EQ3 uses Webeyez to recover millions in lost revenues from out of stocks
By the numbers
$3M+
Revenues recovered
83%
Higher shopper conversion for journeys with no OOS products
The EQ3 Story
EQ3 is a furniture and home goods designer, manufacturer, and retailer. EQ3 prides itself on quality and craftsmanship of its furniture, much of which is made from concept to creation at its headquarters in Winnipeg, Canada. Founded in 2001, EQ3 stands for “emotional quotient in three dimension” and references how people interact with their three-dimensional living space.
Because EQ3 has only 16 showrooms in the US and Canada, the website is integral to reaching shoppers and seeks to provide a shopping experience that matches the care put into its pieces. In addition, the site strives to clearly convey the features of their products without the tactile experience one gets in-store. For instance, shoppers are able to view products’ variety of upholstery, wash and materials options in 360 degrees, see how they’d look in their home through A/R, and even chat with team members for advice and photos of products in the store.
The Challenge
Inefficient tools & limited visibility into root causes of abandonment
EQ3’s website has relatively large traffic and long browsing sessions. Most tools available require dedicated teams to analyze their data, creating a huge time-to-insights-ratio not feasible for EQ3’s four person team.
We are completely blind to what’s happening on our site unless we have instrumentation to tell us. And because there is so much happening, you have to have a way to analyze that data set to find something to even look at. Webeyez tells me what’s wrong. I don’t have to go and find it.”
Daniel Gange, EQ3 Director of Ecommerce
Further, though their current tools could help them identify where in the funnel people were abandoning, the specific errors and how they related to abandonment were not exposed. This meant costly hours lost digging through sessions that could still end up with conflicting opinions about the root cause.
Findings
Out of Stock Rationalization
After implementing Webeyez, the solution surfaced a significant number of goal failures due to out of stocks which had not been apparent. Like in most merchandising organizations, buying and carrying inventory was based on past sales performance and future category trend forecasts. However quantifying lost sales opportunities can be difficult as businesses can only see what was and what wasn’t purchased. Webeyez identified that the conversion of shoppers who got an out of stock message dropped from 60% to only 10%.
Results
$3M+ in Recovered Revenues
Now able to pinpoint a key source of abandonment and quantify the volume of sales lost due to out of stock challenges, the Director of eCommerce was able to work with EQ3 leadership and transform their buying strategy. This data-driven approach resulted in over $3 million in recovered revenues.
By identifying my out of stock position, I was able to have a data-informed conversation with the executives and change the inventory investment strategy as an organization. This has led to fewer out of stocks and the ability to buy more stuff and make more money.”
Daniel Gange, EQ3 Director of Ecommerce
About Webeyez
Webeyez identifies, prioritizes, and resolves eCommerce customer friction, using AI insights to increase conversions and drive revenue growth, enabling you to run your operations efficiently and effectively.
Transform complex user journeys into
Clear Revenue Opportunity
GDPR & CCPA Compliant
ISO 27001 ISO 27701
Try Webeyez for free
Zero hassle - try our platform and discover how to maximize revenue for your eCommerce business.