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Feature highlight: Tools to utilize product price for improved conversion

March 22nd 2021

Lucy Russell

By Lucy Russell

Head of Product Management

Feature highlight: Tools to utilize product price for improved conversion - featured image

We all know that product price is an important factor in influencing a potential customer to remain on your website, and then go on to purchase. Here at Fresh Relevance we have a range of tools to help show appropriately priced products from the start of a visitor’s journey, through to purchase, and on to post purchase to encourage repeat custom.

Price Affinity Predictor

On arrival to a website, and throughout a customer’s journey, you can utilize our Price Affinity Predictor to display products that are more likely to be within a price range of interest to your visitor. Our AI will review each website visitor, and based on the information it has about them, attempt to predict which price band they’ll most likely go on to purchase at. Even if your visitor is brand new to you, the AI will utilize the limited information that it does have, using complex modelling techniques to predict the price band that is most relevant.

As we learn more about your visitor from the products they view or purchase, our AI will become increasingly accurate.

The price band parameters that products fall into are calculated and adjusted by the AI over time, based on the product information that is continuously gathered and reviewed. By having a price band of interest available, this can be used in product recommendations to ensure you’re showing products that are most attractive to your customer.

Recommendation Price Filters

Fresh Relevance offers flexible product recommendation templates, with powerful price filtering available.

Clients can utilize a range of price tactics within product recommendations, including:

  • Upselling of higher priced similar products
  • Displaying products of a similar price

Both of the above can be utilized based on the specific product that the visitor is currently viewing, products that they have previously bought, or based on any/all products that they have browsed within a session.

By targeting the products that you’re displaying to your visitors by price, you’re less likely to show products that are outside of their intended budget, and therefore improve conversion.

In addition, products that have recently had a price drop can be displayed within a SmartBlock, which is useful for ‘recently reduced’ and sale pages as well as website content sections.

Recommendation price filters in action

With Fresh Relevance, The Diamond Store uses AI product recommendations on their product pages to increase average order value by suggesting similar products with higher price tags.

“A lot of our customers are shopping for a special gift, and so are more inclined to spend slightly more if that option is presented to them,” Gary Ingram, Managing Director, The Diamond Store.

Price drop trigger emails

The Fresh Relevance system keeps track of your products via the website or a product feed, and it can monitor when a product has recently dropped in price. By creating a product change segment that is regularly regenerated based on constantly updating price data, the system can be configured to automatically send a tailored email to customers who have browsed products that have recently dropped in price. The email can display the product(s) in question, and inform the recipient about the recent drop in price. In addition, social proof can also be displayed, such as ratings for the product, and the number of people that have recently viewed or purchased the particular product.

Price drop trigger emails in action

Country Attire triggers price drop emails, following best practice by including details and images of the browsed items to jog the recipient’s memory. By recommending additional products that have dropped in price, Country Attire can showcase a wider range of their inventory, encouraging shoppers to add more items to their carts.

Discover more price drop email examples.

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Lucy Russell

By Lucy Russell

Head of Product Management

As Head of Product Management at Fresh Relevance, Lucy works closely with our customers and the wider team to shape the product roadmap and oversees the roll-out of all new features.