In the last 8 months, PriceWaiter has been at the center of a new booming e-commerce trend: personalized pricing.
Never was this more apparent than at Internet Retailer Conference and Expo, this July in Chicago.
To say demand was high for the PriceWaiter team is an understatement. Andrew’s speech was absolutely packed, with so many questions and interview requests afterwards that there was hardly enough time to service them all! In addition, the PriceWaiter booth was visibly one of the busiest in the exhibit hall.
In case you missed it, here are 3 important takeaways from the session:
Make Your Customer Feel Special
Although e-commerce has, for the first 20 years, been a somewhat standardized experience, shoppers are now starting to demand the same sort of highly personalized and above-and-beyond experience that brick and mortar stores must provide. Here are 3 ways top furniture retailer SmartFurniture.com gives their customers a top tier experience:
- A personalized style profile, called a ‘SmartProfile’ – This functionality displays products based on styles that customers have previously expressed interest in. More relevant products = higher conversion rates.
- The PriceWaiter personalized pricing platform – Allowing comparison shoppers to make offers on products, instead of bouncing, not only increases conversion rates, but also gives SmartFurniture pricing intelligence and shopper sentiment that they previously were not collecting.
- The SmartSpace design tool – This tool allows shoppers to upload designs or images of spaces that they need to outfit, then drop SmartFurniture products into that digital space. Allowing customers to visualize the possibilities helps take the uncertainty out of shopping.
Learn From Your Customers
Many business are adept at collecting data at every juncture of the ecommerce transaction arc. The best businesses learn from that data – and most importantly, quickly act on it.
As mentioned above, some technologies allow you to kill two birds with one stone – providing your customers with a personalized shopping experience, but also collecting data to inform other elements of your business.
Pricing remains one of the best ways to accomplish this. By allowing comparison shoppers to make offers on products, you are learning. You now have data on what shoppers, organized by sex, geography, climate, etc, are expecting out of a transaction. This can be extrapolated to a number of different A/B tests, helping you make decisions on inventory, promotions, site layout/design, etc.
MAP Doesn’t Have To Own You
Because personalized pricing platforms such as PriceWaiter handle all transactions in a 100% private, discreet manner, a below-MAP price is never displayed publicly, and no one knows the details of individual transactions except for the retailer and customer.
While Add To Cart To See Price has been the primary mechanism to circumnavigate MAP for the last decade, tools like PriceWaiter can provide a much better user experience and accomplish the same goals.
We had an AWESOME time at IRCE 2014, and definitely look forward to being back in 2015. In the meantime, come visit us at Shop.org, September 29th – October 1st!