eBay, one of the earliest and most well-known eCommerce innovators, has a problem: there are too many different items for sale on the platform. 1.1 billion different items, sold by everyone from major retailers to your next-door neighbor, are available on the site, and matching them with buyers is getting harder.
That’s why eBay announced a new personalization feature last week, aimed at helping buyers discover items that match their interests but that they might not otherwise have discovered on their own.
eBay’s new offering – which has consumers select a wide variety of interests before receiving tailored recommendations – is a highly evolved take on a very basic concept: personalization drives more conversions.
Fortunately, you don’t need to be eBay to understand that tailored recommendations help your bottom line, and you also don’t need 1.1 billion products in your inventory. All you need is well-thought-out customer data strategy to give you insights into customer behavior.
Using a customer data platform like QuickPivot’s, you can consolidate key data points on each customer that will enable more personalized recommendations, such as:
- Date of first purchase
- Date of last purchase
- Days between first and last purchase
- Total lifetime spend
- Total number of orders
When these data points are accessible they have enormous potential to uncover trends and patterns that aid in personalized marketing. Armed with the data above and QuickPivot’s new Ada predictive marketing models, you can:
- Calculate the likelihood of a customer falling out of your funnel in 30, 60 or 90 days, allowing you to tailor messages to them to re-engage
- Identify products that are frequently purchased together – allowing you to increase average customer through intelligent recommendations
- Use demographics to predict both common and anomalous purchase behaviors, giving you the ability to offer relevant products as soon as a customer arrives on your site
Are you ready to boost revenue through predictive intelligence? Learn more about QuickPivot’s Customer Data Platform.