Press Releases
MyBuys Consumer Survey Reveals Personalized Product Recommendations Drive More Sales for Online Retailers
e-tailing group Research Shows Majority of Consumers Expect Retailers to Know Them
Redwood City, Calif.—July 8, 2009—MyBuys, the leading provider of personalized product recommendations, today revealed results of its consumer report on how consumers want merchants to implement personalized product recommendations (PPR). The report demonstrates the power of relevant recommendations to drive online retail sales, determining that the majority of consumers (76%) make additional purchases when presented with tailored product recommendations. Additionally, many consumers (43%) now expect retailers to provide recommendations that take into account personal tastes and shopping history.
The new report, entitled Delivering the Added Value Consumers Expect from Personalized Product Recommendations—A Practical Guide for E-Tailers, examinesseveral questions on a historical basis to understand any shifts in the consumer's mind.
"This is our second year of conducting and publishing in-depth consumer research with the e-tailing group, and we believe online retailers will find information on the evolution of consumer preferences to be valuable in planning their PPR strategy" said Lisa Joy Rosner, vice president, Marketing, MyBuys. "As the leading provider of PPR, MyBuys incorporates the lessons from this research and from our clients into our service, increasing its effectiveness in driving sales for our retailers."
The report contains findings from a survey of 1,000 consumers with annual incomes of $50,000 and higher who shop online at least twice each month. Key findings include:
- PPR Drive Sales—76% of shoppers report purchasing additional product based on recommendations.
- Consumers Expect Smart PPR—Consumers expect browsing patterns and past purchases to be factored into a merchant's personalization strategy. 43% expect a retailer to use their past purchase histories when making new recommendations and 20% believe merchants should take into account browsing patterns and other factors.
- Location Matters—59% of shoppers expect to find personalized product recommendations throughout the site, starting with a personalized home page, and followed by product pages (35%).
- Reviews Drive Sales—For 66% of shoppers, product ratings/reviews as part of recommended products lend the site more credibility; 26% tend to buy more.
- PPR Expected at all Touchpoints—Consumers expect PPR in follow-up communications—first in order confirmation, followed by shipping confirmation.
To download a copy of the complete report, www.mybuys.com/prjuly09.
About MyBuys
MyBuys is the leading provider of personalized product recommendations for online retailers. The company builds deep profiles based on each individual shopper's behavior, then uses a patented portfolio of algorithms and real-time optimization to deliver the most relevant recommendations on the web and in email. MyBuys' clients are increasing average order value by 45%, improving conversion rates by 90%, and boosting overall online revenue 10-30%. Premier retailers—including Restoration Hardware, Lancôme, Wine Enthusiast and Cost Plus/World Market—rely on MyBuys to deliver dynamic, personalized merchandising to their shoppers. Based in Redwood City, Calif., MyBuys is a privately held company. www.MyBuys.com.
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Emily Borders
Borders + Gratehouse
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emily@bordersgratehouse.com