4 keys for optimizing your eCommerce conversion rates: accompany the user and give them the answer they always need

24/10/2019

Angela de la Vieja

For an eCommerce business, is there any bigger challenge than selling more and better? For online retailers, the optimisation of their eCommerce conversion rates is almost the only constant concern. Sustained growth will happen when you apply the necessary techniques to offer the price the user needs at all times. This, in turn, will allow your eCommerce business to achieve its maximum profitability.

With the evolution in digital development, the online customer profile has evolved from the impulse click to a decision that is as thought out as in a traditional store. While it will depend on the type of service or product offered, digital users now expect certain actions from the online brand or store before deciding to purchase.

That is why we have already highlighted the importance of considering the customer journey as part of the pricing strategy of an eCommerce business. At the end of the day, you want to offer the right price for the client – in the state they are in – to motivate their purchasing decision.

Given this new paradigm of online sales, which is much more personalised and adapted to the needs and circumstances of each user, there are four elements that you should consider as keys to optimising the conversion rate of an eCommerce business.

1. The first key that must be considered is the visual aspect. How does the design of the product sheet affect eCommerce? Enormously. We have to recognize that the way that the elements are presented will make the product sheet more or less eye-catching. This may seem like something that has already been covered at length, but it really is fundamental to keep in mind so that you offer the frequent user only the information that they need, for example.

The technology to understand user activity is what makes this possible. Thanks to cookies and the insertion of different pixels, you can offer different prices to the same user according to their status, along with pre-configured offers based on their previous searches. This technique is widely used by travel websites.

2. Look for your opportunity among the most competitive products. Are the most popular products the most profitable ones for your eCommerce business? Or do they go unnoticed in your catalogue? It is important to take advantage of what you know is most interesting to your clientele. If you think that these sales are already more than assured, take a risk and highlight the less well-known products or those that are directly linked to your own principal products to increase the average value of the cart.

3. Create an interface that brings confidence to the user. Personalisation is in vogue and does not appear to be going away any time soon. Having an area where the user can build their wish list, earn loyalty points, consult previous purchases, and so on, will make it easier for them to repeat their purchases in the store. Through wish lists, it is possible to identify first-hand what their interests are so that you can send out personalised notices when a product is about to sell out or age out of their list. This last-minute factor is one of the most popular methods of stimulating eCommerce shopping.

4. Incorporate artificial intelligence to increase the strength of your sales. Bots have an increasing presence in online stores. Whether to help with a purchase or to offer support after the fact, chatbots are the perfect tool to instantly clear up any doubts and to filter out the cases that truly need an in-depth response from customer service. A well-configured chatbot can be a great way to give that last little push by clearing up the user’s doubts before they confirm their purchase.

The most important thing is to listen to your users. Before anything else, you need to thoroughly understand their needs. Knowing what their response will be to the stimuli you send is vital for adapting your strategy to their shopping. For this, tools like a good CRM can help you, as can conversion analytics and a pricing tool. With the latter, you can automate as many changes as you want so that your eCommerce prices are always tuned into supply and demand.

11/11/2022

Consumer behavior: How can behavior tracking be effective for setting the right pricing strategies?

Behavior tracking is becoming massively popular today. As a result, pricing strategies born from studying consumer behavior are a merchant's dream come true. If done right, it can conquer every market for the business quickly. With abundant data available, the strategic makeover of the pricing models is becoming easy for companies.

What is behavioral tracking, and how is the data beneficial in pricing?

For a quick understanding, behavioral tracking refers to gaining in-depth knowledge and insights into consumers through their web data. Their browsing habits, spontaneous decisions, shopping interests, and preferences come under behavioral tracking.

How can enterprises use customer behavior data?

Companies can use customer behavior data as a tool to strengthen their hold on the market. A customer’s preferences, values, and tendencies allow businesses to work in sync with them through the collected data. Apart from this, customer behavior can also aid in:

Tailoring customer needs for customer retention

Personalization is becoming the heart of a company’s growth. No matter in which area an enterprise is functioning, tailoring the services, products, and solutions is becoming increasingly crucial. Uniqueness and personalization attract the crowd like no other.

Increasing the overall value

One of the best ways customer behavior data affects a business is by upgrading the value of customers for the business. The customer’s characteristics allow the company to target the people that match the business prospects well.

Optimizing every type of content

Everything that is up for digital display requires content. You must have seen companies unveiling their products or services through advertisements and making the initial public appearance. Two essential sales strategies – upselling and cross-selling comes through content optimization.

Pricing Strategy

Last but certainly not least is the influence of customer behavior data on the pricing strategy. The pricing strategy essentially constitutes content derived from data analysis. Companies need to have a dynamic approach to the pricing system to attract the right customers.

17/02/2015

Saint Valentine’s Day, always a good opportunity

V-Day is looming, a long-awaited date for all and also a good occasion for the eCommerce. According the study conducted by Prosper Insights and Analytics, it is forecasted the average consumer expense that day will be the highest in last years. Furthermore, 25% of them will buy online, which means an increase of 4% regarding 2014 (The US department of Commerce). This is, therefore, a key date where market competitiveness increase and which could be assumed as a big opportunity for our business or, a big fail if we do not adopt the correct strategies.

How to turn this event into an opportunity? To achieve this goal, we need to adapt our prices to this hostile environment, i.e. we need to develop an appropriate Dynamic Pricing strategy that allows us to adapt our prices to the variations produced in supply and demand and to position us ahead of our competitors. In V-Day, the frequency in changes will be higher, carrying it out each hour or even each minute. It is estimated that 65% of leader retailers have the ability to respond quickly at these variations, such Amazon. For this reason, it acquires great importance the correct use of a software specialised in price motorisation of competitors. Do not miss the time and adapt your business to new adversities.

28/12/2022

Which are the best footwear marketplaces to sell on?

Footwear marketplaces are booming. The last decade has seen the launch of new specialized marketplaces with millions of different users. Among them are Spartoo, Sarenza and Farfetch, portals with international reach. Their main value is that they unite hundreds of footwear brands, as well as offering clothes and accessories. Although each has its own characteristics, they are all vertical marketplaces, i.e., they focus on a specific area, and their sales categories are interrelated. For sellers, these portals provide an opportunity to expand sales channels and drive the globalization of their e-commerce business. We explain how to sell on these footwear marketplaces so that you can assess whether they align with your plans for the future and then start defining a possible pricing strategy.