OnDemand WTP Pricing Research

Savvy Watch Boosts Holiday Conversions with Personalized Pricing | MultiChannel Merchant

In the hyper-competitive world of ecommerce, merchants need any kind of an edge they can get. Pricing is one of the most critical areas as many online shoppers are price sensitive and deal-savvy, jumping quickly to another site with an offer that’s a few bucks cheaper.

Savvy Watch, an ecommerce seller of top timepiece brands, was looking for a way to present the most attractive offers while also protecting its margins. At any given time it could be competing with hundreds of ecommerce site selling the same brands.

“Customers would call our customer service line asking for a price match or a discount, or they would just leave the site and shop elsewhere,” said Ryan Wilson, CEO of Savvy Watch. “Such is life in the world of online retail; price comparison has always been part of the industry, and customers would bounce around site to site looking for the best deal.”

In 2015, Savvy Watch selected PriceWaiter, a service that lets ecommerce merchants push custom calls to action to shoppers on their site that let them make an offer, name their price, ask for price matching or ask for a volume discount.

PriceWaiter has automation logic that uses machine learning so merchants can optimize offers and sell as much as possible within customized rules they set up, such as acceptable gross margin levels. This leads to higher conversion rates as shoppers get a real time response to their offer and can check out immediately at their personalized price. They can also set up PriceWaiter to issue aggressive CTAs to cart abandoners, leading to more conversions that normally would have been lost.

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Savvy Watch Boosts Holiday Conversions with Personalized Pricing.

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