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EXECUTION Getting 1% conversion rate E-commerce site

Discussion in 'Progress/Execution Threads' started by Tomer David, Nov 23, 2016.

  1. Tomer David
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    Tomer David Contributor Speedway Pass

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    Hey Guys,

    I'm starting this thread so I can have a commitment to myself increasing our eCommerce store conversion rate from 0.35%-0.50% to 1%.

    That is my goal for the next month! I'll do whatever it takes to make it happen (I already have defined a clear statement that I read couple of times a day to support this).

    Ill be committed every day to update and upload new features to the website in order to achieve this goal.

    We have a full time developer/designer helping me (i'm also a developer for the last 12 years) So we have the man power for that.

    I'm open to any new services/add ones (We are using Magento) so if someone know something ill surly appreciate it!

    if you are wondering we sell diamond jewelry online and we just lunched a new website (company and entity as well).

    The main focus would be in the next month on the current website which is online for the last 15 years.


    So right to the actions: yesterday I tried new tool, exit intent tool called optimonk.com.

    I have setup the campaign but their technology is not solid enough. I'm pretty much looking for a solid solution to exit intent popups so when someone is on our shopping cart or checkout pages, and he is trying to go and close the page, a popup, with offer will be showing to him (try save him and convert him into a sale).

    I tried it today and I just stopped the campaign there since there were couple of glitches with it and we have heavy traffic, so I couldn't take the risk of having errors to our customers.

    I have also adjusted the abandoned emails serious and added couple of coupons to each email for Black Friday.
     
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  2. Tomer David
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    Tomer David Contributor Speedway Pass

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    Alright today's actions toward getting the 1% conversions.

    Implemented fixes for better UI experience on the website including couple of compatibility issues found on old versions of Internet explorer browser to make the visitors experience better and bug free.

    Found and tried to play with a new tool for the popup exit intent called http://unbounce.com/ seems to be pretty solid but I still need to test it and read their case studies and best practices.

    We work hard on capturing every visitor that is showing buying intent we are build a logic of followup system to try maximizing sales!
     
  3. Tomer David
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    Today it was really crazy day, we had many many sales that I couldn't breath, the entire team just took orders online and over the phone and it was great!

    I uploaded couple of tweaks and improvements this morning done by two of our developers so we would have better mobile support with an app look!

    It feels amazing even though i'm so so tired when i'm typing these words i'm about to fall asleep.

    I hope to rest tomorrow and give my body and soul some rest after couple of intense weeks and around the evening tomorrow to get back into things to sit on a plan of conversions and best practices provided by unbounce to utilize their tool (seems pretty solid).

    I have collected through their exit intent popup subscribers today, with 60% conversion rate! (subscribers that are in the shopping cart and checkout pages, which are really valuable if putting them into the right funnel)

    It looks like a great tool and I want to master it!

    Will share with you guys tomorrow what I did toward getting and hitting this 1% .

    Today by the way the conversion rate is on 0.83% rate! amazing numbers which I didn't expect so quick.
     
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  4. quanttastic
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    Wow. Great job so quickly. Thanks for sharing your progress and tools!
     
  5. miked_d
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    miked_d Silver Contributor Read Millionaire Fastlane Speedway Pass

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    Did you do A/B testing?

    Making mobile work right is always important. What % of your visitors are mobile?

    Have you broken up your pipeline into smaller pieces to check improvements? I am not a guru in this stuff, but I know there are many, many pieces to the overall conversion rate. Assuming you are using PPC marketing, what is your click-through?
     
  6. Phones
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    Phones Break your boundaries Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass Summit Attendee

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    I nearly doubled my conversion rate by adding a one-step-checkout to Magento and making it skip the cart page. No logins/registrations on checkout.
     
    quanttastic, ddall and Kingmaker like this.
  7. theag
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    theag Most Aggressive Guy on the Internet on the Planet Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    I would kill myself if I had a 1% conversion rate.

    From my experience working with hundreds of ecommerce customers there is always a deeper reason for conversion rates that low.

    You are either
    a) selling stuff that people dont want,
    b) selling stuff that is available cheaper and faster on amazon,
    c) getting sh*t traffic / suck at ppc,
    or d) all of the above.

    You should fix all of those before you get into fine tuning like A/B testing and exit popups.
     
    Ecom man, amp0193, welshmin and 5 others like this.
  8. juan917
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    juan917 Silver Contributor Read Millionaire Fastlane Speedway Pass

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    Good job on taking action man but a 1% conversion sounds really low. Are you even profitable at a 1% conversion rate?
     
  9. quanttastic
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    quanttastic Contributor FASTLANE INSIDER Speedway Pass

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    Newbie here. In your experience what do you think a typical or good conversion rate would be for e-commerce?
     
  10. theag
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    theag Most Aggressive Guy on the Internet on the Planet Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    Depends a lot on where the traffic comes from and what your margins and PPC/SEO costs are.

    For adwords you should be aiming for 2-3% minimum (cold traffic, excluding branded searches as these would convert even without the ad and distort the real conversion rate) or you won't be near profitability, at least thats what I've seen in hundreds of adwords accounts that I worked on. Surely there will be exceptions. Organic search you dont have PPC costs as a factor so calculation is harder with monthly SEO bill or the work/time you put in yourself, but should be in roughly the same range.

    On the other hand for a business that relies on display advertising (FB ads for example) theres a wider range and you could make it work with 1% or even less if you get clicks really cheap. If you have a really good product thats not too expensive (impulse buy range) and your ads work well you can do 5%++ even on cold display traffic, but its not easy.

