As for the past few weeks, today’s instalment of our step by step series taking a look at specific elements of Locayta Freestyle Merchandising® addresses cross-selling within the eCommerce arena. We’ll be considering the benefits, implications and practicality of employing certain technologies to enable up sells online.
Online Cross-selling: How does it work?
Do you want to increase the revenue from your online platform by a minimum of 15% and possibly more? Keep reading. Cross selling and up selling are key areas of opportunity to increase your return on investment, revenue and profits when it comes to your online platform.
Understanding the relationship between products and using the information about products themselves to recommend similar or related products to a customer base, Locayta have many working examples of this live in the market now. Locayta are able to provide retailers with personalised and highly relevant product recommendations, which are offered to their customers in real time.
Locayta Product Recommendations use behavioural algorithms based on the collective intelligence of your site as well as information on your users’ past and present behaviour. Locayta is able to track the individual user journey to adjust the suggested products according what has been searched for, added to basket and purchased by both the individual customer and all other previous users.
Using Locayta’s unique and innovative technology, Locayta Balance Factor®, cross-selling is taken to another level with Locayta Product Accessory Recommendations. This technology selects specific accessories to match the products your users are viewing.
As with all Locayta Product Recommendations, accessories can be weighted by any type of attribute, including size, price range, colour, new in and more. Both of the above technologies are subject to dynamic updates based on day to day selections and search behaviour within your site, which means the recommendations are consistently up to date the minute your users click.
The ecommerce benefits: What can you gain?
Locayta Product Recommendations and Locayta Product Accessory Recommendations result in immediate and dramatically improved conversion rates . 80% of online purchases are affected by product recommendations and implementing this technology increases both average order values and average revenue per visit. Product Recommendations can also be customised to match your objectives with your customers’ preferences, giving you increased business management control.
Locayta‘s technology is specifically designed to help you enhance your sales and conversion rates. As part of the full Locayta Freestyle Merchandising® package, Locayta Product Recommendations have increased sales across the web by up to 30% for clients, including Tesco, boohoo.com and Paperchase.
Leading by example: some client experiences
Adrian Spence, Head of Ecommerce at Paperchase, points out the benefits of using Locayta Product Recommendations, “Our products are all about driving newness and offering fresh collections,” he explains. “At Paperchase we’re now thinking more strategically about product recommendations in order to increase AOV“.
Mark Wakeley, Change Manager at Tesco, appreciates the potential of Locayta Product Recommendations. “Locayta’s product and accessory recommendations ensure that customers have quick access to the outfits they seek” he explains. “It’s about offering convenient service, helping customers to choose the ideal look for them, and ultimately increasing conversion rates and order values by pointing them towards extra products that will complement their main choices.”
The first steps: Where do you go from here?
Amongst the many services available from Locayta, Product Recommendations come fully integrated into the Locayta Freestyle Merchandising® platform. To see Locayta Product Recommendations in action and find out more on Locayta Freestyle Merchandising® services as a whole, visit www.locayta.com today.