It doesn’t require any evidence to prove to state that one of the major challenges of ecommerce companies in India is ‘conversions’. From the game starting, by acquiring customers at high marketing costs and discounts, e-tailers by their experience understand the importance of data analytics and conversion mapping, but still lag behind to target the right audience.
To solve this problem, a Bangalore based startup NudgeSpot has developed a product which helps e-tailers take live feeds from their Google analytics account and provide targeted campaigns and promotions to convert casual browsers or potential customers to buyers.
From the experiences of NudgeSpot team, it is noted that the buying cycle of various categories differ drastically. For example, a customer looking to buy electronics might complete its purchase cycle in longer time rather than the customer looking to buy cosmetics. So understanding what a consumer is looking for, may help in providing personalized offers and perks to make a successful conversion.
NudgeSpot believes that it is a waste to collect data analytics if future intelligence and operations aren’t based upon them, and this is what they are trying to achieve through their product.
When a user lands on a particular e-tailing website, NudgeSpot analyses the past activity of the user on the website, and accordingly targets the customer with right promotion, coupons and offers to add an excitement and urge to buy.
Currently the company has developed retargeting through promotions, coupons, ads, and is planning to extend the offering to product feeds, through which a more personalized experience can be created.
The key applications of Nudgespot tool include Cross Selling, Upselling, preventing shopping, cart abandonment, targeting customer segments, information sharing, A/B testing offers.
Its founder, Suresh Harikrishnan believes that Indian market lacks such solutions and says the competition is with companies such as Marketo, Kissmetrics etc, globally.
Suresh claims some of their clients are witnessing upto 5x increase in conversions after using NudgeSpot, which might be a brave statement to media.
Marketers consider retargeting as one of the most important way to convert sales which otherwise might have been lost, and the concept works better with more information about the potential customers.
Unlike NudgeSpot which is restricted to on-site retargeting of offers, there are additional complementary ways for e-commerce players to get a lost transaction back to the site through social media, and adwords.