In the retail world, pricing is still one of the key factors in a purchase decision for the modern consumer. It’s evident that pricing wars continue to intensify, and as competition increases, it causes a ripple effect that comprises most of the retail businesses around the world.
With that being said, one cannot expect to lower their prices instantaneously or even bit-by-bit to get an edge. So that begs the question, how do I attract customers in the midst of relentless price wars, at an age where swaying a customer in your favor is as easy as providing an additional 10% off the shopping cart.
Yet, in the end, discounts and promos aren’t sustainable business models. There are endless stories of how retailers are trying to chase giants by offering steep discounts and burning billions in the process.
Using emails and the sense of urgency to a marketer’s advantage
We have seen that FOMO has been a huge driver when it comes to making a purchase decision. Many of our customers told us how our Price Drop Push feature improved their conversion rates significantly.
At the same time, Insider started researching the principle of creating urgency and discovered that a lot of brands leverage email as the primary channel to take advantage of the phenomenon.
For example, this is the email that came into my inbox based on my activity a few weeks ago, when I was looking to replace my Google Pixel smartphone (I broke the screen). Since Amazon knew about my activity, it knew that a price drop might appeal to me and I would snag this phone swiftly.
But, still there are a couple of issues that don’t let marketers leverage this phenomenon fully, and the crux of the problem are emails. Email is still considered as an intimate way of interacting with customers. Yet, a lot of visitors and interested parties do not like to share their details or sign up while doing their product research.
They assume that after sharing their email, they’ll start getting a barrage of sales emails, personal reminders and that will lead to a polluted email inbox, which can be a total nightmare. Trust me, I’ve been on the other side.
How Web Push messages changed everything
While email struggled, we saw the same visitors subscribing to push messages and notifications on both of their mobile and desktop devices with ease.
Well, the reason is fairly straightforward. Push notifications do not record personal information about the users, they just ask for permission to communicate. It’s more of an on-off switch rather than a mechanism that allows you to exchange personal information with a customer in order to provide them with offers and discounts.
Other major advantages of push messaging are higher engagement and click-through rates (CTR). And when we speak about Price Alerts, customers generally react instantaneously or don’t react at all. Therefore, Web Push notifications could create a heightened sense of urgency compared to emails.
Web Push messages are directly sent to devices and they reside on the notification pane, they pop up as soon as received by the recipient’s device. On the other hand, email-based price alerts can get lost in the promotional or update tabs and a prospect might never see the message in the first place.
Introducing Price Alert Web Push Notifications
With emails not being as effective as they should be and pricing still being a major factor in a purchase decision, our team at Insider is happy to announce Push based Price Alerts.Price Alerts allows marketers and retailers create alerts based on changes in the pricing of any given product in your inventory. With Insider’s Web Push Price Alerts you’ll be able to tap into the principle of urgency and limited availability.
The Price Alert Push is a simple yet powerful feature that could be added to your arsenal of conversion optimization and revenue optimization tools. They work especially well in industries such as eCommerce, Travel, Hospitality and more. This new feature will allow you to bolster conversions, reduce the visitor to buyer journey and provide your customers with the most value for their buck.
Yash works as a marketer at Insider. His loves to read and write about SaaS, Marketing, AI and Machine Learning. Apart from this, he is a huge foodie and an Android fanboy.