It is obvious for you to look from the outside and discover fulfillment rate and delivery speed as the key to success in
the E-commerce industry. While the ones who have actually worked on an e-commerce platform, in reality, understand that
product discovery is the cornerstone. A study discovered that 45% of revenues are generated from customers who use
search.
In the modern times of ready-to-use drag-and-drop e-commerce builder, it is easier to start an online marketplace but it
is tough to offer an exceptional customer experience. With customer experience becoming the key differentiator among
brands, enterprises are willing to invest heavily in it and Improving Product Discovery is a part of leveraging quality
customer experience.
Table of Contents
- What is Product Discovery?
- What are some facts & figures that prove Product Discovery is the future?
- Why E-commerce platforms must improve Product Discovery?
- Conclusion
What is Product Discovery?
Product Discovery can be defined as an event where a customer discovers a product they want to buy. The time spent in
discovering the right product is called Product Discovery Time. Optimizing searches and improving product discovery
makes sense because customers are marred with options, and they are going to convert traffic into sales; helping
customers find the right product is important.
The Benefits in a Nutshell
- Helps Customers Find Products Faster
- Improves Customer Experience
- Increases Cross-selling
What are some facts & figures that prove Product Discovery is the future?
- 53% of customers consider products shown during the search as important decision influencer.
- 58% of millennials use voice search to discover products on e-commerce platforms.
- Over 3.5 billion e-commerce searches resulted in
$2.3 Trillion in revenue for online stores.
Why E-commerce platforms must improve Product Discovery?
Improving Product Discovery helps businesses sell imperative products : With product discovery, enterprises can discover
products that customers are actually looking for. By making the most searched products available, businesses are making
it easier for customers to buy products. The improved customer experience will lure customers back, leading to more
re-purchases. Also, a study by KPMG has revealed: “Customers are likely to tell 3 people about the good experience they
had with a brand”, which ensures free word-of-mouth marketing.
allows businesses to map Customer Journey: By optimizing the queries made by customers to offer them better search
results, businesses are actually mapping a customer’s journey. Such an intricate understanding of customer journeys can
help e-commerce platforms remove every obstacle that leads to fewer impressions and decreased click-through rates.
It allows platforms to cut down on Research. By improving product discovery, we are assisting customers to discover
products they are actually looking for and not products that are relevant to their queries. Also, through this
intricately designed improvement process; searches are optimized for queries made by customers in the recent past, which
saves businesses from hit and hit-and-trial method. Improving search results guarantees conversions because customers
are already looking for these products, and there’s no need for businesses to invest in research to discover products
that might sell.
Increases Cross-Selling: strong> Through Product Recommendations that appear on product pages and have products relevant to the
item a customer is viewing, companies can increase cross-selling. These product recommendations are designed to list
products that are either alternatives or add-ons of the item that is being viewed. Similar Products and Frequently
Bought Together sections have heavily contributed to e-commerce revenues in the past. Optimizing product recommendations
guarantees improved customer experience and increased revenue.
Discover other Barriers: Product discovery helping with customer journey mapping allows businesses to discover barriers
and hindrances in levying top-notch customer experience. Such bi-products allow businesses to save capital and use it
for other important works.
Conclusion
The competition in the E-commerce landscape is growing with every passing minute, which is pushing industry leaders to
discover new ways to improve customer service. With customers being marred with multiple options to shop from,
businesses are left with smaller windows; you can either use this window to retain them or see them help your
competitors grow.
Improving product discovery is about improving customer experience; by allowing customers to find what they are looking
for, businesses can retain existing customers and acquire more through word-of-mouth.
