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The value of online conversations can now be demonstrated through a financial case study with a European retailer. iAdvize commissioned a Total Economic Impact™. Results show increased sales revenues and a boost in conversion rate from 4 to 13%.
The commissioned study conducted by Forrester Consulting on behalf of iAdvize analysed the total economic impact of online conversations with ibbü experts. ibbü is a service delivered by iAdvize that gives brands access to a community of experts in a specific area. They engage with visitors throughout the buyer journey, sharing authentic product advice and high-quality support. This way, consumers who need help get answers to their questions 24/7 via chat.
For the calculation of the total economic impact, Forrester was commissioned to write a financial case study with a fast-growing online retailer based in Europe. The global value estimated is based on 2018 results and predictions over the three years to come.
Forrester used three indicators to analyse the benefits: conversion rate, average order value and repeat business. In addition to this, cost reductions for customer service were estimated in order to calculate the ROI:
●Customers who engaged with an ibbü expert converted at 13% on average, as opposed to4% of customers who triggered an invitation but did not use the chat. Over a period of three years this increase translates into an additional profit of €4.9 million for the interviewed merchant.
●Visitors who chatted with an ibbü expert had anaverage basket value 12% higherthan those who did not. For iAdvize’s customer this represents an extra profit of €850 000.
●The data shows that a visitor who engages with an ibbü expert is2.2 times more likely to come back to the site and make another purchase; hethen makes 9% more purchases on average and has a 26% higher average order value. Forrester estimates the extra profit within the next three years at €660 000 thanks to this uplift.
These increases can be explained by the reassurance and trustworthiness that ibbü experts offer as they have a high level of expertise but do not represent the brand. The Head of Customer Service of the analysed brand adds: “The nice thing about ibbü is that the experts are culturally close to our buyers which facilitates building a connection, creates trust, and improves the conversation.”