In today’s world, data rules all. Though you can sometimes have too much of it, the better you can leverage it, the better you can position yourself to succeed. In the world of e-commerce, there are some key data points that every retailer must know at all times:
Your online conversion rate
The number of unique visitors that come to your e-commerce site daily/weekly
Your daily number of orders and revenue.
You’ve just built that beautiful new e-commerce site with dazzling photos of all your products, descriptions that would make a poet weep, and a checkout process so seamless that Jeff Bezos is calling you for advice. But then you take a look at your analytics and notice that 78% of your shoppers have abandoned their carts, leaving your great products to languish in a dark, musty warehouse.
Last week our Metrical Team attended ShopTalk 2018 in Las Vegas and were blown away by the number of companies and people participating. Apparently the conference had almost doubled in size to more than 8,500 retailers, brands, vendors and media representatives in attendance from last year.
Kent Anderson is a guest contributor to the Metrical blog. Kent has spent 35 years in retail and was the founder and president of Macys.com.
While current Exit Intent technology can provide a useful tool for engaging potential customers, the current shotgun approach of providing offers to all your shoppers lacks targeted intelligence and is causing you to give a lot of revenue away.
When we entered the recession in 2008, retailers began to overly rely on large discounts to bring wary consumers into their stores. But as consumer confidence continues to rise, brands and retailers find themselves stuck trying to find a way out of the promotional holes they’ve dug, placating a clientele who continuously expects steep discounts. These constant promotions are hurting retailers overall profitability.
In this post we’re going to cover the impact cart abandonment has to your top-line revenue. We’ll look at the variables you need to figure out your cart abandonment rate, how to calculate it, and how a reduction in your cart abandonment rate can increase your revenue—often substantially.
As we start the new year it’s only natural that we look back at 2017 to gain perspective on where we are and where we are going. With new studies and data coming out daily, there are underlying themes emerging, notably that e-commerce is bigger than we thought.
At the beginning of 2017, the National Retail Federation (NRF) had predicted that nonstore sales would grow between 8-12%. Instead we saw a 15.1% increase in e-commerce sales in the first quarter compared to Q1 of 2016, followed by an astonishing 16.3% in Q2, an increase not seen in five years.
What Is Cart Abandonment?
Imagine you’re an adorable 9-year-old girl named Susie who is opening up an artisanal neighborhood lemonade stand to make a little extra pocket change to buy tickets at the upcoming county fair (or, probably more accurately, elixirs for her Clash of Clans account).