In today’s e-commerce world, retailers live and die by their conversion rate. Because small changes to a conversion rate can result in massive changes to their bottom line, e-commerce managers are always searching for technologies that increase the number of sales per 100 visitors. After all, for a multi-million dollar retailer, an increase in conversion rate from 2% to just 2.2% is a very big deal.
While there are always e-commerce micro-trends that have seemingly all retailers jumping on board, there is one macro-trend that will always rule them all: Pricing.
Pricing is the single most important variable in the consumer decision-making process – be it online or off. In these economic times, comparison shopping is on the rise. With consumers becoming more savvy to the countless retailer options available when shopping online, retailers are having to raise the bar of quality, while pricing as competitively as possible. Consumers are looking for as many ways to save as possible, without sacrificing quality, which means they are taking advantage of coupon codes, daily deals, comparison shopping engines and other ways to save money.
Taking that into consideration, many companies offering new technology to support e-commerce retailers have emerged. The most successful have found effective ways to capitalize on the psychology of online comparison shopping, ultimately converting shoppers and increasing revenue.
One such company, PriceWaiter, has proven to increase conversions for e-commerce retailers by offering a personalized pricing platform that places a “Name Your Price” or “Make An Offer” button on sites. This button, usually located near the price, allows retailers to collect offers from comparison shoppers before they leave a retailer’s site. The retailer then uses PriceWaiter’s platform to efficiently manage the offers, whether they receive thousands or just a few.
PriceWaiter ‘s product is evolving quickly and focused on providing retailer partners with top-notch service. Bijan Dhanani, a marketing and product manager for PriceWaiter, shared insight into what sets his company apart. “After a successful round of funding, the PriceWaiter team has launched several major features,” said Dhanani. “One of the features adds support for international retailers and the other is an innovative new service called Exit Offers, which is a conversion tool that uses mouse-tracking technology to determine when users are about to leave the site, and then entices comparison shoppers to make an offer before they leave.”