webinar: 10 things only successful online retailers are doing right now
TRANSCRIPT
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10 Things Only Successful Online Retailers Are Doing Right Now
A blueprint for growth, based on strategies from today’s top online retailers
Presented by Muse Find and The Merchant Lab.
Sponsored by Lemonstand
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Jennifer LiCEO of Muse Find
Co-Founder of Element 7
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Chad NantaisCEO of The Merchant Lab
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1998
+
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Since...
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Five FundamentalsMessage matching
Test-driven design
Low cognitive load
Social proof
Invest in the next sale
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Conversion rate: the percentage of website visitors who buy something on your site
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keep your promises
Message matching
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(the promise)
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your shopping adventurestarts here!
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bounce rate
conversion rate
gratification
Message matching
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ads / posts point to:
home page landing page
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Test-driven (re)designmay the best page win!
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“I sense thatthe Buy buttonshould be orange”
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data doesn’t have “feelings”
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why it matters
[from vwo.com]
vs.
web page death match
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no more guesswork
continuously boost your conversion rate
lower risk of redesign fails
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testing tools
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Low cognitive loaddon’t make them think
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why it matters
WRONG!
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why it matters“what do I do next?”
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● less to consider means faster purchase
● saving them time means increased brand capital
Low cognitive load
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what do I have to do?
● single Call-to-Action (CTA)
● entire page supports CTA
● picture’s worth 1K words
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Social proofno one likes being a guinea pig
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why it matters
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Over 70% of Americans say they look at product reviews before making a purchase.
[src: powerreviews.com]
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● products with reviews had +12.5% conversion rate
● +83.85% for products with 20+ reviews
[src: experiment on figleaves.com]
Before making a purchase, shoppers referenced 12 sources of information
[src: Google and Inmar, 2013]
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what do I have to do?
reviews likes user photos
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Invest in the next salethe carrot on a stick
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high openrates
low or no customeracquisitioncosts
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why it matters
Acquiring a new customer costs 5x more than retaining an existing customer.
[src: Forbes]
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how will it improve my sales?
● increased brand loyalty
● larger cart value, more often
● more word-of-mouth referrals
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what do I have to do?
● pump them up after the sale
● deliver great content between sales
● ask for reviews and referrals
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Congratulations!
You now know more than 98% of online retailers!
themerchantlab.com/webinar-thanks