systematic approach to analyse your ecommerce data and improve ecommerce business performance
TRANSCRIPT
Systematic approach to analyse your e-Commerce data and improve eCommerce business performanceMarch, 2013
Charles Chan, Founder & Managing Director of CLEARgo
What is your number one challenge ingrowing your e-Commerce business?
#1 Challenge is Improving Conversions
N: 457 eCommerce professionals in Australia & New Zealand, US & Canada, UK & Europe and Brazil.
Conducted by SLI Systems in November 2012
http://sitesearch.sli-systems.com/Survey-2012-12-05-eCommerce-Registration-Page.html
About CLEARgo
CLEARgo is an eCommerce agency in HK & China
Our Mission is to deliver eCommerce success for our clients
PLANE-Business
Strategy
BUILDOnline Branding, User
Experience & Technology
GROWPerformance Marketing, CRM &
Conversion Optimization
The Power of Data
Target knew about the girl’s pregnancy before her dad did
What do you want to get out of your data?
Sales & Margin
Customer Acquisition CostConversion Rate &Average Order Value
Inventory Turnover Repeat Customers &Customer Lifetime Value
Organize Your e-Commerce Data
Traffic Drivers Clickstream Customers Transactions Inventory
KPI & Measurement
What to measure?
Traffic Drivers
Cost per VisitQualified VisitsUnique Visitors
Channel Attribution
Conversion
Conversion RateAverage Order Value
Cart Abandonment Rate
Sales
Customers
Customer Acquisition CostCustomer Lifetime Value
RFM (Recency, Frequency & Monetary)
Net Promoter Score
Revenue & Profit# of OrdersInventory Turnover Ratio
KPI Dashboard
Knowing how you stack up?
Sources for Benchmarking Data
• IR Asia 500 Guide• Google Trends• Google Shopping• Alexa• Compete.com• Quantcast• Google Adwords• Industry news & blogs• Etc.
Benchmark Data (Conversion Rate by Traffic Sources)
Conversion Rate Visits Orders Conversion
Adwords (Search) 11% 4.4% 2.5%
Adwords (Content) 6% 1.8% 2.0%
Natural Search 11% 4.4% 2.5%
Affiliates 22% 4.4% 1.3%
Social Media 17% 1.8% 0.7%
Direct Traffic 11% 44% 25%
Email 17% 37% 14%
Shopping Engine 6% 1.8% 2.0%
Total 100% 100% 6.3%
Average performance cross all channels 2010-2011Source: http://www.smartinsights.com
Discovering Actionable Insight
Have you fully utilized Google Analytic?
• Enable eCommerce tracking & Goal for conversion funnel
• Use custom variable to track logins, coupon code usage, checkout methods, etc.
• Use advanced segmentation for drill down analysis by different criteria
• Use multi-channel funnel for attribution analysis
Digital One-way Mirror
Drilling the data
Test, Test & Test!It should be one of the daily routines for online business
A/B/Multivariate testing is your clinical trial
The Obama 2008 Movement
Variations
Result
Winner
40% Increase in Sign-up Rate= 280,000 volunteer & $60 million donation
Obama 2012 Campaign
• US$ 250 million raised from online fund raising platform
• >500 a/b tests
• 20 month period
• Increased donation conversion by 49%
• Increased sign-up rate by 161%
Testing Tips
• Let go of your ego. Let the data speak for itself!
• Trust the data, not HiPPO (Highest Paid Person’s Opinion)
• Focus on high conversion triggers
• Test continuously
eCommerce Optimization Framework
MEASURE
BENCHMARK
ANALYSE TEST
A Few More Tips
Segment your customers and customize your strategy
Use your data to give better recommendations
• 35% increase in conversion• 14% increase in attributable revenue• 16% reduction in click to buy distance(source: Predictive Intent from Emailvision)
Recover the abandoned carts
• Remarketing campaign
• Follow-up E-mail
The Tools
Clickstream & Heatmap
eCommerce Analysis
A/B, Multivariate Testing
PersonalizedRecommendations
Retargeting &Abandonment Recovery
eCommerce Platform
Key Takeaways
• Measure, Benchmark & Analyze
• Test, Test & Test
• Segment your customers and customize your strategy
• Use your data to give better recommendations
• Recover the abandoned carts
THANK YOUfor your time & attention
This is my contact:
Charles [email protected]
+852 9470 6088
http://www.cleargo.com