Alibaba received a $192,000 penalty for pricing during the past two Singles’ Day sales.
CloudPop, a wish list software provider, says the lists drive gift givers to a site as well as encourage the creator of the list to buy the desired items.
Wish list software can help with customer acquisition and sales, says Ken Goldberg, president and CEO of CloudPop Inc. “We see merchants with anywhere from 15% to 25% of their new customers coming from wish lists,” Goldberg says. Wish lists provide merchants with demographic information as well that can be used for future target marketing.
Goldberg says customers’ wish lists can increase sales by 5% throughout the year and 10% to 15% during the holiday shopping season. Not only do wish lists drive to the site shoppers who want to buy a gift for the creator of the list, but they also keep the products in the minds of the lists’ owners, making it more likely that they will buy the products at some point, Goldberg says. CloudPop clients include Spencergifts.com and MuseumShop.com.