Price is the #1 factor influencing consumer buying online. Customers feel like they are getting a “win” when they get to negotiate on price. Meanwhile, retailers have been using this tactic to generate more sales at slightly lower margins. This leads to more incremental revenue and happier customers! That being said, it is time-consuming for a retailer to go through the offers manually each day.
That’s where automation comes into play. With an automated system, retailers can automatically accept an offer that falls into a set price range or percentage off. They can also have an automated system to counter the offer for a more acceptable deal. There are several positives that come along with implementing automation rules. For one, a retailer won’t have to spend time countering and accepting offers. By setting up predefined thresholds and rules for individual products, product lines, categories, or brands of products, the PriceWaiter system can automatically negotiate with your visitors and give them a response in real time, increasing the likelihood that the customer completes the transaction immediately.
Here are some actual results from retailers using PriceWaiter’s automation system:
Without Automation: Converted 204 out of 415 offers for a 49% conversion rate.
With Automation: Converted 219 out of 351 offers for a 62% conversion rate.
Average Time to Purchase Without Automation: 32 hours
Average Time To Purchase With Automation: 3 hours
Without Automation: Converted 317 out of 821 offers for a 39% conversion rate.
With Automation: Converted 983 out of 2359 offers for a 42% conversion rate.
Without automation, these retailers were still converting offers at a very high rate. However, after cutting down the response time they were all able to improve conversion and spend less time sorting through offers. Automation has been a game changer for our retailers!
You can automate the entire sales process by configuring desired margin levels or acceptable discount ranges on SKUs, categories, brand, or storewide. Click here to get started!