7 Ways Visual Commerce Will Cut Costs & Save You Money
Growing competition and economic uncertainty are making it critical for eCommerce brands to cut costs and save money by operating more efficiently.
Visual commerce is a transformational tool that can unlock quick and easy ways for brands and manufacturers to show more and sell more. Let’s look at seven of them:
1. Reduce your Customer Acquisition Costs (CAC)
For most brands, spending on Google AdWords, display, Meta/Instagram, and TikTok is a major part of customer acquisition cost. But, roughly 95% of clicks do not convert.
Threekit delivers a magical product experience where customers can personalize products in real time which drives up engagement and conversion significantly. For example TaylorMade hit their three month sales goal in the first month of Threekit going live.
When you deliver a better, higher converting experience your ROAS (return on ad spend) goes up dramatically and you can choose whether to save that extra cost or to spend even more to make more.
2. Reduce Returns
Returns are a necessary evil in the eCommerce business. According to research by Statista, product returns can reach as high as 26% of all sales depending on your industry.
What if you could reduce returns by showing would-be buyers every angle and variation of your product before they convert? Threekit’s amazing visual commerce platform does just that.
When customers can see their customized product in 2D, 3D, and Augmented Reality – which puts a 3D rendering of the object in their space – they’ll be more confident in what they’re buying and less likely to return your product.
This can reduce your inventory and restocking costs, but it can also create happier customers. Shoppers who keep their purchases are more likely to leave positive reviews, which is content that you can leverage in future marketing campaigns.
3. Zero Out Your Photography Budget
Asset photography can be an extremely expensive and time-intensive project, especially if you have customizable products that are available in a variety of colors, shapes, and sizes.
Research shows that just one professional-quality product photo can cost as much as $50, and that adds up quickly if you have dozens or hundreds of products. Maintaining an up-to-date archive complicates this problem further if you are regularly testing new products or changing your offers.
Also, some ecommerce brands that use dropshipping or third-party logistics may not have inventory on hand to take photos, which makes the process even more difficult.
Choosing a visual commerce platform like Threekit completely eliminates these concerns. You can show your entire catalog for pennies on the dollar in comparison to photos.
4. Less Inventory, More Selling
If you have in-store inventory or a manufacturing company with B2B clients, visual commerce reduces the need to have on-hand inventory.
If you can show seven customized versions of your product on a tablet during a sales meeting, for example, you don’t need to have all seven versions of that product in the meeting with you.
5. Save Time
With Threekit, you can create a huge portfolio with millions of stunning visuals in the same amount of time that it would take to shoot dozens of photos for your brand.
Giving your prospects a wide variety of images to engage with also establishes your credibility as a brand, which can increase the likelihood of a purchase.
6. Empower Your Team
Using visual commerce to reduce returned products, photo requirements, and in-house inventory can free up your team to engage with potential buyers in new and exciting ways.
Your sales team, for example, can use video calls and visual commerce to introduce product variations in augmented reality while talking through the benefits of the purchase. Customers’ in-store experiences can also be enhanced with the ease-of-use visual commerce provides.
7. Show Products That Haven't Been Made Yet
Threekit also empowers brands to show potential buyers products that are still at the design stage to gauge their interest.
And with Threekit analytics, you can see how people are engaging with potential products, materials, or add-ons, which you can use to forecast production needs and stay agile.
...All While Reducing Your Carbon Footprint
Because you’re using a visual commerce platform to produce images at scale, you don’t need to spend money and energy transporting displays, scenes, additional inventory, and other assets to and from locations for photo shoots and in-person reviews.