Whilst it’s obviously better to have added security and safer money handling procedures, two-step authentication adds a step in the checkout procedure. It requires customers to have a mobile phone in hand.
Alright, see our merchandise:
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I guess even tighter authentication will eventually be faked. Biometrics, like a fingerprint or retina scan, could verify a transaction. This, again, requires a smartphone.
Mobile is simpler
Indeed I’m finding it much easier to shop on the internet with my mobile phone as opposed to on a computer. The confirmation is smooth and barely disrupts the checkout procedure.
This means that I would rather use mobile-friendly sites, where the websites scale sensibly down to my mobile monitor and stay easy to browse and see products. It’s a lot more than simply having a mobile edition.
Thus it is increasingly vital that an ecommerce website is designed especially for mobile phones. It’s well worth looking at your analytics to the proportion of people on smartphones and, also, the amount of mobile conversions. Probably, both will grow over time.
Your mobile conversion rate should be as good if not better than from computers. If, like me, people find it easier to check out and pay on a mobile phone, the mobile conversion rate should be higher. If not, your website is presumably not mobile-friendly.
To be genuinely mobile-friendly may need a redesign, a much better template, or maybe a different ecommerce platform.
The ideal time to revamp and enhance a website is typically after the holiday rush and January sales — hence late January or early February. Use this active fourth quarter to collect information, and the following quarter to improve. Consider using a specialist for the rework. It’s much better to use an independent third party to see your website, someone who’s not blind to flaws.
In a nutshell, get in front of the regulations — the ever-tightening safety restrictions. Ensure that your website remains a place where customers can easily shop and spend.
The two Universal KPIs for Ecommerce Retailers
Key performance indicators are metrics that indicate the health of a company at a specific time, particularly when compared to previous performance and to other businesses. A company’s KPIs typically change with new opportunities and challenges. However, Gross Revenue and Gross Profit are worldwide KPIs for many ecommerce retailers, all the time.
Number of Visitors x Conversion Rate x Average Purchase Value = Gross Revenue
Obtain the information for each variable from the own analytics, even though the variable with the maximum impact on ecommerce revenue is typically conversion speed. Consider this example.
- Monthly traffic: 1,000
- Conversion rate: 2 percent
- Average order value: $100
- Monthly gross earnings: $2,000
Which factor would enhance performance with the least risk and investment? Obtaining new visitors is pricey. And increasing the average purchase value generally requires sophisticated cross-sell and upsell tools which many smaller merchants either can’t afford or lack the visitors for data-powered recommendations.
But increasing the conversion rate from, say, 2 percent to 6 percent would boost revenue by 300 percent, to $6,000 a month.
Thus the fastest (and cheapest) way to boost revenue is to improve the conversion rate, typically by streamlining the checkout flow. Here are some ideas:
- Minimize the amount of steps in your checkout.
- Don’t cross-sell or upsell when the purchaser has entered the checkout flow. Provide a simple path to buy.
- Provide guest checkout, so visitors don’t need to create an account at the beginning. Requesting an account at the end of the checkout procedure is significantly better.
- Add new payment methods that don’t require credit card information, such as Apple Pay, PayPal, and Amazon Pay, amongst others. Think about offering a financing alternative for big-ticket items.
- Make sure your site is secure and fast.
- Include tax and shipping estimates in the add-to-cart process early to eliminate surprises in the checkout procedure later.
- Provide complete order details throughout the checkout so buyers can quickly confirm items, quantities, and prices.
- Guarantee forms and error messages are clear about what is required. Be explicit, by way of instance, about password demands — letters, numbers, symbols. Don’t make people guess.
- Allow shoppers to save their cart or wish list to get later. This will require creating an account.
- Deploy retargeting campaigns one day (not minutes) after shoppers abandoned their carts.
- Maximize the checkout to get mobile. While challenging, this design effort might be the largest investment with the most impact.
- A/B evaluation every facet of your checkout process — fonts, forms, calls-to-action, button colors, button shapes, everything.
In my experience, the very best ecommerce actors typically have the highest conversion rate, not necessarily the most traffic or the greatest average order value. Large retailers focus on conversion rates every day.
Based on the group, conversion prices for retailers vary from 1 percent to greater than 10 percent. The scope is much more dramatic in B2B commerce. If your organization is in the low end, redesign your cart and checkout flow.
The next universal KPI for ecommerce merchants is Gross Profit.
Gross Revenue — Cost of Good Sold = Gross Profit
By buying inventory at the lowest possible price and selling at the highest, your gross profit and gross profit margin increases.
[Gross Profit ÷ Gross Revenue] x 100 = Gross Profit Margin
Many ecommerce retailers concentrate on earnings and ignore cost of products sold. However, the latter is just as important and is often easier to improve than earnings.
Like conversion rates, gross profit margins vary widely by industry and category. Regardless, concentrate on improving yours daily. When possible, buy in bulk to reduce your cost of goods sold. Think about making your own private label brands as a method of avoiding price competition.
Additionally, try premium-pricing strategies. Target advertising campaigns in your most loyal customers since they’re often less price-sensitive than first-time buyers.
A number of other expenses affect overall profitability, such as salary, shipping costs, rent, equipment, licensing fees, and supplies. Certainly those are significant. But in case you always lower inventory costs and raise your conversion rate, however small the advancements, your revenue and gross profit will steadily improve.
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