An automated program triggered when the price of a product is reduced, which sends an email to all customers who have previously viewed it, but did not purchase.
The Price drop Tactic using Relational Data is no longer available. For this reason, Emarsys recommends using Interactions-based Product catalog updates.
To create an Interactions-based Price drop Tactic, follow the instructions in Creating a Price drop Tactic in Interactions.
Currently, Emarsys Support will update your templates for Product catalog update Tactics. If you would like to understand the template update process better or update the template yourself, check Updating your template for Product catalog update Tactics.
This demand generation Tactic is enhanced with product recommendations in the same product category, with incentives for leads, defecting and active customers.
It supports the Revenue objective and contributes to the following strategies:
- Convert leads to first-time buyers
- Convert first-time buyers to active customers
- Retain active customers
- Win back defecting customers
- Win back inactive customers
The prerequisites for the Price drop Tactic to work are the following:
- Web Extend
Product view events are sent via Web Extend, and the Product catalog is loaded into Predict. Uploading of product data should happen once per day and the load should be completed before the calculation is scheduled.
Manually triggered or Product Data updates triggered by Integrations like (Shopify, Magento) will not have any effect, those product data files won't propagate.
- Calculation happens at 11:00 UTC.
- Any Data Platform to Relational Data load after the calculation will replace the previous state, so only fresh data will be stored in the Relational Data database.
- We suggest scheduling the Automation Center campaigns outside of the loading hours. The approximate loading hours for Price drop Tactic is 11:00 to 14:00 UTC.
- Currently, we use the last 2 versions of the product catalog to feed our calculations. This means the calculation works only if a customer doesn't load their product catalog more than once a day.
- E.g: the product catalog load is scheduled to run every even hour. In this case, the price drop calculation will compare the product catalogs uploaded at 8:00 and 10:00 and not the changes that happened from one day to the next.
- Product views which are followed by purchase are not filtered out from the calculation.
- Price drop calculation requires at least 2 product catalog uploads in the last 7 days. It uses the price field in the Product catalog to calculate the price drop events.
Localized (language and currency) values cannot be used for the calculation (e.g. price_usd, price_eur, etc.).
It always compares to the previously uploaded Product catalog to the current one. After all products with a price drop are listed, the algorithm checks who has an affinity to the products. A consumer considered having an affinity to a product if they checked the product at least once in the past between 12 hours and 90 days ago. We store price drop events only if their value is at least 10%, therefore the calculation filters out all products which have less than 10% price drop or if they are not available. Product views followed by purchase are not filtered out, therefore all contacts who made a purchase in the last 14 days are excluded.
Automation Center program
The program looks like this.
The program starts with a Recurring filter node that runs every day and uses a Predict segment that returns all customers who have purchased within the last three days.
The segment filters on contacts who visited a product in the last 90 days which price dropped now.
Creating a Price drop Tactic in Interactions
1. Please contact your Client Success Manager or Emarsys Support.
2. Emarsys will create your Price drop Tactic in Interactions.
3. Choose from the following options:
- If your template was created by Emarsys, you do not have to update it. You can proceed to the next step.
- If you use your own template, you need to update it by following the instructions in Updating your template for Product catalog update Tactics.
4. Open your Price drop campaign and add the required tokens to the Repeatable block.
5. Once your campaign is ready, replace the original email campaign with your updated Price drop campaign in the Tactic Interactions program.
6. Activate your Price drop Interactions program.
You can check the results on the Strategic Dashboard.