- Product Advisor, created by Beabloo and their analytics and big data specialist partner Metriplica, is the first solution to classify and analyze the relationship between the products customers view and add to their online shopping cart, and which they later purchase or abandon.
- 7 out of 10 online shopping processes are never completed and the cart is abandoned, according to the Baymard Institute. This is evidence that we need a tool to analyze the potential and possible problems of the products that end up purchased or abandoned.
- Product Advisor, which will be presented at the eCommerce Innovation Summit on October 11 in Santiago, Chile, is part of Beabloo’s Active Customer Intelligence Suite. It is a key solution for optimizing the performance of online products, web displays and the sales process by understanding customers.
One of the biggest problems online retailers face is the rate of shopping cart abandonment. A significant percentage of website visitors look at and compare products, but don’t end up completing their purchase. According to data from the Baymard Institute, which specializes in performing studies on e-commerce, the online shopping cart abandonment rate is about 69.89%. This means that about 7 out of 10 people don’t complete their purchases.
To solve this problem, e-commerce businesses need to figure out why certain products tend to stay in the cart and why others don’t. Beabloo, a tech company specialized in omnichannel solutions for large brands and different types of businesses, is launching their Product Advisor solution. This was designed by Metriplica, the digital analytics consultant, and is included in Beabloo’s Active Customer Intelligence Suite (ACIS).
Product Advisor lets online stores improve the performance of their products by offering insight into usability issues on their website, which products have the most potential, or which products aren’t working. The solution identifies which products work well, which don’t work, and which should be highlighted on the home page. It only requires Google Analytics, and stands out from other similar solutions because not only can it analyze variables like seasonality, price and sales, but it also studies the relationship between visibility, interest and purchases of a product. In other words, it provides relevant data and graphics on the relationship between the products that customers see and add to their cart, and which products the eventually buy or abandon.
-Relationship between views → purchases
Product Advisor provides information on the products that a customer looks at but doesn’t purchase and categorizes them according to the Boston Consulting Group matrix in a graphic, visual way:
- Star products: have a lot of views and purchases. These should not be modified.
- Opportunity or cash cow products: have below-average views, but above-average purchases. These could become star products if they are highlighted.
- Dog products: have below-average views and purchases. These should be discarded.
- Question mark products: have above-average views, but below-average purchases. The recommended solution for these products is to examine the price optimization, the information provided, and so on.
-Relationship between products added to cart → purchases
Product Advisor also offers information on the products that the customer sees and adds to their cart to analyze if they end up purchasing them or not. The solution gives products a point value from 1-10 by category to determine which perform best and classifies them as:
- Desired products: have a lot of purchases and are often added to the online shopping cart. Equivalent to a star product.
- Interesting products: have a lot of purchases but aren’t often added to the cart. Could be due to a visibility problem.
- Discontinued products: are rarely added to the cart and have very few purchases. Equivalent to dog products and should be eliminated.
- Attractive products: are often added to the cart, but are rarely purchased. It helps to analyze the reasons behind this fact, such as the price of the product, shipping costs, and so on.
Since 2016 Metriplica, the digital analytics consultant, has been a part of Beabloo, which offers omnichannel tech solutions to some of the largest retail brands in the world and operates in over 20 countries. The synergy between the two companies is translated into the presentation of this solution as a part of Beabloo’s ACIS. They are already working on the second phase of the Product Advisor, which will incorporate artificial intelligence to provide automatic recommendations based on behavioral data, sales, trends and differences between products, among other parameters. Enric Quintero, CEO of Metriplica, will present Product Advisor at the eCommerce Innovation Summit on October 11 in Santiago, Chile.