What Exactly Is Behavioral Commerce?

What Exactly Is Behavioral Commerce?

You may have heard the term Behavioral Commerce tossed around, but weren’t quite sure what it meant. Perhaps you thought it was similar to Behavioral Marketing, and you’d be partially right, but it goes beyond the typical “number of page views” and “length of visit” parameters to capture an entirely new realm of insight.

Behavioral Commerce gives retailers the upper hand on how, when, and in what way to communicate with customers in order to earn the sale.

So how does it work?

Behavioral Commerce enables retailers to combine data about the personalities and buying behaviors of their shoppers with the ability to act on that information immediately. Retailers who segment shoppers based on behavioral data and deliver personalized offers are seeing an increase in conversion rates and margins.

It’s clear that simply giving the same offer to every online shopper is not the way to increase sales. We’re people and we approach shopping just like everything else – based on our personalities and ingrained behaviors. Retailers that understand and act on these different shopper personalities in real time are the ones that will be successful.

Define a target audience by their shopping personality and you can find…

  • Shoppers who have no problem buying at full price, especially if the product is new on the market and they’re among the first to find out about it.
  • Shoppers who love freebies and samples, making them great candidates for loyalty programs and thus, becoming strong return shoppers.
  • Discount-driven shoppers who are always on the lookout for a good deal. Implement a flash sale for these shoppers to increase their purchase frequency.

Define a target audience by buying behaviors and you can find…

  • Impulse shoppers who are more open to upsells and cross-sells.
  • Shoppers who won’t buy without Free Shipping. Instead of offering free shipping sitewide, extend a special offer to just these shoppers.
  • Shoppers who do research across a week-long span of time before purchasing, which makes reminders – and sometimes discounts – crucial to closing a sale.

Merchants can literally segment shoppers that are on their site this very second and then message them uniquely, as the customers are still shopping, by using Real Time Offers™ and Retargeting. It’s the easiest and most effective way to influence shoppers’ behavior both on and off a merchant’s site, and thus, is a true zero reaction time marketing solution for online retailers.

Retailers now have the opportunity to make data-driven decisions about how best to market to the different types of people shopping on their sites.

by Aubrey Beck, Content

image sources: www.bigcommercereviewsite.com, www.topmlbblogs.com