Blog article

How to maximize revenue-generating opportunities with co-browsing

6 min read
6w ago
How to maximize revenue-generating opportunities with co-browsing

The online shopping experience has come a long way since the early days of eBay and Amazon in 1995. Digitizing the buying process has helped reduce the cost of sales, provided access to new markets, and consolidated the supply chain for businesses across the globe. When it’s done right, an online experience can be quick and easy for customers, but do you get the feeling it’s now missing something?

The “experience” of going to a store and buying something is being replaced with the “process” of buying online (around 30% of consumers now prefer to purchase online). However, this lack of personal interaction can impact revenue-generation opportunities, as skilled agents miss out on the opportunity to upsell or cross-sell. Worse still, if friction occurs, the sales or support teams are virtually powerless to prevent their digital customers from walking away.

Co-browsing is a way to reintroduce the salesperson into the buyer journey, keeping the customer close, building trust and rapport, and maximizing revenue. In doing so, previously frustrated customers can be transformed into loyal brand champions, unlocking future revenue opportunities.

Co-browsing sees customers share a web browser or application with sales in real-time, navigating the sales process together, from casual product research to the moment of transaction and post-purchase advocacy.

Here are five revenue-generating opportunities delivered by co-browsing:

Demo your product

If you have a product with a lot of features, or a complex service with multiple steps, a self-service proposition may not be your best option. Complexity brings risk, and the moment you introduce risk customers begin to abandon the process. You can mitigate this risk by using co-browsing to showcase all the parts that make your product so great, answer questions along the way, and take a bespoke route through your offering to address any potential concerns.

Guided demonstrations effectively bridge the gap between the physical and virtual worlds; helping build trust, improve pre-sales engagements and ultimately improve conversion rates.

Assist with online purchases

Industry statistics show approximately 70% of online shopping baskets are abandoned. Of course, some of these customers were never truly committed to making a purchase, using their basket as a wish list or to store items and compare them to those for sale elsewhere. However, all too often, baskets are abandoned due to friction points on the online buyer journey.

A lengthy, confusing checkout process can quickly lead to frustration. Questions about shipping fees and taxes can make deals less appealing. Security concerns can cause customers to reconsider their purchase. These are all scenarios where online assistance can reassure buyers and keep them on track to complete their purchase.

The most telling impact on revenue comes at the point of purchase, where a guided sales experience can be used to upsell - encouraging the buyer to add options, bundle complementary products, or purchase the next model in the lineup. This enables organizations to increase the average order value (AOV) and share of wallet (SOW) for every customer.

Elevate the experience

The luxury in-store experience sees shoppers treated to VIP rooms and free champagne. The online experience is utilitarian in contrast—even when spending thousands of dollars on designer e-commerce sites. It’s not surprising that the affluent shopper can feel a little shortchanged which may explain why the majority of luxury consumers research online but still prefer to purchase in-store.

Co-browsing can elevate online shopping for high-value goods by bringing the personalized sales experience customers expect from high-end stores. Virtual showrooms allow sales to do justice to the level of craftsmanship on offer. Online browsing behavior can inform tailored product recommendations, and real-time assistance can be given on sizing and fit. Plus, trust can be built, making customers feel far more comfortable at the point of purchase.

Make customization simple

73% of consumers say a good experience is key in influencing their brand loyalties. So, when it comes to complex customization, making things as easy as possible is a good place to start.

Many products and services are tailored to meet specific needs, from holiday itineraries to software-installed laptops. Take mobile phone plans, for example; customers have a host of options to choose from, including data plans, insurance and accessories. Get it wrong, and customers can find themselves trapped in an expensive contract that doesn’t deliver.

Co-browsing facilitates collaborative decision-making, with sales guiding customers through the process and the levels of personalization that are right for them. This can lead to higher-value sales and increased customer satisfaction.

Support post-purchase set-up

After purchase takes place, a product or service may need setting up, such as integrating new software into existing infrastructure. This is a time when challenges and confusion around setup can sour the customer’s relationship with the brand—just when they need support the most.

This is an opportunity for brands to stay engaged with their new customers, and guide them through the steps needed to get up and running. It’s also a valuable way to learn more about pain points within their business and to personalize recommendations for upsell opportunities.

For retained service propositions, like software subscriptions, support during set-up can encourage user adoption, retention and advocacy, maximizing the lifetime value of every customer and improving NPS.

By investing in customer advocacy and building a loyal community, brands will find the door open to making further sales as part of the post-purchase support.

Embracing revenue-generating opportunities in the digital environment is not only essential for your business’ prosperity but also for its ability to innovate and compete. By leveraging co-browsing effectively, businesses can improve customer engagement, enhance the upsell process, and ultimately be positioned for long-term success.

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