What happens when you send shoppers to online retailers to purchase your products? Do they buy your product? Do they buy from one of your competitors? If you don’t collect in-cart data from your retail partners, it will be difficult to answer those questions.
With access to in-cart, transactional details you can gain valuable insights into your customers’ shopping behavior, discover new opportunities, and gauge brand to retailer value in real dollars. And that’s why today’s savviest brands use advanced tools to automatically track and collect this data.
The five advantages of collecting in-cart data from your retail partners are:
1. Track the success of marketing campaigns
In order to provide the best shopping experience, many brands show website visitors where else their products are sold and link to the most popular online retailers, so each customer can buy in the way that’s most convenient for them. This can significantly increase sales . . . but by how much?
You spend a lot of time and money promoting your products and driving traffic to your product pages. But if you only see what happens on your own website, you really have no idea which campaigns and channels are most effective. All those links could be leading to sales at your retail partners, but if you don’t have the data, you simply don’t know.
Tracking in-cart data is essential for brands that want to know which campaigns are gaining traction and which ones are underperforming. Without that information, you can only guess where you should be investing your resources—because you’re working from incomplete data.
Collecting in-cart data from retailers lets you follow your marketing efforts from an ad, to a product page, to a retailer, to purchase, so you can actually evaluate your campaigns.
2. See what else customers are buying
In-cart data doesn’t just show you when people buy your products. You can see what else they’re buying, too.
Maybe you’ll discover that when you send your visitors to a particular retailer, they buy from a competitor as often as they buy from you—a red flag that this retailer may not be your best partner.
Or they buy your product along with a related item from a competitor, signaling that they didn’t know about your own add-ons.
3. Find opportunities to bundle products
When people regularly buy your product along with a complementary product from a competitor, it’s clear that they want what the other product offers, but they also need more incentive to choose your brand. Bundling is a great way to provide this incentive, and it makes it harder for competitors to profit off of the traffic you send to retail partners.
4. Discover new product lines
If your customers always buy your product along with something from a completely different product category, it might mean they’re using your product in a way you never envisioned.
For example, suppose you sell home security cameras, and you regularly see your products appear in-cart alongside cribs, baby clothes, and diaper changing pads, that’s a pretty good indicator that your customers are using your home security cameras for their baby room. This could lead you to develop a product line of specialized cameras that work better for this purpose, perhaps with more features parents need, like audio monitoring, the ability to remotely control the camera, or a microphone to soothingly talk to your baby without being in the room.
5. Learn how much customers spend
When people buy your products from a retailer, their average cart total gives you insight into how much they might spend on you—especially when you look at the most common products they buy with yours. How many related products do people typically buy in a single transaction? Are there related products at higher price points that you should be looking into?
Explore what in-cart data can do for you
At PriceSpider, our conversion optimization tools give you access to in-cart data you won’t find anywhere else. But in order to use that data, brands need tools that do more than collect it. Our platform gives your marketing managers intuitive ways to organize and navigate this data, so your team can constantly discover new insights.
Want to see it in action?
Contact us to schedule a demo.