Increase Your Revenue With a Proper E-commerce Product Search
It’s an accepted fact that more than 60% of customers on e-commerce sites use on-site search to find products relevant to their needs. Considering this information, improving your site search is a big issue that every e-commerce company should be concerned about.
However, according to Econsultancy research, only 7% of companies are efficiently gaining information from site search and using these insights across the business to increase their revenue. Just under half (46%) are partially doing this, but 47% are not learning from site search at all.
I already have site search – why I should improve it?
Most of the default solutions use a search query for word comparison approach, which they can do as they are indexing thousands of records (product pages). This is a common situation when manufacturers provide product descriptions to retailers, and the merchandiser either accepts those key words or adds some of their own. These key words are the what you think the visitor is going to type in the search box to reach the product you are going to make them buy. But there are a lot of cases when customers type something else, and if descriptions and key words in your product pages are not well designed, then your potential customers get no result pages (or just irrelevant results). Neither of these cases lead to a purchase.
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Modern e-commerce product search engines include passing product descriptions and key words, as well as some similarity rankings between products, so it can determine which products are most similar to each other; this means that instead of showing a no results page, it will show some similar and maybe relevant products to the user. Also, analyzing user pathways before the purchase and tracking back the search terms they used that led them to the purchase, mean you can use these terms to change product descriptions and increase sales.
More benefits of e-commerce product search
Such strong intelligent systems may not only provide users with the best on-site search experience, but can also can give the ability to:
- gather actionable customer insights
- improve organizational efficiency
- apply different marketing and merchandizing strategies
- improve product descriptions, using the list of user search queries that led to the purchase
- list worst-selling products for further disposal
- analyse which products sell worse than others within the same search requests and changing their position in search results, if such products are underperforming for too long (to liquidate them to free stock)
- gather information about purchased products, with further listing look-alike products and using such list in your email newsletters (by the way email marketing is the main trend in 2016)
Most behavior-driven site search solutions also have functions for deploying a behavior-driven recommendation system. This is a powerful solution which can boost your sales and increase the amount of views per visitor which is especially important for fashion digital commerce, where recommendations can generate up to 35% of revenue! An example of such a recommendation system can be seen at the Men`s Wearhouse site:
A recommendation system analyzes user activity and – according to different algorithms and triggers – finds out products which can be most relevant to the user`s taste. That`s right! Exactly to the taste! Such intelligent recommendation systems may help your customers find what they really need and can boost your website sales over a short period of time.
What to do next:
- First of all start collecting your customer data. As soon as you do this, it will be to get insights and make improvements in the future.
- Modern behavior-driven product search solutions with an intelligent recommendation system can effectively increase your revenue – even a 1% increase can make billions of dollars additional profit. So start moving towards it right now!
- Providing the best on-site search experience and eliminating no result pages may improve your brand.
- Integrating such systems is not an easy task, so you need to find professionals in your development team or a partner who is an expert in this field.
- You will have wide list of abilities to use information gathered from site search for other improvements.
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