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5E-commerceStatsThatWillChangeHowYouMarketYourStoreOnline

People that succeed with e-commerce do two things very well:

First, they identify marketing channels that get them results.

Second, they are constantly experimenting and optimizing their site to increase conversion.

But you’re probably wondering:

“How do I know which strategies to implement?”

Well today I’m going to make it very easy for you. I’ve collated all the best stats on optimizing your e-commerce site for success. All you need to do is follow the actionable advice and watch your store grow.

1) Account Creation Kills Conversion

Statistic: 23% of customers will abandon their shopping cart if they have to register for a new user account.

Lets face it people don’t care about the membership aspect of your site. They just want their stuff!

23% may not sound like a disastrous statistic, but over time it amounts to a huge portion of lost revenue. If you are still forcing customers to sign up before purchasing, you are leaving a lot of cash on the table.

The solution is offering a guest checkout.

Don’t say no to customers like a snobby shop owner just because they don’t create accounts. Instead, offer them an easy guest checkout and watch your conversion rates soar.

Here’s how Nike does it :

 

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Notice that they also offer a PayPal checkout. This means they  further reduce the chance of cart abandonment by catering to all users needs.

2) Hidden Delivery Charges Annoy People

Statistic: 28% of customers will abandon their shopping cart if hidden shipping costs are presented upon check out.

68.63% is the average documented online shopping cart abandonment rate, which is pretty high. But you can reduce the chance of it happening to you by removing unexpected shipping costs .

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Now this isn’t to say that customers aren’t willing to pay shipping, it just means that when charges are not mentioned until checkout, people are more likely to get annoyed and abandon their cart.

The solution is being upfront about your shipping charges.

So before the customer gets further down the funnel you have already indicated that they can expect some shipping charges… A simple “+P&P” on the product page will do.

Now obviously if you can afford to waive shipping fees altogether or offer an incentive like “spend $20 get shipping free” you would see conversion increase, but it’s a delicate balance between profit and conversion which you can only know through Split Testing.

3) Split Test, Split Test, Split Test

Statistic: President Obama raised an additional $60 Million Using A/B Split Testing

Yes you did read that right, that’s how powerful split testing can be! And although you probably don’t have as much traffic or ad spend as Obama, you will still be surprised at the ROI of understanding this simple yet effective tool.
Split testing is essentially acting like a detective, trying to find out which variables are optimal for customer conversion. This can be anything from price, design or call-to-action buttons. You change just one variable then test to see if it converts better than the original.

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Obama’s team used this extremely well in 2008. By Split testing the images used on the homepage they were able to increase sign up rates from 8.26% to 11.6%, which produced an extra 2,880,000 email addresses. The extra email addresses averaged a donation of $21 which results in $60,000,000 extra for Obama.

4) Trust Elements are Crucial for Conversion

Statistic: Reviews produce an average of 18% uplift in sales.

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It’s fascinating how many of the decisive factors in e-commerce lead back to one simple concept: trust.

Why is trust so important?

Trust is at the foundation of all commerce, and just because you sell over the internet rather than face to face, it doesn’t diminish its importance.

The solution is to provide reviews, testimonials and trust elements like 100% money back guarantee, checkout security badges and even live chat support.

You will be surprised at how much small tweaks like the above will affect your bottom line.

5) Retargeting is the future

Statistic: Retargeted customers are 3x more likely to click on your ad.

Is marketing in 2016 easier or harder than 20 years ago?

Well, it’s both harder and easier.

On the one hand it’s much easier to target and get your message out there.

But on the other hand the market is so saturated and noisy it can be hard to get your message heard.

That’s where retargeting comes in.

Retargeting allows you to show users ads, even when they have left your site. This is important in modern marketing because it takes far more exposure to a message before a customer takes action. You can even combine retargeting with promotions on the specific product they were interested in to increase ROI further.

Here’s how it works.

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The solution is start retargeting as soon as possible and if you’re already retargeting, increase your ad spend.

Conclusion

In this blog you have learnt some powerful techniques to market your store and reduce cart abandonment based on proven stats.

In e-commerce it’s easy to become weighed down by the amount of integrations, testing and customer management involved.

Which is why it’s so important to automate whenever you can. Let Respondr do the heavy lifting and help you increase conversion. Sign up for a demo today.