The price is right
You’ve got customers that visit your website, browse various products and the majority never return. What if they left because they weren’t happy with the price of your product? What if you could let them know about a better price to entice them back into the purchasing funnel?
According to MarketingSherpa, half of the conversion rates of eCommerce businesses vary from 2.5% to 20%. With the majority of them having 5% conversion rates.
Enter Price Drop Notifications
If you have the email address of a customer and you know which products they’ve viewed at a particular price, then you can send them alerts when the prices drop by a certain amount. For example, this could be a price that’s 10% lower or $10 less than the price they first viewed. By sending price alerts when a product price drops, you improve your chances of selling more products at prices that are more appealing to your customers.
Automotive marketplace cars.com achieved a 30% click-through-rate after implementing price drop notifications. They were sent to a small segment of website visitors if the car they saved in their favorites decreased in price.
A touchy subject
More notifications may mean more sales, but you don’t want to inundate your customer with too many touch points. Otherwise they may opt out of your communications all together and that’ll ultimately mean less sales. It goes without saying that you should have some predefined rules that specify how many messages you can send to your customers within a given period.
For instance, you might want to limit the number of communications you send each week to a maximum of three. Two of which are price drop notifications and the other being a weekly newsletter.
How Price Drop Notification emails work
A user’s details and product details (including the product price) are sent to the Notification System. A price drop notification is then initiated when the price drops below a preconfigured % or by a fixed amount.
The price drop notification is passed onto the messaging system which sends price drop notifications to users in accordance with their weekly and monthly touch preferences.
Price drop notifications help you recover more visitors
With up to 95% of eCommerce website visitors not converting, there’s a whole lot of space for improvement. If you’re selling products or services that are price sensitive, then you can employ price drop notifications for products that have been viewed by your customers and boost your sales.