Low Stock Wishlist Alert Playbook

Objective

The objective of this playbook is to help customers know that a product they have wishlisted is low in stock, encouraging them to act quickly to purchase the item before it is sold out. This helps increase conversions and reduce the frustration of customers missing out on desired items.

Play Concept

This playbook focuses on leveraging wishlist data to identify when a wishlisted product's inventory is running low. By setting up automated low stock alerts, customers who have shown interest in these items will receive notifications, prompting them to make a purchase. This strategy capitalizes on existing customer intent and urgency to drive sales.

Target Audience

This playbook is targeted at:

• Customers who have actively added items to their wishlists.
• Customers who are likely to make a purchase if prompted with timely information.
• Customers who value getting their desired items before they are unavailable.

Execution Framework

The execution framework involves the following steps:

1. Data Analysis: Analyze wishlist data to identify popular products, common customer preferences, and inactive wishlists.
   Start by picking the time frame that you want to analyze the Wishlist data to help identify the most popular products. This will help you pick what products to discount and by how much.

2. Enable the Low Stock  triggers: Enable the Wishlist application to be able to send out the discount emails or SMS’es to your customers
   

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3. Personalized Outreach: Set up the email campaigns. Either use your existing email provider to send out the emails or SMS’es or use Swym to send out the price drop emails
   
   

2. Enable the trigger and start the re-engagement: Once the trigger has been enabled you are all set to re-connect with your customer any time the product variant stock falls below the low stock trigger.

Performance Measurement Framework

Monitor the following metrics to assess the effectiveness of the Low Stock Wishlist Alert system:

Wishlist Conversion Rate:
‍Percentage of customers who make a purchase from their wishlist after receiving the low stock alert.

Low Stock purchase Rate:
‍Number of customers who came to the website from the low stock alert email or SMS

Customer Engagement:
Increase in site visits and purchases

Revenue Generated:
‍Total revenue generated from purchases made with wishlist low stock email.

Average Order Value:
Comparison of AOV between customers who purchased products in their Wishlist based on the Low Stock emails and those who didn't.

Additional Considerations

• Alert Frequency: Be mindful of the frequency of alerts to avoid overwhelming customers. Consider a tiered system where more urgent alerts are sent as stock levels decrease further.
• Channel Preference: Offer customers the option to choose their preferred notification channel (email, SMS, or app notification).
• Exclusions: Allow customers to opt out of receiving low stock alerts if they prefer.

Conclusion

Implementing a Low Stock Wishlist Alert system is a proactive way to engage customers, capitalize on existing interest, and drive conversions. By providing timely and relevant information, you can reduce the likelihood of customers missing out on desired items, thereby enhancing their shopping experience and boosting sales. This playbook provides a clear roadmap for setting up and measuring the effectiveness of such a system.