After piloting an internally-built solution, an IR Top 50 retailer turns to Indix and triples the match rate and traffic from its new browser plugin.
A Top 50 retailer had a great idea, and they needed a hand to make it happen. One of their primary value propositions is having lower prices than their competitors. They had great conversion rates once they got visitors to their site, but they knew that their customers also bought products at many other places online—products that the customers might not even know that the retailer sold.
The retailer decided to pilot a browser plugin that would allow its customers to be alerted if they were shopping on another site and the said retailer had the same product at a lower price. This would help them meet their promise of low prices while driving additional revenue and making it easier for their customers to comparison shop right from the browser.
They started building the plugin and assembling their own database of competitors’ products.
When the retailer piloted the plugin, they got both good news and bad news. The good news was that the pilot group showed high plugin adoption. A huge percentage of those invited to take part in the pilot installed the plugin.
The bad news was that their database just wasn’t big enough. Their match rate on big retailer sites was decent, but they completely missed all of the long tail websites. Their match rate on non-traditional ecommerce sites was close to zero, meaning that they couldn’t capture additional revenue from their shoppers most of the time.
Fundamentally, whether the plugin would be useful enough to justify the resources they needed to support it came down to matching, and the rate with their database just wasn’t good enough.
They decided to partner with Indix to take advantage of the world’s largest source of aggregated product information. They hoped that the breadth of Indix product information would increase the plugin’s usefulness and drive more traffic and revenue.
By using Indix Data-as-a-Service in addition to their own database, the retailer increased their match rate by 300% compared to using their database alone. This tripled the opportunity for shoppers to purchase products at lower prices from their website as opposed to their competitors’.
Indix product information also allowed them to match products on more obscure or non-traditional ecommerce websites. With the ability to match products from over 600,000 sellers, the match rates on less popular websites went up significantly from virtually nothing.
If the browser plugin identifies a product that the retailer has at a lower price, it puts a pop-up on the page that the customer can click on to go right to the product on the retailer’s site.
The retailer uses the Offers Premium endpoint of the Indix Product API, and uses all of the data the plugin gathers on the page to find the right product. This data may include URL, product title, SKU, ASIN, MPN, or any other information.
With the ability to match nearly a billion product URLs, 148+ million UPCs, and 654+ million SKUs, the retailer was very happy with their 300% match rate increase.
Also published on Medium.