Thanksgiving no longer only occurs on one day during the holiday season. It marks the beginning of Cyber Week, often known as Cyber Five, a 5-day extravaganza. Thanksgiving is the kickoff to the festival, which also includes Black Friday, Small Business Saturday, Super Sunday, and Cyber Monday. The Friday and Monday after Thanksgiving are known as Black Friday and Cyber Monday, respectively.
Similar to the previous two years, BFCM 2022 will begin weeks before and end weeks after due to the expansion of e-commerce, shifting fashion trends, and customers’ growing buying needs.
The optimum time to attract more customers to your store, have a favorable impression on them, and ultimately boost profit margins is right now.
You can use the following advice to to prove the Importance of Product Recommendation in BFCM 2022.
Product recommendations: What Are They?
In order to give your users a more individualized shopping experience, product recommendations are tactics that involve making suggestions for pertinent products to them.
Product recommendations have the advantage of being useful at any stage of the customer journey.
It uses a machine learning algorithm that considers:
- The user’s shopping behavior
- Favorite and Dislike
- information and data in real-time from a variety of sources
This ML model predicts what a user is likely to purchase using all of these KPIs
In a word, the product recommendation system anticipates what a user on your website is likely to purchase and then offers the product to them, providing them with a customized shopping experience.
You can use it to increase sales, conversions, and revenue on your website.
Typically, make advantage of product recommendations by highlighting pertinent products under categories like:
- People also bought
- Similar products
- Combo deals
- You may also like
Why Businesses Need Product Recommendation and Its Benefits
To scale their sales approach, every eCommerce company should create a product recommendation system. A system for product recommendations will increase your revenue and aid in the long-term expansion of your company.
Seven advantages of product recommendations as a black friday ecommerce strategy are listed below:
Excellent User Experience
Creating a positive customer experience is one of the main challenges of running an eCommerce business. Did you know that 88% of consumers say they won’t visit a website again if they have a negative user experience?
Users will receive individualized recommendations that are catered to their needs with an efficient product recommendation system. i.e. they’ll have a positive experience and are inclined to visit your shop again. This is advantageous for both sales and your position in search engine results pages.
Increases Revenue And Has High Conversion Rates
An efficient product recommendation system will enable online shops to increase sales.
To boost sales, you can cross-sell or upsell your products. McKinsey estimates that cross-selling products can boost sales by 20% and profits by 30%. So don’t pass up this chance and start a product suggestion system right away.
Increased AOV
Product recommendations give users a tailored purchasing experience, increasing Average Order Value (AOV).
You may make a fortune by providing your consumers with a variety of product recommendations. According to statistics, a store that displays no product recommendations has an average order value of $44.41. However, the AOV rises by 369% when you display product recommendations and a prospect expresses interest in even one of the recommendations. Unsane, yes?
Higher Cart Value
Don’t you wish your customers would keep adding goods to their carts before completing their purchases?
You can accomplish that using a recommendation engine for products. This engine will enhance the amount of things per order by proposing pertinent products, which will result in increased sales. And more business translates into greater growth and, ultimately, greater profit.
Customer Contentment
Your users are more likely to be happy when you make the purchase process simple for them. Relevant product recommendations will enhance CX and win customers over in addition to your website’s UI/UX.
Customers who are happy with your services are more inclined to leave favorable ratings on review websites, which raises your trustworthiness.
Lower Cart Abandonment Rates
The average rate of shopping cart abandonment across all industries, according to Baymard Institute, is 69.82%.
Inappropriate or absent product recommendations are one of the main causes of cart abandonment. Given that many clients are gullible, it is crucial to inform them of any potential add-ons they may require with a product.
Supports Your Strategy
You would be able to strategically plan your company plan using the data gathered on how your users engage with your store and the data from a product recommendation approach.
With this information, you may make the required adjustments to your product pages and decide which products to keep and which to get rid of.
How To Increase The Impact Of Product Recommendations
Now that you are aware of what a product suggestion is and how to use one to increase sales, it is time to look at some strategies that will help you get the most out of product recommendations.
Product prices shouldn’t be included in email marketing campaigns
Given that the goal of email marketing is to increase store visitors, including prices in the message may discourage recipients from visiting your website.
Tell them about the product instead, and how it might help them with their problems.
Utilize product suggestions anywhere
Instead of only showing product recommendations on your site or checkout page, present them everywhere you can in your store and other marketing channels like emails and apps.
Enhance the widget’s UI/UX
If the UI/UX of the widget is subpar, users won’t check out the things your approach advises, regardless of how pertinent and beneficial they may be. So always place a high priority on maintaining excellent UI/UX.
Discounts Are Given For Recommended Products
Strategies for recommending things can be very successful if you offer discounts on the recommended goods. Users are more inclined to purchase an item if it has a discount tag if they like what they see.
Get Special Guidelines For Product Recommendation Methods
Not all visitors will like the same recommendations because not all users are the same.
Your product suggestion strategy should be centered on tailoring products to each user taking their demographic, behavioral, and purchase history into consideration.
In a sense, you should implement several product suggestion algorithms for various user categories depending on the audience analytics of your website.
Conclusion
A machine learning-based system or a plan can be used in a product recommendation approach (or both) to provide users with a customized shopping experience.
Successfully implementing product recommendation tactics on your website will increase user interaction, cart value, and revenue.
Overall, implementing a product suggestion approach can help you expand your company and meet your financial objectives.
So be sure to personalize your product recommendation strategy as much as you can for your eCommerce company.
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