Personalization Glossary
A/B testing? Recommendation models? The personalization engine space uses several acronyms that may seem daunting, so we're here to help. You can find definitions to the most common e-commerce customer experience optimization terms here!
Revenue per Visitor
Revenue per Visitor (RPV) is the amount of money each customer brings to your business. It is calculated by dividing the total revenue by the total number of unique customers visiting your website. For example, if your revenue for January is $20,000 and your site receives 2,000 visitors, your RPV would be $20,000/2,000 or $10 per visitor.
Revenue per Visitor = Total Revenue/Total number of unique visitors
RPV is a vital metric and helps you evaluate the success of your company’s sales efforts. It is the method of estimating the value of each additional visitor. RPV can be increased by either increasing the number of visitors purchasing on your website (your conversion rate) or by increasing the amount of money spent per each visitor (average order value).
Vue.ai offers a robust personalization engine that can improve your RPV by:
- Providing opportunities to cross-sell/upsell products using bundling recommendation strategies.
- Deliver personalized recommendations that can delight your visitors and transform them into loyal customers.
- Send personalized emails targeted to distracted customers and reduce the cart abandonment rate.
Direct Revenue: Revenue earned from routine activities of the business such as the revenue generated from the sale proceeds of goods and rendering services to customers is called direct revenue.
Assisted Revenue: Assisted revenue is revenue that is generated from multiple sources that led a visitor to book on the website
Revenue per Visit
The total amount of money generated in each visit. It is calculated by dividing the total revenue generated in a specific time period divided by the total number of sessions
Conversion Rate
Conversion Rate is the percentage of visitors to your website that complete a desired goal which can include, purchasing a product, subscribing to email, requesting more information out of the total number of visitors.
Conversion Rate = (Total number of desired completed actions/Total number of visitors) *100
A high conversion rate is indicative of successful marketing and good web-design.
Product Views per Visit
An average number of product pages viewed per visit. This is a very important metric as this is the first signal of true buying intent in a customer’s journey.
Product Views per Visit = Total number of product pages viewed/Total number of sessions
Direct Revenue
Revenue from the sale of a product recommended on vue.ai module in a session. Revenue from the sale of a product recommended on vue.ai module in the last 7 days.
Assisted Revenue:
Revenue from the sale of any product in a website with vue.ai module.
Unique Visitors
A total number of unduplicated (counted only once) visitors to your website over a specific period of time.
Visits
A total number of visits (sessions) to your website over a specific period.
Product Views
A total number of times a product was viewed over a specified period.
Products Purchased
A total number of products purchased over a specific period of time.
Total Revenue
Total sales over a period of time.
Cart additions through Vue.ai
A total number of products that were clicked on Vue.ai module and the same added to the cart over a given period.
Products Purchased through Vue.ai
A total number of products that were clicked on Vue.ai module and the same purchased over a given period.
Direct Revenue through Vue.ai
A total amount of money generated by the sale of products that were clicked on Vue.ai module and the same purchased over a period of time.