Connect with us

Business

How To Increase ECommerce Product Performance Without Increasing Marketing Spend

mm

Published

on

Dean DeCarlo, President and Founder of Mission Disrupt

Increasing online sales does not automatically require an increase in the marketing budget.

ECommerce companies often miss hidden revenue opportunities that are easily available. Implementing strategies to take advantage of these opportunities can lead to new company sales, by analyzing the most impactful metrics that organically increase product performance.

Conversion Rate Optimization is the practice of utilizing data analytics to run tests and increase onsite performance without increasing ad budget. Google analytics provides crucial first metrics to start with, before blindly testing new assets or applying content. 

Landing Page Metrics

Conversions Rate: Ratio of customers that purchase vs. customers that visit a website. This crucial benchmark of performance provides insight into how changes directly impact landing page performance. For example, 1,000 users convert at a rate of 3%, which translates to 30 paying customers. If new changes are made to the landing page that results in a conversion rate of 4%, 10 more customers per 1,000 users will visit the website. Measuring conversion directly provides data on the adjusted changes showing an increase or decrease in performance.

Product Performance Metrics

Cart-To-Detail Rate: A metric that is often overlooked when measuring individual performance. This percentage includes data on users that have added a product to the cart after viewing the product page. If the Cart-To-Detail Rate is lower than average, immediately consider what may be causing it. Example issues include a sub-par product title, a bug, or product benefits that could be missing from the description, which is meant to convince a user to purchase. Focus on the actual products instead of the average to find the attributes contributing to the higher Cart-To-Detail Rate.

Buy-To-Detail Rate: Once the issues identified in the Cart-To-Detail Rate are fixed, the Buy-To-Detail Rate can be used as the ultimate benchmark of increased performance. Remember, even a 1% increase could result in a variety of lump sums in sales. If the data is displaying a decrease in performance, analyze the Check-Out-Behavior metrics.

Check-Out-Behavior Metrics: These metrics need to be checked on a weekly basis to ensure the eCommerce website performance is firing correctly across all six cylinders. Drops in performance can indicate cart issues that need to be addressed immediately. Problems such as slow loading times, lack of quick payment options (Venmo, Apple, Google Pay), or long fill-out times on customer forms, are all contributing factors that affect these metrics.

Billing & Shipping Drop Off: The percent of users that leave a website from the Billing and Shipping page. Understand what is causing the users to leave. For example, causes might include a lack of shipping options, broken discount codes, and forms without autofill for addresses. Focus on creating a fast and easy user experience.

Payment Drop Off: Indicates the users that leave a website during the payment input. A high drop-off percentage indicates that payment options need to be evaluated. The majority of users browsing online consists of mobile users. One-touch payment options such as Venmo, Apple, or Google Pay, are crucial in today’s digital age. 

Review Drop Off: The last stage before the user confirms a purchase. The ratio will remain low if billing, shipping, and payment drop-off issues are tackled. Check that the pricing and discounts are clear and the submit order button is within view, to ensure users are aware they need to confirm the order.

Increasing product performance can be a tedious process, but the rewards are well worth it. These metrics can be used as the basis of your conversion rate optimization metrics and the additional recommendations can be analyzed in the order presented to make this a manageable process. Check out Dean DeCarlo’s Youtube series Impact Analytics Series. Visit: Missiondisrupt.com

The idea of Bigtime Daily landed this engineer cum journalist from a multi-national company to the digital avenue. Matthew brought life to this idea and rendered all that was necessary to create an interactive and attractive platform for the readers. Apart from managing the platform, he also contributes his expertise in business niche.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Warehouse Jobs Booming Due to Online Sales

mm

Published

on

Amidst a surge in e-commerce sales, warehouse operators, such as FedEx and Amazon, are scrambling to hire workers across the United States. As the labor market has yet to fully recover from the effects of the pandemic, this could prove to be a saving grace for many who have struggled to find work in recent months. Overall employment is still down in the U.S; almost 11 million are still seeking employment since the beginning of quarantine. However, employment in the warehousing and storage sector is actually higher than pre-Coronavirus levels. As the holiday season approaches, these numbers will only continue to go up; a positive signal of the rebounding U.S economy.

Job Availability

Brick-and-mortar retailers have been hit particularly hard by the pandemic, having to furlough or release hundreds of thousands of workers since early March. And with the economic downturn, there were not too many job positions opening up. Now, warehouse businesses that order, pack, and ship products are in a hiring frenzy as online sales are projected to reach $196 billion in the period from November to January. Online and physical stores alike experience increased activity during the holiday season, but with consumers avoiding brick-and-mortar locations because of the virus, more and more shoppers are relying on Amazon, FedEx, and UPS to deliver their products.

Typically, there is a temporary hiring phase for these businesses during the holidays to keep up with demand. However, many experts believe the massive shift towards online purchasing will be somewhat permanent. Already, many of the major players in the shipping and storage industry are planning for an avalanche of orders this holiday season, so more and more temporary hires are converting to full-time  positions. UPS has added over 100,000-holiday  workers on top of the tens of thousands it hired earlier in the year. Amazon plans on hiring more than 100,000 seasonal workers in addition to 1,000 new warehouses across the country. Also FedEx is seeking 75,000 temporary employees, a 27% increase from its 2019 seasonal hiring.

Proactive Hiring

To prepare for the expected holiday boom, e-commerce businesses have begun an early hiring process. Up through August alone, there were almost six times as many job postings for seasonal positions on the job platform Wonolo. Coincidently, wages have also jumped nearly 16% to $14.18 an hour. Trucking companies are also expected to look for early hires before the holiday season. Many truck drivers have left their jobs due to the virus and retirement, and the transportation industry has struggled to fill the demand for drivers. The average starting wage for drivers at UPS is expected to go up to $30 an hour, but as the market becomes more competitive, that wage may increase even more.

The pandemic still has a grip on brick-and-mortar stores. What used to be quick and easy trips to the store are now complicated and stressful as masks are required and consumers are wary of contracting the virus. With the excess demand shifted to e-commerce, storage and shipping companies need all the extra help they can get to fulfill orders before the holidays are over. Although overall employment is still way below pre-virus levels, many Americans are finally finding employment again.

Continue Reading

Trending