It is obvious for you to look from outside and discover fulfillment rate and delivery speed as the key to success in the E-commerce industry. While the ones who have actually worked on an e-commerce platform, in reality, understand that product discovery is the cornerstone. A study discovered 20-60% of revenues are generated from customers who use search.
In the modern times of ready to use drag and drop e-commerce builder, it is easier to start an online marketplace but it is tough to offer an exceptional customer experience. With customer experience becoming the key differentiator among brands, enterprises are willing to invest heavily into it and Improving Product Discovery is a part of leveraging quality customer experience.
What is Product Discovery?
Product Discovery can be defined as an event where a customer discovers a product he or she wants to buy. The time spent in discovering the right product is called Product Discovery Time. Optimizing searches and improving product discovery makes sense because customers are marred with options and they are going to convert traffic into sales, helping customers find the right product is important.
The Benefits in a Nutshell
- Helps Customers Find Products Faster
- Improves Customer Experience
- Increases Cross-selling
What are some facts & figures that prove Product Discovery is the future?
- 74% of customers consider products shown during the search as important decision influencer.
- 40% of millennials use voice-search for discovering products on e-commerce platforms.
- Over 3.5 billion e-commerce searches resulted in $2.3 Trillion revenue for online stores
Why E-commerce platforms must improve Product Discovery?
Improving Product Discovery helps businesses sell imperative products: With product discovery, enterprises can discover products that customers are actually looking for. By making the most searched products available, businesses are making it easier for customers to buy products. The improved customer experience will lure customers back leading to more re-purchases. Also, a study by KPMG has revealed: “customers are likely to tell 3 people about the good experience they had with a brand”, which ensures free word-of-mouth marketing.
It allows businesses to map Customer Journey: By optimizing the queries made by customers to offer them better search results, businesses are actually mapping a customer’s journey. Such an intricate understanding of customer journey can help e-commerce platforms remove every obstacle that leads to lesser impressions and decrease click through rates.
It allows platforms to cut down on Research: by improving product discovery, we are assisting customers to discover products they are actually looking for and not products that are relevant to their queries. Also, through this intricately designed improvement process, searches are optimized for queries made by customers in recent past, which saves businesses from hit and trial method. Improving search results guarantee conversions because customers are already looking for these products and there’s no need for businesses to invest in research to discover products that might sell.
Increases Cross-Selling: Through Product Recommendations that appear on product pages and have products relevant to the item a customer is viewing, companies can increase cross-selling. These product recommendations are designed to list products that are either alternatives or add-ons of the item that is being viewed. Similar Products and Frequently Bought Together sections have heavily contributed to e-commerce revenues in the past. Optimizing product recommendations guarantees improved customer experience and increased revenue.
Discover other Barriers: Product discovery helping with customer journey mapping allows businesses to discover barriers and hindrances in levying top-notch customer experience. Such bi-products allow businesses to save capital and use it for other important works.
The competition in E-commerce landscape is growing with every passing minute, which is pushing industry leaders to discover new ways to improve customer service. With customers being marred with multiple options to shop from, businesses are left with smaller windows, you can either use this window to retain them or see them help your competitors grow.
At the end of the day, improving product discovery is about improving customer experience, by allowing customers to find what they are looking for, businesses can retain existing customers and acquire more through word-of-mouth marketing.