How do product recommendations boost sales?
According to statistics,
- More than 70% of people who leave online stores without making a purchase refer to the fact that they failed to find the right product (as opposed to the right price).
- More than 50% of store visitors prefer to use product searches, as opposed to catalog navigation.
- 70% of purchases made in online stores are based on product recommendations (only 30% are direct purchases, which is when the consumer buys the product he or she initially viewed).
- Up to 60% of online store visitors land on «sorry, this product is sold out» pages, resulting in disappointment and lost sales.
- Similar4 increases product detail pages views up to 200-400%, which naturally leads to sales increase.
Advantages of Similar4 for your e-store:
- Help your customers buy what they want
Product recommendations play a vital role in exposing customers to new products and increasing sales: according to statistics, product recommendations increase revenue by up to 300% and the value of the average order by up to 50%. Similar4 intelligently targets product recommendations for your customers by offering visually similar alternatives or complementary products.
- Show that you care; do not let your clients go
According to recent research, in 2012 only 37% of brands received good or excellent customer experience index scores, while the average annual value of each customer relationship lost to a competitor or abandoned is $289. In general terms, users enter e-commerce sites looking for a product to buy. If they come across messages like «Sorry, sold out» or «No search results found», or just cannot find what they are looking for, for the e-store this means: lost sales in the short term and lost customer loyality in the long run. Similar4 helps your customers make the decision to buy more accurately and effectively and improves the shopping experience.
- Find products without entering keywords
Images in an online store are usually tagged with keywords such as «fine gold bracelet», «red heels», or «little black dress». However, most of the visitors landing on your site are in a hurry. If they try your search navigation and come up empty, they might be put off from using the search functionality again. Similar4 does not need text descriptions to provide product recommendations, as it quickly analyzes product image contents and finds visually similar products in seconds. No need to endlessly scroll through search results. Yup, this is the future of e-commerce.
- Multicolor product search
Similar4Color needs no text tags, too. The system automatically creates color palettes of most relevant colors for any particular product category and allows for searching for goods by colors.
In 2013 we have seen more than three million search queries and more than one million clicks to product pages via Similar4 widgets. See what our customers are saying.