E-commerce brands have access to a wealth of shopper data. In addition to seeing what people are buying, marketers can see what emails are generating interest, whether shoppers are responding to particular promotions, and how audiences are stumbling across products. Each and every one of these touchpoints can be reinvested into your audience targeting strategy — and that’s the challenge.
To successfully drive conversions, retail brands need to reach audiences in the moment, with the right messaging, at the right time — in a highly personalized way. Here are some creative yet straightforward ideas to implement targeted advertising from 4 loved stores.
1. Optimize your missed opportunities
When you run out of inventory, you miss out on valuable sales opportunities. Not to mention, you may not know what that exact conversion opportunity is in terms of retail sales volume.
Women’s boutique ModCloth counteracts this challenge by making its ‘out-of-stock’ notifications a two-way communication channel. In other words, shoppers can tell ModCloth exactly what they’d like to see restocked.
As soon as something comes back in stock, ModCloth account-holders receive a notification, bringing back the conversion opportunity — and building up demand in the process.
2. Price drop based on shoppers’ conversion patterns
Consumers often demonstrate flexibility in how much they’re willing to pay for specific items. In other words, there is rarely a perfect solution to pricing — just an ‘optimal’ or local ‘maximum.’
Thanks to web personalization and targeted advertising, however, retailers have more flexibility in terms of how they can target audiences with custom-tailored pricing. For instance, you may notice shoppers buying similar items in a lower — or even higher price range. You may even take a slight lost to test some options to figure out what will make your consumers’ jump.
Check out the following deal from Amazon, as an example. The shopper saw this particular deal after browsing this product listing for months. One day, it was recommended to her at a dramatically reduced price due to low inventory, and she jumped to claim the deal.
3. Give people a digital mirror
Especially for clothing and accessories, a potential barrier to conversion is that shoppers may want to ‘try before they buy.’
Eyewear brands Warby Parker and Coastal have a solution for this exact roadblock.
Both companies have built on-site features that allow shoppers to (1) upload their pictures and (2) try on different pairs of glasses. Consumers can browse the retailers’ sites to try on as many pairs of eyewear — something that’s extremely challenging to buy — before committing to a purchase.
One way to take this technology a step further is to incorporate an image recognition and targeted advertising layer — that is, show audiences products that are likely to look awesome based on historical buying patterns.
It’s hard to say no to something that looks great on your face.
Not sure where to start?
Talk to your audience. Identify what stops them from completing the conversion process. Personalization and real-time targeting are techniques that can help you make the critical brand to consumer connections that are falling through the cracks. Stop your customers from saying ‘no’ with messaging that they care about and can act upon.