The event was great, and there were a ton of cool technologies on display this year. Here are two main takeaways that stood out to us this year:
The Launch of Exit Offers:
In our last blog post, we highlighted a new technology recently launched in our PriceWaiter Premium product: Exit Offers. At Shop.org, we fully debut’d the technology to reporters and retailers from around the world.
To say the interest was high is an understatement. Retailers are always looking for the newest and most effective way to convert comparison shoppers – a market segment that is simultaneously one of the most lucrative but difficult to convert. A few numbers on just how savvy web shoppers are becoming:
- 36% of consumers spend 30+ minutes comparison shopping before making a decision on purchasing a commodity product.
- 65% of shoppers spend 16+ minutes surfing different sites before making a purchase.
- Just under half of all online shoppers read reviews and blogs before making a purchase.
- Even after spending 30+ minutes reading reviews and finding the best price, and finally adding a product to the shopping cart, the purchase is abandoned 88% of the time
Exit Offers technology is an innovative answer to the challenge presented by an ever evolving web shopper. By targeting users just before they are about to bounce and providing them an opportunity to make an offer before they leave, retailers are able to establish a direct line of communication with the shopper and even collect their email address – turning an anonymous bounce into a conversion opportunity.
The International Community Loves Negotiation:
The notion of haggling/negotiating is much more prevalent in South American and Asian cultures than it is here in the USA. Thus far, there hasn’t been an efficient and effective way of adapting this cultural tendency for the e-commerce world.
That is why retailers from Brazil, Chilè, India, and Pakistan are quickly looking to PriceWaiter to fill the negotiation gap.
Bonus Takeaway: BACON
One more thing: who doesn’t love bacon?!