Transforming into Zero: Establishing a Sales Funnel
Conversation Commerce encompasses a complete sales process, from broadcasting messages to customer responses/queries, suggesting suitable products, and finally completing transactions. This process involves multiple interactions, which may span a long time or occur when the customer does not have an immediate purchase plan. Therefore, businesses should not only focus on calculating the number of customers and order values at the beginning and end but also establish a clear sales funnel to systematically monitor the data at each stage and determine the status of each customer. The typical process includes: 1) When the broadcast/query is sent or received, 2) Whether the customer has clicked on the message after receiving it, 3) Whether there are further inquiries after clicking, 4) Whether the promoted product is added to the shopping list, 5) Whether the customer places an order and completes the payment. Once the sales funnel is defined, it is essential to rely on a system to integrate and visualize the data from each stage, enabling businesses to identify the breakpoints in the sales chain and improve the promotional content accordingly. For example, offering last-minute offers encourages buyers to complete their shopping lists quickly.
Analyzing Customer Behavior
In addition to defining a follow-up sales process, the sales funnel can provide deeper insights through big data analysis. For example, during which period does the click-through rate for broadcasts peak? Which customers have higher engagement rates? How long does it take for customers to click after receiving the promotion? How many interactions do customers need before making a purchase decision? These business analytics enable businesses to understand their customer base better, knowing which customers to provide more product information and which customers to offer promotions to, thereby increasing conversion rates. At the same time, it helps to reduce resource consumption by focusing efforts on the right customers at the right time.
Utilizing Big Data and AI to Improve Conversion Rates
The aforementioned points focus on customer behavioral data (Behavior Data). Through instant messaging platforms, businesses also gain access to conversation data (Conversation Data). If businesses plan to store these data systematically, along with transaction records (Transaction Data), congratulations, you have acquired the "new oil"! Businesses can leverage artificial intelligence (AI) to identify target customer segments quickly and provide product recommendations. Platforms that combine and analyze these three types of data can truly maximize the power of AI and establish a sustainable business model that significantly enhances conversion efficiency.
(For further reading: Necessary Conditions for Utilizing Artificial Intelligence)"
