The launch of Amazon in 1994, and its then novel idea of product recommendations based on consumer behavior, turned retail strategy upside down. Today, the stats show that consumers are not only drawn to this type of personalization, they reward retailers who are high achievers when it comes to executing on 1:1. Now:
- Marketers see an average increase of 20% in sales when using personalized web experiences. (Source)
- 78% of consumers believe organizations providing custom content are interested in building good relationships. (Source)
- 35% of Amazon’s revenue are generated by it’s recommendation engine. (Source)
Though many retailers have not taken personalization to the level available (60% note they struggle to personalize content in real-time), 77% believe real-time personalization is crucial.
Personalized product recommendations is a segment of online retail operations that has seen tremendous growth in terms of technology. Through the trials and errors of early adopters, best practices have emerged which retailers are using to optimize their own product recommendations and increase their opportunity for added revenue.
That’s why we developed: The 10 Things Every Online Retailer Must do to Maximize Product Recommendations. This insightful eBook offers guidance on what online retailers should be doing to best optimize product recommendations for maximum conversion, customer satisfaction, and revenue. It covers everything from where on your site you should place recommendations (including what kind of recommendations are optimal for each page and exactly where on the page to park them), to what you’ll get in return for your optimization efforts.
Product recommendation is a crowded market with no shortage of statistics or advice. We worked to put together a solid collection of achievable, detailed best practices, with expert stats to back them up.
It addresses common questions, as well asking a few you may not have already considered:
- How much weight do shoppers really give the omni-channel when determining brand loyalty?
- Have you forgotten the one place that you could be earning recommendation revenue?
In 2014, overall U.S. desktop retail e-commerce sales amounted to 236.9 billion U.S. dollars. Mobile retail revenues amounted to 56.67 billion U.S. dollars in 2014 and are expected to reach 130.12 billion U.S. dollars in 2018
If you’d like to know if you are doing your best to optimize recommendations, download our new guide: