Price changes are an inescapable part of any business. Marketing teams, brand managers, and product owners strive hard to obtain new customers. This is one of the reasons why owners of many firms are not willing to boost the price of a product even when it means more revenue. Sending an email when the price of a product changes is a vital task that brings in more customers.
In this blog, we will focus on the advantages of price drop alerts and how to create them to send emails to a customer in case of price changes.
Top Reasons Behind Cart Abandonment
In the present day online shopping, most of you might be familiar with the reasons why customers discard shopping carts. This is due to the below-mentioned factors:
• The journey of online shopping seems to be distracted by something else
• Some people might even resort to window shopping and drop the purchase of a product
• In certain circumstances, the delivery charge might be huge, especially when they place an order from abroad
Cart abandonment is heavily influenced by the increase in price of a product. This would force the visitors to shift from a specific e-commerce portal within just a few seconds as the price does not meet their expectations. If we take a look from the buyer’s angle, online shopping may not prove beneficial since the chances of availing the best deals are remote.
In the below-mentioned chart, you will gain a better understanding of retail eCommerce sales across the globe:
Benefits of Price Drop Alerts
There are countless benefits due to price drop alerts and this has to be taken into consideration by the concerned store owner. Some of the advantages of price drop alerts are mentioned below:
| Benefit | Description |
| Re-engaging Customers | The chances of re-engaging potential customers are high once they receive a notification regarding a price drop. This alert would drive them back to your site, thereby boosting user engagement. Besides, adequate data could be gathered for self-analytics. They are very helpful in increasing leads and transforming them into customers |
| Generate Revenue | A recent study conducted by a prominent firm disclosed the fact that abandonment emails have triggered a higher conversion rate |
| Drive More Traffic to Your Website | The possibilities of visiting your online store are high if customers receive a price drop alert from the store. By doing so, it would help in increasing the conversion rate and drive maximum visitors to your site |
| Expansion of Email Marketing List | A price drop email program helps boost your email marketing list. In addition, it enhances brand recognition and assists in establishing a strong customer base |
Steps to Set Product Price Change Emails in Magento 2
Nowadays Magento 2 development companies are considering implementing the below-mentioned steps to set up product price change emails in Magento 2:
Step 1:
• Choose the admin panel and then select Stores > Settings > Configuration
• Navigate through the left panel, and choose Catalog > Catalog
• Now the Product Alert section can be accessed
• To initiate the product alert in case there is any sort of price variation, choose Yes which is available in the Allow Alert When Product Price Changes section
• You may select a desired template of your choice to send notifications regarding changes in the price of products. It is available from the dropdown list included in the Price Alert Email Template
• To generate a light notification once an item is returned to the inventory, you may choose Yes which is available in the Allow Alert Product When Come Back in Stock section
• Now you are required to turn on the Display Out of Stock Products included in the Inventory stock section to Yes. If enabled, it asks customers to sign up to receive notifications regarding the availability of a product
• The next step involves choosing a template that is meant to alert the availability of an item that is included in the dropdown menu of the Stock Alert Email Template
• The final step is to choose the sender of the alert mail and it is available in the section Alert Email Sender
• Now you are required to tap the button Save Config to finish the process
Step 2:
• Choose from the admin panel section, Stores > Settings > Configuration
• In the left panel, select Catalog > Catalog
• Now you may opt for the Product Alert Run Settings field
• To initiate the frequency level to share the product alert, you may choose the frequency that is available from the dropdown section: Daily, Weekly, or Monthly
• You may choose the Start Time to deliver the send alert
• Input the email ID of the person in the field Error Email Recipient section to get connected
• Choose the concerned sender of the error mail that is provided in the section Error Email Sender
• Later, choose a template for the specific error message in the section Email Template
• Now tap the button Save Config to complete the process
Conclusion
A business concern may consider taking advantage of Magento web development services to execute the process of sending price drop alerts to their esteemed clients. It does not matter whether you are utilizing certain email marketing tools to share all the latest updates, it is recommended to interact with customers and notify them about the price variations to sell more.
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