Using Data to Build Your Business
Example:
- The average fiction book is read within two weeks of purchase. So if you purchased a John Grisham book for $8.75 on Half.com, chances are that you will finish it within 14 days. We decided to implement an auto-email that was sent 17 days after purchase that said “Want your $8.75 back, click here to list your Grisham book for sale”. We found that the open (and conversion) rate of that email was amazing — and it greatly added to our ability to “turn” the same book multiple times.
- We noticed on our cohort analysis that if a first-time buyer did not make a second-purchase within 6 weeks of their initial purchase, there was a 80%+ chance that they would not return — but that if a user made two purchases within that period of time, there was a 70+% chance they would return again. So we created an auto-email with a personalized, limited-time coupon that was sent after six weeks. Again, we experienced strong open/conversion rates.
- Like all e-commerce sites, Half.com had many “abandonded shopping carts” — where people would put items in the cart and not check out. We created an auto-email campaign that would merchandise the items left in the cart — and send it out two hours after the cart was abandoned. A very successful campaign.