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Basket Analysis | 4 ways to use “product purchase data” to optimize conversions, AOV, & LTV

If you run a multi-skew eCommerce, one of the highest ROI analyses you can do for your store is called Basket Analysis. A super-powerful data mining technique used to uncover patterns of products purchased together helping you optimize 3 things:

✅Conversion Rates
✅Average Order Value
✅Customer Lifetime Value

Here are a few experiments you can run using the insights from Basket Analysis:

1) Bundle Products: If there’s a low-to-medium correlation between 2 products, we’ll test bundling to see if it increases the frequency of both products being purchased together

2) Un-Bundle Products: If there’s a medium-to-high correlation between 2 bundled products, we’ll test unbundling them to see if the CR stays constant WITHOUT a “bundle discount” increasing profit margin & AOV

3) Strategic Discounts: If there’s a medium-to-high correlation of 1 product being purchased with another (but not vice versa) we’ll test slightly discounting the primary product to increase conversions of the secondary, supporting, product

4) Up-Sell Strategy: If there’s a low-to-medium correlation of 1 product being purchased with other products (but not on its own) we’ll test presenting that as post-purchase upsell using an OTO (one-time-offer) to create urgency

My team just created an article going over Basket Analysis in more detail. I obviously can't share it here, but if you're interested let me know.

submitted by /u/sinafak
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I work at drop shipping and print-on-demand company Printful – AMA (Ask Me Anything)

Hey, I work at Printful as a Senior Community Manager and this is your chance to ask Printful, dropshipping, print-on-demand, and ecommerce questions. I'll keep an eye on this thread for a couple of days so feel free to leave comments under this thread and I'll check them when I'll be online.

Disclaimer: There might be questions that I won't be able to answer.

submitted by /u/edward_z
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Can razorhost be used to run an ecommerce website?How is the razorhost? How are its services and so on? Does it have a good uptime like they say?

Do they have customer support?

submitted by /u/Proxikuttan
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BASKET ANALYSIS | 4 ways multi-skew eCommerce stores can use “product purchase data” to optimize conversions, AOV, & LTV

I love data. There are so many opportunities you uncover when you start digging into it.

One of the highest ROI analyses we do for eCommerce stores is called BASKET ANALYSIS.

It's a super-powerful data mining technique our team uses to uncover meaningful patterns of products frequently purchased together throughout the store.

We use the data to optimize:

✅Conversion Rates
✅Average Order Value
✅Customer Lifetime Value

Here are a few experiments we run using the insights from Basket Analysis:

1) Bundle Products: If there’s a low-to-medium correlation between 2 products, we’ll test bundling to see if it increases the frequency of both products being purchased together

2) Un-Bundle Products: If there’s a medium-to-high correlation between 2 bundled products, we’ll test unbundling them to see if the CR stays constant WITHOUT a “bundle discount” increasing profit margin & AOV

3) Strategic Discounts: If there’s a medium-to-high correlation of 1 product being purchased with another (but not vice versa) we’ll test slightly discounting the primary product to increase conversions of the secondary, supporting, product

4) Up-Sell Strategy: If there’s a low-to-medium correlation of 1 product being purchased with other products (but not on its own) we’ll test presenting that as post-purchase upsell using an OTO (one-time-offer) to create urgency

My team just created an article going over Basket Analysis in more detail.

Obviously can't share a link here but if you're interested let me know.

[Cool neon basket analysis cover photo]

submitted by /u/sinafak
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Your Friendly Neighborhood Pen Shop: How Phidon Pens and Shopify Capital Took a Local Favorite to the Next Level

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Let’s work together

Hey! I’m looking to team up with a few people to start a dropshipping or print on demand store. The main purpose of this would be to gain experience and learn from each other. If you’re interested let me know. Maybe it blows up maybe it doesn’t, but you are sure to leave with more knowledge.

submitted by /u/Devontae_
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Need recommendations for recurring billing system for SaaS products

I've used the obvious choice of Woocommerce + WooCommerce subscriptions before and it kind of sucks tbh. You can't really pause a sub, you can't change anything on the fly. You have to cancel the sub and get the customer to sign up again. And cancelling subs becomes a manual process.

I'm using WordPress and Authorize.net. I am open to switching up my gateway, but I want to stick with WordPress. I'm open to a standalone provider if I can integrate it with WP.

Thanks in advance.

submitted by /u/Chief_Primate
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US Seller on Amazon, Etsy & eBay looking for a comprehensive VAT solution (or at least a how-to…)

My head is spinning trying to understand what I need to do to prep for July 1. Are there any affordable comprehensive services out there that integrates Amazon, Etsy & eBay? I do about $10K gross per year selling to the UK and EU so it's not that much, but I need a service to take care of it so I can concentrate on other things.

submitted by /u/drippyredstuff
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1 Facebook Pixel per account? What happens if you have multiple stores?

I read that you can only have 1FB Pixel per account. So what do you do if you have 5 stores for example?

submitted by /u/Steve15-21
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this is the highest-ROI analysis we do for eCommerce

I love data. There are so many opportunities you uncover when you start digging into it.

One of the highest ROI analyses we do for eCommerce stores is called BASKET ANALYSIS.

It's a super-powerful data mining technique our team uses to uncover meaningful patterns of products frequently purchased together throughout the store.

We use the data to optimize:

✅Conversion Rates
✅Average Order Value
✅Customer Lifetime Value

Here are a few experiments we run using the insights from Basket Analysis:

1) Bundle Products: If there’s a low-to-medium correlation between 2 products, we’ll test bundling to see if it increases the frequency of both products being purchased together

2) Un-Bundle Products: If there’s a medium-to-high correlation between 2 bundled products, we’ll test unbundling them to see if the CR stays constant WITHOUT a “bundle discount” increasing profit margin & AOV

3) Strategic Discounts: If there’s a medium-to-high correlation of 1 product being purchased with another (but not vice versa) we’ll test slightly discounting the primary product to increase conversions of the secondary, supporting, product

4) Up-Sell Strategy: If there’s a low-to-medium correlation of 1 product being purchased with other products (but not on its own) we’ll test presenting that as post-purchase upsell using an OTO (one-time-offer) to create urgency

My team just created an article going over Basket Analysis in more detail.

Obviously can't share a link here but if you're interested let me know.

[Cool neon basket analysis cover photo]

submitted by /u/sinafak
[link] [comments]