by Aurangzeb Agha
While current Exit Intent technology can provide a useful tool for engaging potential customers, the current shotgun approach of providing offers to all your shoppers lacks targeted intelligence and is causing you to give a lot of revenue away.
What is Exit Intent?
Exit intent technology works by tracking a user’s mouse movements and then triggering a pop up when the user’s cursor starts to make its way to the top of the browser to close out the current tab/window or open a new tab.
Fairly simple, right? Simplicity is sold as one of the biggest pros of exit intent. It’s a technology that is easy to set up and can show results out the gate. Using exit intent can provide a second chance to showcase your value proposition, offer a promotion, or snag a prospect’s email address so you can send them offers later.
Simplicity comes at a cost
A study by ecommerce-platforms.com shows that the most effective way to convert shoppers on ecommerce sites is by offering an incentive or discount. Current exit intent solutions are great at offering up a generic “10% Off!” or “Free Shipping” to every customer.
The shotgun approach used by exit intent to offer promotions is easy to game and causes retailers to give away promotions to customers already willing to purchase. This generic approach to offering promotions also fails to take into account the fact that some customers are ready to pay full price.
Furthermore, in a world of increasing personalization, offering the same generic offers to everyone should be a thing of the past. A study by Accenture showed that 59% of respondents welcomed a personalized offer for an item they were strongly considering.
So how do companies increase conversion rates while avoiding sacrificing profit margins by giving out promotions willy nilly? Simple. Check out our artificial intelligence (AI) solution.
At Metrical, we provide an AI-based solution to retailers and brands that intelligently identifies and predicts shoppers behavior: We differentiate between who’s going to buy and who’s going leave your site before before completing their purchase. Our solution then gives retailers the opportunity to engage shoppers with targeted offers that are the most likely to convert the shopper into a paying customer while maximizing the retailer’s’ margin..
By identifying high-flight-risk customers before they leave and engaging them—and only them—with targeted offers, companies are able to convert prospects more intelligently with less cost to overall profit margins.