5 Reasons you need customer Basket & Wishlist visibility
By tapping into these insights, store associates can tailor their recommendations, enhance cross-selling opportunities, and provide a more tailored and engaging shopping experience.
This feature is designed to revolutionize how retailers interact with their customers. It provides store associates with invaluable insights into a customer's online activities, including their shopping basket and wishlist items.
Here are five compelling reasons why retailers should integrate this feature into their sales strategy:
1. Enhancing personalization and customer engagement
With the visibility of customer online baskets and wishlists, store associates can provide highly personalized recommendations based on each customer's preferences. This real-time access allows associates to suggest products that align with the customer's tastes and needs, creating a tailored shopping experience that feels unique and engaging. By tapping into these insights, store associates can build stronger relationships with customers, fostering loyalty and repeat business. According to a report by Accenture, 91% of consumers are more likely to shop with brands that provide relevant offers and recommendations.
2. Boosting cross-selling and up-selling opportunities
The visibility of customer online baskets and wish lists enables store associates to identify complementary products that customers might be interested in. This information is crucial for effective cross-selling strategies, allowing associates to recommend additional items that enhance the original purchase. Moreover, it maximizes up-selling potential by highlighting higher-end or upgraded products that match the customer’s preferences, thereby increasing the overall transaction value. Studies show that effective cross-selling can increase sales by 20% and profits by 30% .
3. Streamlining store operations and efficiency
Having real-time access to customer preferences via their online baskets and wishlists streamlines store operations significantly. Associates can quickly understand what customers are looking for without prolonged interactions, which reduces the time spent per customer and increases overall efficiency. Additionally, this visibility aids in inventory management by highlighting popular items and ensuring that the store is stocked with products that are in demand, thus optimizing stock levels and reducing waste. McKinsey & Company reports that data-driven inventory management can reduce stock levels by up to 20% while improving sales by up to 10%.
4. Increasing conversion rates and sales
Visibility into customer online baskets and wishlists is a powerful tool for increasing conversion rates. Store associates can directly address any hesitation or concerns that a customer might have about the items in their basket, thus converting more browsers into buyers. By proactively engaging with customers about their saved items, associates can reduce cart abandonment rates. Furthermore, this personalized attention encourages repeat purchases, as customers appreciate the tailored service and are more likely to return. According to Baymard Institute, the average cart abandonment rate is 70.19%, highlighting the significant opportunity to recover lost sales through personalized engagement.
5. Gaining valuable insights and analytics
The data gathered from customer online baskets and wishlists provides invaluable insights into customer behavior patterns. Store associates and managers can use this data for informed decision-making, such as adjusting marketing strategies, tailoring promotional offers, and optimizing product placements. These insights lead to continuous improvement in customer service, as the store can adapt to changing preferences and trends, ensuring that the shopping experience remains relevant and satisfying for customers. Companies using big data analytics saw a profit increase of 8-10%.
