How B2B eCommerce Gets Personalized and Profitable
Turn Browsers Into Buyers with Personalization
The modern-day B2B eCommerce industry is highly competitive, increasing the need for companies to adopt personalized customer experience solutions to drive conversions and increase average order value and market share. By understanding and giving customers a more personalized experience, B2B eCommerce companies can increase customer satisfaction, build stronger relationships, and increase customer retention and lifetime value. While personalization can be as simple as tailoring customer interactions, content, and product recommendations, it significantly impacts a company's profit margin.
According to Salesforce, Deloitte, and Statista data, personalization increases customer interactions, yields better conversion rates, and delivers other business outcomes; customers are open to personalized customer experience, even if it means sharing personal information.
While forward-thinking eCommerce companies implement and enjoy the benefits of personalized customer experience and marketing, others are yet to sit up and meet the personalization expectations of their customers. As a wake-up call to these companies missing out on the benefits, here is how personalizing customer interaction drives conversions and boosts revenue and some strategies to help eCommerce companies boost their sales.
Personalization Technologies Driving Conversions and AOV for eCommerce Companies and Retailers
Smart Search and How it Increases Conversion Rate
It can be challenging for customers to track down specific products on eCommerce websites with hundreds and thousands of products listed. This challenge on the customer's side can significantly increase shopping cart abandonment and high website bounce rate, affecting conversion rate and search engine performance. The more customers abandon the site because of the bad customer interaction experience, the more money the eCommerce company loses to competitors.
With a solution like Smart Search, companies can personalize their customers' experience by helping customers discover the right results every time they use the in-site search feature. The intelligent site search feature gives relevant, personalized product recommendations based on customer searches, reducing the likelihood of customers being lost in a sea of products.
The solution personalizes customer interactions with features like standardized measurement search and auto-fill recommendations based on factors like demographics and search history. This is crucial to helping customers find their desired products and specifications faster and is vital to an eCommerce company's conversion rate, upselling, cross-selling, AOV, and retention rate.
According to John Murcott, the EVP of Product at Bridgeline Digital, 'Leveraging the capabilities of advanced on-site search is like equipping your users with a reliable flashlight, shining light on their journey as they navigate the intricate maze of web content.’
When talking about Smart Search, Nathaniel N, Director of Multi-Channel Marketing, said, 'The dashboard and tool set allows a company to quickly review, change, and provide quick personalization, without needing a large technical team.'
How Smart Merchandising Solution Boosts Average Order Value
One of the top benefits of customizing customer interaction is that with personalized interaction, brands can make custom product suggestions based on individual customers' preferences.
For instance, eCommerce websites using Hawksearch's merchandising solution can easily make recommendations based on data generated from customer interaction. Customers won't struggle with figuring out complementary products to any product they buy. In addition, a personalized interaction like this will help customers purchase products they haven't realized they need yet.
Such website features work by refining results and making relevant recommendations based on insights gathered from previous search activity and customer site behavior. In this case, insights that can optimize customer personalization include keywords, relevancy score, shared categories, products often bought together, etc.
With such personalization, companies can upsell the right products at the right time and, in so doing, improve conversion rate, average order value, and product performance and decrease cart abandonment, website bounce, and churn rates.
Personalization Marketing Solution and How it Increases Profit Margin
Because personalization is critical in today's business ecosystem, it's crucial to invest in personalized marketing because of the first-customer-contact nature of marketing. Segmentation and targeting are crucial for companies wishing to optimize their conversion rate.
With the right personalization marketing solution, B2B eCommerce companies can deliver personalized messaging through dynamic campaigns to drive highly segmented traffic and convert at lightning speed.
eCommerce marketing has advanced beyond a one size fits all marketing. To stay competitive and capture and convert more customers, businesses should adopt dynamic and personalized marketing where every customer is targeted with marketing messages that appeal to their unique needs. This can make a difference for companies working with a limited marketing budget.
With such a personalization solution, a company can automatically segment its audience based on location, time of visit, devices, and other custom data. With the further evaluation of searches, clicks, and customer engagement, the system can identify individual customer trends and make intelligent decisions on the exact marketing messages to show the website visitor across the site.
This is significant for boosting conversion rate and increasing AOV and profit margin.
Personalization Means a Lot to Customers; Tap Into that Expectation and Enjoy Immense Results
A happy customer will always come back and refer other prospects. Personalizing customer interaction on an eCommerce website is essential to unlocking this happiness, trust, and loyalty. It's non-negotiable and is a crucial differentiator between everyday eCommerce brands and future-proof companies focused on meeting customer expectations and increasing profit margins. Adopting these personalization CX solutions means a lot for customers; for brands, it means staying competitive and exceeding business goals.