According to SaleCycle (2023), the global average cart abandonment rate stands at 79.53%. This means that out of every 100 created carts, only 20 end up in a purchase.
Unfortunately, many e-commerce platforms are missing out on sales opportunities by not offering a fully satisfying experience to their users, for whatever reason.
Currently, some tools allow for insights into different user variables interacting with e-commerce platforms, but the information is often partial, momentary, limited, or incomplete.
That's why Netquest has developed a solution that will be a game-changer for many marketing and market research professionals: the Digital Shopper Monitor. A unique research product that delves into the satisfaction levels of both buyers and non-buyers (visitors) of major e-commerce platforms, exploring their true motivations, needs, preferences, and behaviors.
E-commerce Metrics and the Primary Challenge in Obtaining Them
Often, we see how some companies don't pay enough attention to deeply analyzing online consumer behavior or investigating the experience of their customers or visitors to acquire impactful e-commerce metrics beyond just simple numbers.
A Shift in Focus Thanks to the Use of Digital Shopper Monitor
Marketing, Customer Experience (CX), and Research teams all share a common need: to better understand their consumers and the competitive market landscape. This is where Digital Shopper Monitor (DSM) steps in to make a difference.
Recognizing that every interaction matters in e-commerce, Netquest set out to develop a solution capable of identifying growth opportunities for e-commerce platforms by evaluating the satisfaction levels of buyers and visitors, focusing on the motivations and reasons behind their actions.
Digital Shopper Monitor cultivates the creation of robust competitive advantages, allowing you to:
- Differentiate between visitor and buyer satisfaction levels.
- Identify key reasons for satisfaction or dissatisfaction, pinpointing both strengths and weaknesses in the user experience (UX) of the analyzed website/app.
- Monitor changes in satisfaction levels over time.
- Compare the satisfaction level of a specific e-commerce website/app with key competitors.
How Does It Achieve This?
Combination of Observed and Declared Data
Following our philosophy of harnessing the power of data combination, Netquest once again places its bet on blending observed and declared data in a single tool. This ensures a balanced view of users' online activities and opinions, eliminating biases and assumptions.
Observation
Using our proprietary tracking technology, we gain insights into the actual digital behavior of various consumers within our online panel. This is achieved precisely and reliably. We understand which e-commerce websites and apps they use, when and how they do so, and whether sessions end in purchases or not.
It's crucial to highlight that all this is carried out transparently, adhering to the strictest privacy norms, and with participants' fully transparent, informed consent—a critical factor when utilizing data provider services.
Surveying
After completing a visit or purchase on an e-commerce website or app, panelists receive an invitation to respond to a survey regarding their satisfaction level during the session. This helps us analyze and comprehend the reasons behind their experience.
Intelligent Information Processing
The second pillar of our solution involves using sophisticated artificial intelligence (AI) models to classify and segment the motivations and reasons provided by consumers in surveys. This identifies whether positive, negative, or neutral comments predominate.
This approach helps us understand user experiences for each platform or event type (visit or purchase), offering relevant metrics associated with various insights—product variety and quality, pricing, payment and shipping terms, and much more.
Dynamic Information Dashboard
Lastly, through our intuitive and user-friendly dashboard, you gain access to unprecedented data granularity and quality. Our system allows for custom filtering of information by:
- Retailer
- Event type (visit or purchase)
- Specific dates (enabling assessment of special campaigns like Christmas, Black Friday, etc.)
- Sociodemographic variable details
- User or buyer satisfaction and opinion
All of this is powered by our weekly data collection and updates, ensuring continuous and representative tracking of both the brand and the market.
Why You Should Use Digital Shopper Monitor
As we've seen, Digital Shopper Monitor is an innovative and effective solution for optimizing your e-commerce marketing and CX strategies by providing:
Access to Impactful Information for Decision-making and Actions - Digital Shopper Monitor offers a holistic view of the market, enabling both tactical and strategic decisions based on a comprehensive understanding of the industry.
- Analysis of Your Brand vs. Key Competitors - We understand the importance of identifying competitors' strengths and weaknesses at any given time. Hence, DSM reveals satisfaction indicators and user opinions about your brand and the leading e-commerce platforms in your national category.
- Detection of Customer Experience Improvements - Understand your website/app's strengths and weaknesses and identify potential factors for differentiating your company's service.
- Gaining an Edge with Actionable Insights - The insights provided by DSM will aid you in redesigning or creating new strategies that allow your brand to react promptly, fostering higher conversion rates and even differentiation.
A Robust Solution in E-commerce Metrics
All projections indicate that e-commerce will continue to gain ground in terms of sales and revenue in the coming years. This underscores the importance of having comprehensive research tools that, beyond basic metrics, offer a holistic view to identify growth opportunities and achieve a competitive edge in the market.
Digital Shopper Monitor emerges as a fundamental tool in our endeavor to build a unique suite of solutions for the e-commerce sector, complementing the information provided by Netrica.
In this way, companies can gain a 360° view of the e-shopper, analyzing their behavior and explaining it. Would you like to learn more about our new solution? Request a demo right away and empower your e-commerce metrics!
