How to Boost Sales and Margins With Behavioral Commerce, Part 1
Behavioral commerce, the practice of delivering real-time offers to consumers based on their shopping personalities and buying behaviors, is a hot trend in retail. Today's consumers expect a one-on-one experience, therefore retailers must know their audiences and their shopping personalities to tailor the experience for them.
Most sites treat every shopper as if they’re the same. They’re not. Some will only buy premium name brands, others will never buy on their first visit no matter what you offer them and others won't buy at all.
Online retailers need to do the following to overcome these hurdles:
1. Act in real time to influence buying behavior while site visitors are still shopping. This gives you the greatest likelihood of the best outcome. For nearly all online retailers this is a daunting task, however, as they’re often cobbled with a web of disparate data warehouses, data analysts, engineers and an overwhelming number of potential marketing opportunities.
2. Maximize revenue and margin by only offering incentives when it’s absolutely necessary. To generate conversion, online retailers too often give the exact same offer to everyone when they don’t need to. Knowing the different types of buying behaviors and shopping personalities your site attracts helps you know which group needs a discount or special offer to convert and, even more important, which group doesn’t.
SteelHouse, a behavioral targeting firm, has done extensive research and analysis of anonymous shopping behaviors to determine the 10 most common shopping personality profiles. See if you can identify yourself with any of these shopping personalities. Here are first five:
1. Distracted Shopper: “When I shop online, I often like to begin the check-out process but for one reason or another I don’t always complete the purchase.” This type of shopper is frequently distracted and probably multitasking while shopping.