Using Analytics to Increase Your Ecommerce Conversion Rates
Most retailers don’t take much help from analytics; many don’t even track purchases and conversion rates. Analytics can do much more for retailers than “only measuring daily traffic.”
In this article, I will tell you how to efficiently use analytics to create a personalized experience for your customers.
Promote On-site
Currently, Build.com has many affiliate partners who offer discount coupons to increase its sales. There was a time when customers clicked on the discount coupon, landed on the homepage of Build.com – confused – because they had no idea whether the coupon was applied or they had to run through checkout to apply it.
Build.com used analytics to track sites which were referring customers. They also tracked the amount of discount and coupon code. They created personalized banners and pop-ups for all visitors. This strategy confirmed discounts to customers and Build.com’s conversion rate increased by 6%.
Look for referring URLs in Google Analytics to view hourly, daily, weekly and monthly stats. Use the Geo section to segment traffic by customer locations; behavior section to segment traffic by returning VS new customers.
Promote Through Email
Why are personalized emails imperative? They have a 29% higher open rate and 41% higher click through rate. To send personalized emails, use analytics to review on-site activities; understand how customers behave on your website.
- Which products are customers most interested in?
- What are your peak purchasing hours?
At Restaurant.com, you receive an email if you abandon your shopping cart. Restaurant.com also sends birthday and thank you emails to its customers. Not relying on generic emails, and sending personalized emails, the website increased its revenue per email by 900% within one year.
Email marketing is still the most effective marketing medium with an average return of $44.25 on every $1 spent.
3. Build Dynamic Pages
When customers visit your website, do they view static pages or is their experience personalized with dynamic pages? Around fifty percent of online shoppers prefer shopping on a store with a more personalized experience.
Wine.com realized that their generic products would be unable to compete with wine experts. They dropped their strategy of recommending a single best-selling product to everyone and replaced it by offering personalized recommendations. They built a different product inventory for every state.
The Enhance Ecommerce product performance report in Google Analytics lets you analyze purchasing behaviors of customers and compare it with product performance data. Google analytics also lets you see location of the customer, just click on Geo reports.
To get the most out of analytics, experiment with it consistently. Ask me anything @matthewdove.
