29 Ways To Grow Your Ecommerce Revenue

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29 Ways To Grow Your Revenue

Transcript of 29 Ways To Grow Your Ecommerce Revenue

Page 1: 29 Ways To Grow Your Ecommerce Revenue

29 Ways To Grow Your Revenue

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What Is Jirafe Insights?

Jirafe Insights gives you a view of your store’s customer, marketing, product, and abandoned cart data so that you can sell more!

Benefits:• Segment customers so you can target them with messaging based on their

behavior.• Pinpoint where your customers are getting stuck in the purchase funnel and

convert them.• Increase sell through rates, and improve inventory turnover.

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How Will Insights Help My Business?

Other Quick Facts:• Marketing - On average, Insights can help increase the efficiency of digital advertising

campaigns by 15 to 20%.

• One customer even saw a 300% increase in conversions after shifting their Facebook ad spend to Adwords!

• Merchandising - Success rates vary by type of merchant, but typically merchants see a 30 to 50% improvement in conversion rates for products.

• One merchant even saw a 60% increase in units sold quarter over quarter.

• Abandoned Carts - Merchants have been able to reduce cart abandonment rates by 15% or more using Insights.

On average, customers will see a 20% revenue increase in the first 90 days if actively using Insights

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Merchandising Insights

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Your Actions: • Merchandise your homepage and special landing pages or shops with

these products. • Promote rockstar products through social media channels. • Lead customer acquisition campaigns with these items.

Best-Converting Products

Rockstar Products

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Example

Birchbox Creates A Special Section On Their Site for Best Sellers

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Your Actions: • Boost sell through rates by leading paid campaigns with these items. • Place these products on your homepage to see if they drive additional

revenue. • Introduce these products more widely to customers via email marketing.

Less Visited, High-Converting Products

Promising Products

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Example

Old Navy Leads Email Campaigns To Existing Customers With Emerging Products

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Your Actions:• Create product bundles to improve your customers’ average order value. • Send customers follow up emails about similar products they may like. • Show related products together, or display them during checkout.

Top Products Often Purchased Together

Products Purchased Together

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Example

Nasty Gal Makes Product Suggestions Based On Items Purchased Together

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Your Actions:• Lead sales with most discounted products. • Offer these items on checkout page to increase customer spend. • Consider a price adjustment for particular items.

Learn Which Products Sell Primarily When A Discount Is Applied

Most Discounted Products

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Example

Kenneth Cole Uses Sales As A Way To Bring Customers Back To Their Site

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Customer Insights

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Your Actions:• Enroll your best customers into loyalty programs to keep them coming back.• Never send these customers offers with discounts. • Email your best exclusive offers and give them a sneak preview of new

products.

Know Which Customers Purchase Without Discounts

Best Full-Price Customers

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Example

Sephora Keeps Their Best Customers Coming Back With Loyalty Programs

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Your Actions:• Use retargeting to try to encourage customers to go through with a purchase. • Send a follow-up email offering free shipping or a discount.

Improve Conversion Rates By Knowing Which Products Your Customers Are Looking At

Viewed But Did Not Purchase

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Example

ModCloth Retargets Through Ad Campaigns On Various Websites And Social Media Platforms

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Your Actions:• Launch a “buy one get one discounted” campaign to try to increase their order value. • Suggest additional products at check out to encourage customers to purchase

additional items. • Ensure that this group is aware of all of your promotions.

Repeat Purchasers With Low Order Sizes

Low Average Order Value

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Example

Charlotte Russe Targets Low AOV Customers With Customized Offers Based On Preferences And Leads With A Discounted Offer

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Your Actions:• Email high-value, inactive customers with win back offers. • Enroll these customers in rewards programs to encourage loyalty, and more

frequent purchases.

High Value, Inactive customers

Customers At Risk

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Example

Crocs Uses Win-Back Campaigns To Target Inactive Customers

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Abandoned Cart Insights

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Your Actions:• A/B test product descriptions, images, or pricing. • Try using different calls to action to see if it affects conversion rates. • Follow up, with a reminder email about products that are left in carts. • Incorporate social proof points about products, such as customer reviews or images.

Products Abandoned In Carts, And Revenue Lost As A Result

Most Abandoned Products

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Example

Crate & Barrel Sends Emails To Customers That Leave Products In Their Carts

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Marketing Insights

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Your Actions:• Focus your marketing spend on the channels that bring you the most high-

value customers. • Optimize your ads for for your best converting channels. • Focus retargeting efforts on marketing channels that convert well.

Learn Which Channels Bring Your Best Customers

Customer Lifetime Value By Channel

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Example

Anthropologie Uses Facebook To Acquire New Customers

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Thank You!