How To Increase ECommerce Product Performance Without Increasing Marketing Spend
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
SamBoat Makes Waves in the US
The sharing economy’s massive popularity has led to the creation of blockbuster companies like Airbnb, VRBO, eBay, Uber, and Lyft, to name just a few. According to a report by Proficient Market Insights, the size of the sharing economy was $113 billion in 2021 and is predicted to reach $600 billion by 2027.
One of the newest companies to enter this space, SamBoat, now enables the owners of sailboats and motorboats to offer their vessels for rent. Because yachts are expensive to buyand maintain — in many cases, more expensive than purchasing and maintaining a home — yacht owners can offset some of their costs by listing their craft on the platform.
Those who may not be able to afford their own boat can still experience life on the water, however. No knowledge of boating is required, as many charters include the possibility of hiring a skipper.
When young French entrepreneurs Laurent Calando and Nicolas Cargou met, a friendship, as well as a new venture, was born. Cargou was an avid Airbnb user, and Calando had grown up sailing with his family. Throughout the course of their conversation, they realized that the sharing economy covered a lot of bases, but it didn’t include boating, which they were both passionate about.
The pair sensed an opportunity, which quickly led to action. In April 2014, they officially launched SamBoat in the Bordeaux region of France.
“SamBoat’s marketplace exploded in Europe over the next few years,” explains Robert Harrington, SamBoat’s US Country Manager. The company offers yachts throughout the Mediterranean, Aegean, and other popular travel destinations.
As evidence of the popularity of the boat-sharing model, SamBoat grew by over 70 percent in 2022. Since its founding, the company has enabled more than a million people to take to the seas. Now, the platform is rapidly expanding its listings throughout the US.
Where SamBoat operates in the US
SamBoat has already — albeit indirectly — served its American customers for quite some time, as American vacationers have often rented boats in Greece, France, Italy, or Spain through its platform. But now, the company is beginning to serve Americans on the other side of the Atlantic, right here at home.
SamBoat rentals are currently available in many American ports. The marketplace currently offers hundreds of boats just in the state of Florida, where the fleet extends up the Keys to West Palm Beach, and throughout the west coast, including Tampa, Clearwater, Naples, and Ft. Myers. SamBoat also has many boats in Chicago and Seattle, as well as throughout New England.
In the near future, the company will expand its offerings in San Diego and Los Angeles. SamBoat also plans to open in Lake Tahoe, Lake of the Ozarks, Lake Havasu, and Lake Champlain by mid-summer 2023. It also aims to have fleets available in Martha’s Vineyard and Nantucket by the same time.
“Our goal is to offer thousands of boats to rent throughout the United States by the end of the year,” Harrington says.
SamBoat operates anywhere boat owners choose to list their craft for rent. “Just because the marketplace might not already have a whole regatta in a given port doesn’t mean it can’t or doesn’t operate there,” Harrington says. “Listings grow organically, cropping up wherever opportunity calls boat owners to take advantage of existing demand.”
For instance, while SamBoat only officially launched in the United States this past year, the platform was open to US-based boat owners and renters last year. From January 2022 compared to January 2023, the platform experienced a 500% increase in US-based business.
This means that, if you own a boat, you can bring SamBoat to your home port. All you have to do is go to SamBoat’s website, follow a few simple steps, upload photos of your boat along with its relevant details, and respond to rental inquiries.
“Now is the right time for boat owners to get in early and beat the rush,” Harrington says.
The secret to SamBoat’s success
American consumers have responded enthusiastically to SamBoat’s arrival for a number of reasons. First and foremost, the platform offers the very same boats as other companies, yet their prices are on average 10 percent cheaper.
The reason for this is simple: unlike most other yacht and boat rental services, SamBoat doesn’t charge its customers inflated “junk” fees.
In addition, SamBoat makes renting a yacht simple and easy. Generally speaking, other boat-sharing websites outsource customer service to the owners of the listed yachts. They will only answer the phone or attend to you if you are booking something of a high dollar amount, while the average boat rental costs under $1,000. This can lead to a very frustrating process for someone who has questions but can’t seem to get a response from a boat’s owner.
At SamBoat, however, a real human being answers every inquiry. “Sometimes, that person is me,” Harrington says. This makes it much easier for people to rent the perfect boat that will meet their individual needs.
SamBoat fulfills a long-awaited need for sailing and boating enthusiasts worldwide. With the arrival of SamBoat in the US, it’s an even more exciting time for Americans to participate in the sharing economy.
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