Reduce Cart Abandonment - Quin AI generates up to 15% incremental revenue in a month

Description

Koctas, Kingfisher’s joint venture in Turkey, is the number one home improvement and DIY retailer in the country. From major appliance to construction goods, Koctas offers nearly 70 thousand products in 11 main categories with affordable prices and payment facilities. Koctas opened his first online store in 2005 in addition to its physical stores and currently has over 5 million monthly visitors.

Headquarters

Istanbul, Turkey

Industry

Home Improvement and DIY

Website

https://www.koctas.com.tr/

Use case details

The challenge:

Not able to identify abandoners before they leave the website

The abandonment rate was higher than the industry average. Existing methods and approaches for preventing cart abandonment were not sufficient

Avoid overspending on campaigns while trying to reduce the abandonment rate

Koçtaş wanted to narrow down the target audience to decrease the cart abandonment rate whilst keeping campaign spend at the minimum

Struggle to find a solution that does not require significant time and resource investment

Koçtaş was struggling to find a solution that can identify the target audience in real-time whilst managing all data flows in the cloud. Koçtaş wanted a solution with super short implementation time and devote limited time and resource from their side

The solution:

Understand real-time intention of each visitor and act upon high propensity abandoners

Quin AI's tailored deep learning algorithm helped Koçtaş to identify 80% of the abandoners before they leave the website. This brought a significant amount (up to 15%) of additional revenue.

Prevent overspent in promotions and optimize promotion cost

With the help of Quin AI, Koçtaş found the abandoners by targeting only 15% of the traffic and gave promotions to each visitor in their individual journey, resulting in significant saving in promotion costs

Access to end-to-end advance analytics without requiring significant investments

Quin AI provides an end-to-end real-time data management tool in the cloud with tailored cart abandonment and buyer prediction algorithms. Koçtaş was also able to take real-time actions. Koçtaş has an access to a solution without significant investment in time, technical resources, and the recruitment of additional data engineers and data scientists.

Ahmet Gösteren

Head of Marketing Analytics

Quin AI remarkably decreased the cart abandonment rate. It generated up to 15% additional revenue just by pointing out possible abandoners and sending coupons to them. The result is just amazing.

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