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The Secret Ingredient for Increasing Conversion Rate of Marketing Campaigns
What if the ads you see are actually relevant and something you actually were looking for. You are much more likely to interact with the ad than random irrelevant ads. So that's what we will be looking at today.
Turn your website visitors into customers
Every e-commerce brand attracts massive regular website traffic, and every single of those website visitors is a potential customer. However, the percentage of visitors that end up buying something is very low, to the point where it's almost unbelievable. On average, only 1% o those visitors actually buy something.
A Step by Step Guide to Propensity to Buy Model
By definition, it is the likelihood of a potential customer to purchase something, a.k.a Purchase Propensity. It is applicable to almost any sort of business, however, it's especially applicable to the e-commerce industry.
Why Do We Calculate Product Propensity
Customers’ propensity to change their direction of purchasing has been a huge problem for decades as seller cannot anticipate the correct move for the best strategy particularly in case of larger demands. In fact, as time passes, not implementing the correct move becomes as harmful as implementing a wrong move.
How To Calculate Purchase Propensity With Machine Learning
Marginal propensity of consumers toward a product or a service is generally guessed by suppliers, so demand shifts, market movements, and financial alterations, although they have an impact, are overlooked. In fact, not being able to keep records and data causes so many problems in terms of calculations of these metrics that providers are left to guess only.