to pivot is paramount. This is why the right technology can be what breaks your store — or elevates it into an amazing digital experience that provides tailored options for customers on a one-to-one level. That also takes profitability into account.
Find all the details on how to unlock your ecommerce profitability!
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