jirafe & invodo present: 10 hacks to drive ecommerce conversion optimization
TRANSCRIPT
10 Hacks to Drive Ecommerce Optimization
Misha Rangel Director of Product Marketing,
Invodo [email protected]
Meet Our Presenters: Misha Rangel
Every day, Misha Rangel evangelizes the power of video and interactive content as the Director of Product Marketing at Invodo. Misha has spent the majority of her career working for growth stage internet startups bringing innovative new technologies to market. !
In her spare time, Misha lifts heavy weights around (aka Crossfit) and lifts semi-heavy kids around (aka mother of two).
Laura Sankowich Vice President of Marketing
Meet Our Presenters: Laura Sankowich
Laura has more than 15+ years of experience in the technology space, and also co-founded a women’s apparel brand which she helped run and advise for 5 years. As Jirafe’s Head of Marketing, Laura looks for ways that she can use her experience in both technology and commerce to connect with brands and help them understand how to better use their data to grow.
Ecommerce By The Numbers
You have exactly three seconds to make an impression when a visitor lands on your site.3
1-5%
84%56%1.4x>
More than 56% of merchants find it difficult to make decisions because they don’t have the right data.
Customers that view video are 1.4 times more likely to buy than shoppers who did not view video.
Is the average conversion rate reported by most merchants.
Most merchants find it important to understand their commerce data in order to improve conversion rates.
How Does Your Site Stack Up?
We analyzed activity across 80,000 merchants. Here’s what we found: !
• Only 53% of visitors looked at products after arriving at a site. !
• 2.7% of visitors who looked at products then added them to shopping carts.
The average cart abandonment rate is 67%!
Up Next
Learn how interactive content can move prospects through your funnel, and how to identify opportunities to boost product conversion rates. !
We’ll share: • How brands can effectively use data to optimize online merchandising; and best
practices for using interactive content to improve conversion rates. • How you can get a better understanding of which categories and products drive the
most revenue for your brand. • How to get buyers to navigate from the category level through to the checkout
process. • The benefits of enabling customers to engage with products virtually, the same way
they would in a store.
Interactive Experiences: !The Conversion Catalyst
Confidential – Do Not Distribute
Video rules:
• 74% of all video traffic in 2017 will be video
• Retailers site 40% increases in purchases as a result of video
• Video viewers are 1.4X more likely to buy than non-video viewers
We know that video works…and it works for retail. But how can video work even BETTER?
Video Today
Confidential – Do Not Distribute
Example: Old Navy
Confidential – Do Not Distribute
• Interactive video is the next frontier!• Active vs. passive!• Engaging, entertaining!• Provides a direct path from top of the funnel content to
PDP
But what about interactive video for commerce?
Interactive: The Next Frontier
Confidential – Do Not Distribute
AOV 18% higher for video watches!
Example: Kerastase
Confidential – Do Not Distribute
Example: Verizon Holiday
Example: Sports Authority
The Results
• 62% of people offered experience engaged with it!• 12% CTR to the PDP
Confidential – Do Not Distribute
• All content is not created equal for interactive!• Instructional content is good!
• Content that clearly merchandises product!
• Make sure you can measure results!• Test, validate, repeat!
Tips For Interactive
Browsers To Buyers: Using Data To Optimize Your Merchandising
Identify Best Sellers, Put Them Front And Center
● You can then make data-driven merchandising decisions to drive traffic to various products and categories.
● Putting interactive content on the homepage of your site is the best way to ensure you are capitalizing on the star power of your best products.
We Tell You Which Of Your Products To Promote Heavily Based on Revenue + Conversion Rate
Before You Run Flash Sales To Make Room For New Products On Your Site . . .
You May Want To A/B Test Your Content
● The easiest way to free up space on your site for products that aren’t selling is to discount them, but before you do there might be some products that could benefit from using video content, !
!!
!!!
Brands Like Old Navy Lead Campaigns With New Or Seasonal Products
We Can Help You Make The Most Of Your Promising Products
● Are there promising products in your current product catalog that can help you boost revenue?
● Helping customers interact with your products the same way they would in-store can help boost conversion rates.
Kenneth Cole Has Featured Shops To Promote Products
● Push cold products with via focused campaigns or interactive content at the category level in order to reignite interest.
!!!!
We Tell You Which Products Might Need A Boost
Case Studies: Nasty Gal, Diamond Candles, And An IR 1000 Retailer
Diamond Candles
Challenges: !
• Improve on site merchandising !• Improve segmentation to ensure
that customers are getting targeted based on their buying behavior
!• Attract and retain more high value
customers
Increase in revenue, customers and orders
How They Use Jirafe To Make Data-Driven Decisions
300%
90%
275%
Growth of average order value
Increase in returning customers
• Merchandise products based on performance, for example they feature best sellers on their homepage.
• Price products based on demand, for example they discount non-sellers and cold products. • Segment their customer database based on customer purchase behavior. • View customer lifetime value so that they can attract and retain more customers like their most
valuable ones.
Results
Nasty Gal
Challenges: !• Needed to optimize conversion
rates to ensure company was hitting growth targets.
!• Wanted to optimize pricing and
marketing strategies to move inventory that was not selling. !
• Wanted better customer segmentation so that they could deepen relationships with existing customers, and develop profiles for customer acquisition strategies.
!
How They Use Jirafe To Make Data-Driven Decisions
• Merchandise best sellers prominently on site, and show non-sellers or sale products in retargeting and social campaigns.
• Show related products on each of the product pages to increase average order value.• Discount non-sellers and cold products after a set time period to ensure that merchandise turns
over rapidly.• Email best customers about new arrivals and complimentary products and Low AOV customers
with information about sales or products that compliment purchases.
Results
Increase in revenue 17%
10%
13%
Increase in average order value
Increase in average selling price
IR 1000 Apparel Brand
Challenges: !
• Increasing turn over rates for merchandise. !
• On site merchandising to increase conversion rates for new customers.
!• Understanding which marketing
channels convert customers with the highest lifetime value for their brand.
Increase in revenue
How They Use Jirafe To Make Data-Driven Decisions
50%
70%
40%
Increase in orders
Increase in conversion rate
• Discount non-selling items and cold products to turn over inventory faster. • Focus their social media efforts on marketing channels that brought in customers with
the highest lifetime value. • Feature their best performing products on the home page of their site and on landing
pages.
Results
68% Increase in customers
From Data to Answers: How Can You Get There?
How Easily Can You Analyze Your Store’s Data?
Does Your Data Look Like This? Or This?
● Most analytics tools are made for people whose passion in life is to live in excel, and work in pivot tables.
● The best solution is one that works for everyone on your team. !
!!!!!!
What Would Apple Do?
Visit jirafe.com to learn more.
Questions?