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Did you know that despite diligent efforts to understand customer personas and their individual journeys, the e-commerce industry is currently experiencing an all-time low in conversion rates?
Shockingly, 97% of website visitors fail to convert, and acquisition costs are skyrocketing. The question that arises in every marketer's mind is why are we struggling to achieve more than a meagre 2-3% conversion rate. Here are some eye-opening facts to consider:
Numerous notable brands fail to provide their Shopify store customers with personalised deals based on their intent, resulting in missed opportunities to please and retain them.
The visual representation below illustrates the stark contrast between the conventional consumer segmentation approach and the effectiveness of an AI-based tool in determining a customer's real-time intent, resulting in a significant increase in conversion rate
To create a personalised and immersive experience
The concept of intent refers to the mindset behind an action, and it is just as important in e-commerce as it is in any other business. When we consider the customer journey, understanding their real-time intent to make a purchase becomes critical. By doing so, merchants can offer personalised and immersive experiences to their customers while also saving on costs.
In business language it is called, purchase intention or a customer or buyer’ intent which measures each shopper’s propensity to buy a product or service. It is: “The Sum total of cognitive, affective and behavioural towards adoption, purchase, and use of the product, services, ideas or certain behaviours [*].”
At Cooee we capture 40 micro behaviour of your customer with the help of Generative AI and categorise them into three types of intent or stages:
1. Low Intent: At this stage, we NURTURE the visitor and lead them through the entire funnel from an early stage. The strategic goal is to make them aware of the brand and show them value through personalised pop-ups in exploring the website further.
2. Medium intent: Customers showing interest in a particular product page or arriving through a paid source fall into the "medium intent" category. Our aim is to provide a tailored user experience by guiding them and offering discounts and notifications based on their previous interactions with your store.
3. High Intent: When customers are at the point of deciding to make a purchase, it's crucial to offer them personalised discounts or promotions based on their real-time intent. These "high intent" customers are too close to the sale to let them slip away, so make sure to give them the extra nudge they need to complete their purchase.
To put it simply, customer intent reigns supreme, and traditional segmentation methods fall short in capturing all the necessary data points to develop accurate customer personas. As the marketing landscape shifts towards a more personalised approach, powered by AI and machine learning, it's crucial to stay ahead of the curve.
In the fiercely competitive world of e-commerce, neglecting customer intent can be a costly mistake. world of e-commerce, neglecting customer intent is a costly mistake that can result in losing out on a significant chunk of potential customers. Don't let that happen to your D2C brand.
Measuring and taking action on customer intent can help you:
At Cooee, we enable brands to deliver immersive, personalised and effective user engagement powered by AI, at an affordable price. We generate unique promotions to leverage customers' real-time intent. Cooee is a fast, easy and efficient way to engage users 1 on 1 and can increase your conversion rates by 4%.
If you are interested in our product feel free to contact us at shoutout@letscooee.com