The results show that specific product categories have clear times when they are purchased more extensively. For example, beauty and health products are purchased 14 percent more often before eleven in the morning, while food and beverages are purchased 13 percent more often after five in the afternoon. The pattern is even clearer for the snack category, as these goods are sold 23 percent more often after dark. Specific purchasing behaviors are also visible during the holidays, where home and interior design products are purchased 11 percent more often, and kitchen products 27 percent more often, than on an average day.
Few products form the core
The analysis, which is also based on sales data from over 13,000 merchants, demonstrates that a large part of the sales are concentrated on a few articles. At half of the companies surveyed, the five most popular items account for at least 29 percent of total sales. Furthermore, the best-selling product in the median generates 34 percent higher sales value than the one in second place.
The data also highlights differences when it comes to refunds, depending on what the shopping cart contains. Orders that include a dress register at least one refund in 40.6 percent of cases. For orders containing shampoo, the corresponding figure is 2 percent. Fashion items such as jeans, skirts and swimwear generally show a high proportion of refunds, while consumables are found at the lower end of the scale.
Total sales do not always reveal which products are actually driving the change. The new feature makes it possible to see what is selling, when it is selling and which products are associated with refunds. This provides a better basis for decisions regarding assortment, inventory and marketing," says Rasmus Fahlander, Chief Product Officer at Kustom.