Windsor Circle's development team recently launched a new feature in our Analytics dashboard. With a Windsor Circle subscription, retailers can now see detailed analysis of their top 25 products and top categories by a number of key metrics, including:
- AOV: Customers who purchase X have an AOV of Y.
- CLV: Customers who purchase X have a median lifetime value of Y.
- Revenue: Total Revenue for X.
- % Retained: Y% of customers who purchase X Product are repeat buyers.
- Quantity: X Product has been purchased Y times.
The Product page can inform your future pricing and promotions strategy. Here are a couple of ideas that might help you gain insights from this kind of data:
Idea 1: If you find that a certain product is associated with a particularly high customer lifetime value, you might focus marketing efforts around that product to generate more of that type of customer.
Idea 2: If you notice that a certain product is associated with a very high repeat buying %, you might build a special review request email that is triggered after that product is purchased, under the assumption that repeat buyers tend to give better reviews.
Idea 3: If you use discount or bundled pricing, you might look for products which correlate to high AOV, CLV, and/or retention rates and create incentives for people to buy them, with the hypothesis that orders which include that item are likely to lead to higher retention and long term customer value.
Windsor Circle connects a retailer's eCommerce and email software, provides Retail Customer Analytics, and powers Behavioral Segmentation and Automated Retention Marketing. The Products Report adds a new lense for online retailers seeking to develop promotional strategies which highlight products that lead to higher retention rates and long term customer value.