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A system or method to analyze product conversion at various shopping funnel stages

IP.com Disclosure Number: IPCOM000247926D
Publication Date: 2016-Oct-11
Document File: 7 page(s) / 77K

Publishing Venue

The IP.com Prior Art Database

Abstract

A system and method to analyze product conversions at various shopping funnel stages

This text was extracted from a PDF file.
This is the abbreviated version, containing approximately 21% of the total text.

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A system or method to analyze product conversion at various shopping funnel stages

In todays eCommerce world, product abandonment analysis is one of the challenging and important area for business. Customer browses through the provider's website from various product pages and with flow of certain events. It becomes necessary to analyze each of the abandonment event at various shopping funnel stages and its relevance with the products capabilities and scope of improvements. The existing systems to analyze the customer behavior and its relevance to the products abandonment profile is not efficient. There is a need of a system to analyze all the abandonment events of specific product at all the funnel stages.

Summary:

E-Commerce purchase decision of customers is usually spread across multiple sessions where customer spends time in reading product specifications, reviews, feedback, blogs, likes/dislikes count and after discussing with peers, friends. So many times product purchase is a journey spread across multiple sessions which may involve multiple stages in sales funnel like awareness, interest, consideration, intent, final evaluation and purchase. As customer explores and evaluates many products, competitive products compares specification, reviews, feedback and blogs few of the products goes to purchase stage where customer purchases products. Many products gets abandoned during various sales funnel stages.

This disclosed system proposes to create a "conversion profile" of every product available in e-commerce catalog. Conversion profile will have conversion ratios of product across sales funnel stages. This disclosed system virtual persistent shopping cart to gather product's journey details across various sales funnel stages of users and the process to aggregate and calculate conversion ratio of product in "conversion profile".

Some of key analysis data points provided through this disclosed system is following.

Identification of products which has overall high or low conversion rates.

Identification of products which high conversion/drop out rate at specific sales funnel stage. Conversion rates information of products across demographics, age income group.

Analysis of above can help organizations with following actionable work.

Organizations can compare pricing, content, positioning of product on website, customers feedback and reviewers of products between high and low conversion ratios to find out root cause of high/low conversions, and improve conversion ratios.

If some products have good conversion rations but low sales numbers then visibility of that product can be increased by positioning it to prominent most viewed area in website.

Is product has low conversion ratios but high sales numbers then actions be taken to improve conversion ratios across sales funnel to get good lift in sales numbers.

Products with high sales number and high conversion ratios should remain in prominent area of website.

Products with low sale...