3 Ways a Product Configurator Creates a Shorter Sales Cycle
A recent study found that almost 60% of eCommerce shoppers abandon their carts because they were just browsing. However, 31% will return to make a purchase, usually within two days of the initial visit.
Certain products like fashion and beauty products have a shorter sales cycle — under 19 hours — while sales of complex products or big-ticket items may take more than 48 hours to close.
Why the delays in purchasing? Some shoppers need more information. About 60% of shoppers conduct research before making a purchase.
Others want to consult others or read reviews. Just under 70% of consumers will read up to six reviews before deciding to buy. In general, customers want to feel confident that their purchase is the right one.
How can online shops shorten the sales process from days to hours? One way is to leverage the automation capabilities of a product configurator. A product configurator gives potential buyers the tools to make informed decisions quickly.
Augmented reality and real-time configuration of product options make it easier for consumers to see what they're buying. Here are three key ways these tools can speed up sales:
1. Educate buyers with a product configurator
Turning browsers into buyers requires educating people on the value of your product. According to McKinsey, eCommerce fundamentals have changed in the last few years.
Today's customers look for:
- High-quality digital interactions
- Innovative experiences
- Reliable product information
- Best value
Price is not as important as the best value for the price. To demonstrate value, merchants need to deliver a seamless experience that includes a configuration process for custom products.
Potential buyers want to zoom in to see the details of a finished product. They want 360° views that show products from all sides.
How clothing looks from the back or sides is just as important as a front view. Displaying product dimensions lets people know if the item will fit in the desired space. Viewing images that include possible add-ons in real time makes it easier for shoppers to purchase.
With a 3D product configurator, merchants can deliver the high-quality experience that browsers expect. Product configurators provide both text and visual information that enables shoppers to make educated decisions on the products they buy.
The more information they can acquire about a product, the faster they can make a decision.
2. Build confidence with augmented reality
Innovative customer experiences are another factor in where people shop online. Augmented reality is one of those experiences.
Being able to view an item in the space it will occupy helps shoppers decide if a product fits its purpose. Being able to configure the product so it shows the item in the selected size and color increases buyer confidence.
Different customer experiences that demonstrate a product's value can shorten the sales cycle. Buyers do not hesitate to purchase because they can't visualize the item in a specific space.
There's no need to consult others to ensure their selections will work. Making augmented reality part of the sales process can shorten the sales cycle.
According to Forbes, augmented reality improves customer engagement and can increase sales by as much as 200%. Because shoppers are engaged longer, they have time to experience a product's value, increasing the likelihood that they will purchase in a single session. Merchants do not have to wait the 19+ hours of a typical sale cycle.
3. Create "seeing is believing" visuals
Successful real estate agents stage the homes they sell because showing how a space could work helps potential buyers see how to use the space.
Online merchants should follow the same concept. With online product configurators, sellers can show potential buyers multiple views to help them visualize possible uses for the product.
Unfortunately, product photography can be expensive. Shooting ten or more photos of a single product can quickly add up if the item has multiple options.
With Threekit's virtual photography capabilities, merchants can show product functionality without costly photo shoots. Product configurator software with virtual photography can produce 3D models in multiple formats to highlight a product's value.
Helping shoppers understand a product's value for their specific needs shortens the sales cycle. Browsers do not have to convince themselves of the product's value because online shops can do it for them through multiple images.
With the right technology, product photography becomes more cost-effective.
Prioritize a shorter sales cycle
eCommerce merchants need online product configurators if they want to shorten their sales cycle.
Augmented reality increases customer loyalty and shortens sales time through extended engagement. Virtual photography makes omnichannel delivery of product images possible without reducing profit margins.
All of these factors contribute to customer satisfaction.
According to McKinsey, the factor that will most influence a shopper is the value proposition. If merchants want shorter sales cycles, they need to use technology to deliver that proposition.
Improving sales is more than just faster checkouts, savvier sales teams and easier navigation. These site-specific features are table stakes. What matters is showing what value the product has for the individual.
Get started with Threekit's platform
Threekit's platform incorporates the critical features that consumers are looking for when contemplating a sale. It delivers augmented reality so shoppers can upload pictures of their environment.
With the ability to manipulate a product in real-time in a buyer's home environment, Threekit's solution can extend the time a consumer stays engaged, often reducing the length of the sales cycle.
Product configurators can educate potential customers on a product's value as well as its functionality. 3D models, zoom capabilities and 360° views show shoppers the product's value, as well as its features. Explaining product features to the buying public through images may be faster than searching through a page of text.
Not only does the platform help shorten the sales cycle, but it also provides critical metrics to measure changes in sales cycle lengths. With Threekit's technology in place, online merchants can implement features that reduce the time it takes for a buyer to discover a product's value proposition.
Once the proposition is understood, it doesn't take long for the consumer to decide whether to purchase. The more purchases that occur in a single session, the shorter the sales cycle and the faster the revenue is received.
If you're interested in shortening your sales cycle, contact us. We can help put your business on the path to a more productive sales cycle.