If you haven't heard of Auction Marketing yet, you're missing out on the newest approach to adapt to the latest trends in consumer shopping and spending across Ecommerce.
Driving sales using auction marketing on Shopify is possible by utilizing technology that allows you to collect and convert offers from customers in your store.
Successfully integrating auction marketing into your marketing stack depends on creating a unified strategy in which offers are a complimentary element used to quickly move inventory or decrease cart abandonment, whatever a given situation calls for.
We're confident you'll be successful, but let's guarantee that by reviewing a few best practices to get the most out of your auction marketing strategy.
- Make a 'Pay What You Want' collection
- Add the Batch button on the navigation
- Run a 'Pay What You Want' email campaign
- Build a landing page that lets you make an offer
- Recommend offers via Live Chat support
- Add Batch to your post-checkout page
- Use a 'Pay What You Want' in exit intent flows
Traditionally, retailers observe massive cart abandonment rates and attribute that to a variety of possible reasons. What we've discovered at Batch is that the way customers shop today is no longer in harmony with the way they pay.
This creates challenging dynamics in cases where customers love your product but aren't aligned on price. It's a tough challenge to solve because before Batch, retailers didn't have an easy way to identify exactly what customers are willing to pay, which is information that has all-encompassing benefits if used wisely.
There's a reason auction marketing outperforms markdowns—every time. Use these techniques to integrate auction marketing into your stack in a way that captures more immediate value from customers regardless of where they stand in the purchase lifecycle.