Personalization Software Example 1: Product Discovery

[robiulhasan]

Product discovery is a term used to define the process of customers coming onto your site and finding a product they are interested in.

Unfortunately, as stores expand their product offerings, the amount of time it takes a customer to find the products they are most interested in

Value is subjective.



Each individual customer assigns a different value to your cell phone lists
products. This valuation can be based on many things (needs, desires, pain, jobs to be done).



This ideas is encapsulated in the Law of Demand, as shown above.



The implication for us is that we can set any number of price points. If we increase prices, we may lose price sensitive customers, but there will be some portion of your client base that finds enough value in your product to want to purchase at the higher prices.



In other words, customers are willing to pay a variety of prices for you to solve their problems. You can develop various products that fit the different price points.

“Customers are willing to pay a variety of prices for you to solve their problems. You can develop various products that fit the different price points..."



Together, these insights are the basis for maximizing profits through pricing strategy.

Separate Customers Based on How they Value your Products (What to Do)
To increase eCommerce conversion rates, we first need to be able to separate customers based on how much value they get from our products.