    In the end, conversion rate is just a vanity metric. What matters is profitability.

    Just reread the OP and only now noticed that he is in jewelry and if its higher prices a lower conversion rate makes sense. You should be able to optimize your traffic first though, depending on the source, especially if its PPC and you can disable non-performers. That usually has a bigger impact than onsite optimization.
     
    Last edited: Nov 26, 2016
    The-J, Jake, SYK and 4 others like this.
  11. Tomer David
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    Tomer David Contributor Speedway Pass

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    Thank you!
     
  12. Tomer David
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    I'm doing A/B testing on anything for the last 6 years, right now since its already the holiday season i'm just implementing all my knowledge with new tools that i'm checking out (was busy last year on building and creating the new company and website so I didn't have a lot of time focusing on the current website/company).

    I'm focusing pretty much on the areas first that will bring most profit/increase in overall conversions (top 3 traffic pages, shopping cart, detail page etc)

    the CTR depends on what ads we have like 20 campaigns in : adwords, bing, facebook/instagram would like to test some pinterest traffic soon (I tried it before didn't really perform well).
     
  13. Tomer David
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    Thank you for the tip. I'm also using the Magento (MAGECHECKOUT EXTENSIONS) one page checkout (with some modifications like capturing email address on key press so that way they can get into the abandoned list).

    Which one are you using?
     
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  14. Tomer David
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    It's really depends on the niche and market that you work on, obviously low ticket price items have higher averages and high ticket items have lower conversion rates.
     
  15. Tomer David
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    Hey, thank you for the tips.

    We are actually doing both, its a puzzle and you need both pieces to work right in order to increase the conversion rates.
     
  16. Tomer David
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    I would be super happy with 1% conversion. we would be really profitable and can scale the business to really high levels since our average sale price is around $1700
     
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  17. Tomer David
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    Today report:

    * Added cyber Monday deal page
    * Added some homepage banners to the cyber Monday deals page
    * created special coupons for cyber Monday and market them with our abandoned email list + exit intent popup + live chats welcoming message
    * reading and reading and looking what I can do more to increase rates.
     
  18. eliquid
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    Not very many people are going to convert if they are going to spend $1700.

    There is going to have to be a mix of email or phone calls to close clients like that, are you counting those?

    Where are you getting this sub 1% conversion rate from, PPC... organic... all lumped into everything?

    Gotta get more specific. However the % of people that are going to spend $1700 online with no connection to a phone call or email is going to be almost nill unless your highly trusted like Amazon.

    Tell us what's going into and how you judge this sub 1% conv rate.
     
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  19. Tomer David
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    Tomer David Contributor Speedway Pass

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    its total sales at the end of the week / number of unique visits thats how I determine the conversion rate for this goal :)

    We have a lot of customers that buy without talking with us over the phone or chat.


     
  20. Tomer David
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    Tomer David Contributor Speedway Pass

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    Also forgot to mention yesterday actions:

    1. not really related to optimizing conversion but related to bring more traffic to the website. I have create a list of top most viewed items in our stored and sent an excel file to an eBay pro that is going to list them in our account for more exposure and maybe some traffic to our website.

    It is starting to get so busy that I don't have time to take any actions hopefully today we are getting 2 more employees to free us up so we can focus on the whole picture and bottom line!
     
  21. Tomer David
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    Tomer David Contributor Speedway Pass

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    yesterday actions/report:

    * built a follow up system to insert those emails collected with the exit intent popup to the abandoned emails serious (they also get a special coupon).
    * created automated script to collect regular newsletter popup on homepage and insert them into our subscribers list
    * we had a meeting we put some guidelines and motivated our sales reps to collect as many sales as possible.

    Couple of new things going to be executed today as well :)
     
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  22. Tomer David
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    Tomer David Contributor Speedway Pass

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    Yesterday's action report:

    Made a video with instructions for developers to implement login and pay with amazon, I really believe it would increase overall conversions on the shipping cart.

    Almost done with testing new filtering system our store listing pages so customers can effectively browse and be exposed to all our products collection easily

    Added second batch of a abandoned cart users.

    Created with our designer Christmas homepage elements and extended cyber Monday sale and coupons


    Sent from my XT1575 using Tapatalk
     
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  23. Tomer David
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    Tomer David Contributor Speedway Pass

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    Sorry I'm so busy these days, but i'm still committed to achieve my goal!

    We had an idea to change all pages to HTTPS by default so that way customers feel more comfortable browsing the store, and eventually purchasing, which will make me get closer to our 1% goal!

    Divine, a user here mentioned this in private message, thank you for that advice man!

    Will implement this very very soon!
     
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  24. welshmin
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    What about instead of focusing on CTR for the initial sale, focus on up-sell / cross-sell / re-targeting / email list engagement? More than one way to skin a cat.
     
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  25. Tomer David
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    Tomer David Contributor Speedway Pass

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    Hey and thank you tip.

    Its a matter of priority :) I don't know if I mentioned this but my goal is to achaive this in a month! so I try to focus on getting this ASAP since I know it will effect bottom line the most.

    Most of the things you said i'm currently doing (even though needs improving).


    Yesterday actions:

    * Upload to live the Christmas elements and created promotions.
    * increased the newsletters we send from 1 a week to 2 times a week.
    * improving some speed issues and still in the process of switching to SSL by default.
     

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