In ecommerce the term Conversion Rate usually refers to the ratio between the number of visits to an online store and the number of purchases made in a given period of time. At the end of the day ecommerce success comes down to your ability to turn passive shoppers into paying customers. Which is why conversion metrics is the metric of all metrics. Yet 80% of online retailers do not use their analytics sufficiently. Many don't even track important actions like conversion rates and purchases. If you use analytics only to measure your daily traffic you're doing yourself and your customers a disservice. These above metrics may be good by industry standard but there is always room for improvement especially for the weaker industries. Regardless of its key importance conversion optimization seems to remain the most neglected part of digital marketing.
The average conversion rate for international eCommerce stores has been hanging around the 1.4% mark. Why are companies not taking conversion metrics more seriously? Because they don't know where to begin. That's where ChannelSight's Buy Now technology comes in helping you acquire more customers and land more sales than ever before.
We keep our customers growing and we have the conversion metrics to prove it.
1. Increase repeat sales by up to 20 times Yes you read that correctly. Buy Now technology can increase your repeat sales by up to twenty times. It makes it simple and easy for a customer to seamlessly fly through the path to purchase. How? We do this by making all your content and ads instantly shoppable capturing and connecting users with high buying intent sending them directly to their preferred retailer. This way they complete their purchase without competitive distraction or delays along the way. And knowing what content has the biggest influence on the bottom line you can target customers better and reap the benefits of upsell opportunities. \
2. First year direct average ROI at least 9:1 By gaining actionable insights to retail channels strengthening your relationships with retail partners optimizing your marketing spend and delivering a connected customer experience it's easier to see where the ROI can be made. By optimizing all your digital marketing channels on sale conversions it will enable you to interact and calculate in real time the ROI of both organic and paid traffic! This way you can easily see which mediums are working and which aren't. Pretty great right?
3. Average basket size increases of 30% With Buy Now insights you can get product data right down to basket level to see exactly the percentage of brand/non brand products in the final basket. Basket level information is the key to success. Getting actionable insights into what is working and what isn't can ensure you make your marketing spend work even harder. If you're driving a large volume of traffic to a particular retailer product page but you see more competitor products in the completed basket then there's something not right. Having the visibility to pinpoint this and make changes you can take advantage of upsell opportunities driving basket size by up to 30%.
4. Average conversion rate from 10-20% A spookily good metric but 100% true and one we can vouch for. Keeping in mind that average conversion rates are 1%-2% according to the Monetate Ecommerce Quarterly imagine having the opportunity to increase conversions rate by up to 20%... now that's a show stopper. With advanced business intelligence you can reach this conversion rate by understanding which content has the highest sales impact so you can focus your marketing budget on the right things. This allows us you to create a positive feedback loop and then you can sit back and what your sales numbers soar!
5. Performance comparison across hundreds of retailers Imagine having the visibility to review and benchmark the performance of thousands of products across hundreds of retailers? Buy Now allows a faster understanding of your strengths & weaknesses along the path to purchase which as a consequence allows for more efficient allocation of money and time in content and campaigns that work. Having such data easily accessible will provide unimaginable insight you have only ever dreamt of before.
What are you waiting for? Book a demo with the ChannelSight team today and see how you too can drive up conversions!