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Dramatic shifts in ecommerce over the last three years have created many challenges for retailers – with perhaps the most alarming a relentless downward pressure on conversion rates.
It is not news to point out that the response has been a rush to ‘content’, the received wisdom being that strong content directly contributes to improved conversion - but should we take this much-vaunted link at face value?
It's a bumper stats roundup this week.
If you're interested in social commerce, digital transformation, PPC, ecommerce conversion rates, print ad spend, travel UX, telco UX, programmatic, payments, insurance UX, Euro 2016 and fashion ecommerce... *pause for breath* then you're in luck.
As ever, this post is simply the entrée - head to our Internet Statistics Compendium for a proper meal.
There are many reasons why someone might buy something on your ecommerce site, aside from the promise of free cake and endless Gifs of kittens yawning.
Here are the three most glaringly obvious:
Attracting consumers to your site is only the first part of your problem. Once they show up, why do you think they’ll buy what you’re selling?
You’ve baited the hook and caught your audience’s attention, but if the bait’s not tied to anything your conversions sink straight to the bottom.
Behavioral psychology has a lot to say about why we buy the things we buy and what the decision-making process looks like.
Knowing what your customers want or need to see from you will help you convert the traffic you already have, and ensure that the ones who get away eventually come swimming back to you.
If you understand your brand and your market, these five strategies can turn traffic into conversions.
It’s 2014. The majority of people are doing business online. It’s imperative that your company website offers the experience your target audience needs to encourage a conversion.
Whatever services your business provides, your website needs to go beyond basic.
Deploying a smart conversion strategy is the key to your website success. WiderFunnel created a method for identifying areas of improving conversions on your website called “the landing page influence functions for tests” (LIFT) model.
By adopting this kind of method to evaluate and test on your website, you can find the optimal way to interact with your potential customers.
Ecommerce is simple. That’s the premise of this post, which follows on from ‘finding your best products’. The heart of ecommerce is finding your best products and your best customers, in the pursuit of most profit.
The old mail-order mantra of ‘recency, frequency and monetary value’ (RFM) is still useful here. Categorising your customers based on an RFM matrix is the start of identifying your hero customers, and those that need a little more attention.
These posts have been taken from a talk given by Mike Baxter, Econsultancy long-time friend and consultant (author of the Checkout Optimisation guide, amongst other things), at a recent breakfast briefing with Ometria.
Let’s see what Mike had to say…
If you're a small to medium-size travel or experience brand, the following three strategies are sure to help you increase conversions and retention rates.
If you're a big player in the sector, take a look anyway. There might be a gap that one of these could fill or a little inspiration.
Either way, I hope you find them to be useful.
Vistaprint has an interesting order and checkout process. There is lots of cross-sell and a decent amount of persuasion tactics used.
Things have moved on and I must say that I don’t think it’s too complicated any more. There are a number of steps to the order process and to the checkout process but that was to be expected when designing a customised t-shirt (my chosen product).
Cross-sell and upsell is now presented on pages where I already feel assured the design process is going well.
Mainly there was a lot of clear information and some fairly persuasive copy and design techniques which I think has been judged correctly.
However, the company must be careful to keep cross-sell relevant. After being offered similar products, stationery and the like, I was then offered website builds and marketing services. This felt wrong and made me think the process might become more tiresome. If I was busier, I could have abandoned at this point.
See what you think of each stage of the order process..
According to an August 2012 study conducted by ReffferralCandy, in the US there are 102,728 ecommerce retailers that generate $12,000 or more in revenue.
Given the ever increasing consumer migration to the digital marketplace, this number has likely grown even more in the last year and a half.
With such a competitive market, online retailers need to do what they can to stand out and provide incentive for consumers to shop at their store over another.
One way to do this is to gain the consumers’ trust and loyalty; as part of a full strategy, effective pricing strategies can help grow this customer relationship.
Pricing strategies on the website slightly mirror those in physical stores, and they are a great way to capture potential customers throughout the phases of the sales cycle.
The wrong strategic approach can be costly for ecommerce sites, but many still make some fairly basic errors.
Try to avoid these six common errorss in your ecommerce site to avoid deterring customers and generate more conversions.
Research has identified that just over 1% of an ecommerce site’s users contribute 40% of its revenue.
By analysing 950m page views from more than 123m website visits, the research found that whilst this 1.06% of total visitors generate four tenths of a site’s income, there are a further 20% of site visitors who will visit regularly, but never make a purchase.
So what are the traits of these very different consumers and how can you use this information to convince them to shop more, not less?
You have a website, or perhaps you have multiple websites, and you want to ensure that conversion in markets outside of UK and US is as high as possible.
In this case, especially for markets in the Middle East and Asia, it pays to know how a country’s culture will impact interaction with your content.
Whatever market you are approaching, make sure you have considered how these eight factors play.
If you’re interested to learn more about international digital marketing, check out Econsultancy’s training courses.