GDS International - Next - Generation - Retail - Summit - US - 4
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Transcript of GDS International - Next - Generation - Retail - Summit - US - 4
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The 13 website testing wins in this
eBook have made our client
s
$ 19,286,521
in projected an
nual revenue
web: monetate.com • phone: 1.877.666.3828
1. Brand Badges Boost Revenue
Sometimes online shoppers need a little push to make a purchase. Drawing
attention to popular brands is a proven way to peak an online shopper’s interest --
and encourage sales.
It's not about badging ALL brands. Just the ones that have some kick to them.
One client asked Monetate to slap a “Wind Stopper” badge on a line of jackets, and
they saw a projected annual revenue of $2,684,000.
Of course, you don’t want to go ahead and throw a badge on everything! That’s
why Monetate’s ability to test is so important. We give you the data that makes it
easy for you to make the right decision about which brand to badge.
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Brand the badge
web: monetate.com • phone: 1.877.666.3828
2. Cart Messaging Changes EverythingWhen it comes down to it, an online retailer’s Cart page is perhaps the most
important for its business. And there are a lot of things that can be done with it to
improve the customer experience.
In one recent campaign, Monetate
helped a client decide exactly which
features to add by running an A/B test
on its Cart pages.
Version A displayed the site’s
standard cart summary.
Version B included added
reassurance above the cart summary.
This reassurance took the form of a
small box that appeared above the cart
summary and order total, and stated
the site’s 100% Guarantee and “no
questions” return policy.
It wasn’t hard to tell which Checkout
strategy made more sense. Version B yielded a 6.8 percent average order value lift
and a revenue impact of $63,670.
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100%Guaranteed
No questions askedunlimited return policy
web: monetate.com • phone: 1.877.666.3828
3. Live Chat Converts Better
Live chat solutions promise to better meet customer needs and thus increase
conversion, average order value and, ultimately, sales. As testament to this fact,
live chat vendors have commissioned study after study proclaiming the benefits to
using their solutions. But are these studies correct even with the obvious bias?
Does live chat actually make a positive impact?
One of our mid-sized ecommerce clients decided to put live chat to the test. They
used Monetate technology first to integrate the live chat solution, and then to run
an A/B test across their entire retail website, testing the efficacy of the soltion.
In the end, live chat was a winner. Version B, which included the chat widget,
increased Average Order Value by 3%, earning our client over $20,000 during the
duration of the test, and over $130,000 in projected annual revenue. Not bad, for a
little live chat widget.
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Lets chat
web: monetate.com • phone: 1.877.666.3828
4. Button Messaging MattersThe right combination of words can pack a lot of punch. And when it comes to E-
commerce, the perfect turn of phrase can inspire more people to buy.
One apparel retailer used Monetate technology to test for just the right wording to
use on its website’s checkout button. A simple A/B test gauged the effectiveness of
the phrase “View Cart” versus the power of the phrase “Start Checkout.”
There proved to be some magic behind the phrase “Start Checkout.” After three
weeks of testing, the “Start Checkout” version of the button earned our client over
$17,000, with projected annual revenue over $532,000, proving that Monetate can
help you find the best way to inspire your customers to buy.
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VIEW CART
START CHECKOUT
version A
version B
Inspire your customers to buy
web: monetate.com • phone: 1.877.666.3828
They really like us!
5. Appreciate Your Fans
Monetate makes online marketing initiatives happen, whatever they may be. When
one of our clients wanted to specifically acknowledge visitors to its website who
had clicked through Facebook to get there, we implemented a Facebook
Consistency Campaign.
For every visitor who came from Facebook, the apparel retailer’s homepage
boasted a Facebook-relevant banner: “We’ve got more of what you ‘Like.’”
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web: monetate.com • phone: 1.877.666.3828
In addition to putting the Facebook Echo into practice on the site, Monetate
assessed the tactic’s effects on shopping behavior and revenue. The verdict? A 118
percent conversion rate lift. With Monetate, your creativity gets rewarded.
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web: monetate.com • phone: 1.877.666.3828
6. Faceted Navigation: A Customer Favorite
Searching through pages of sale items online can be a grueling process for
shoppers trying to save a few dollars. Faceted navigation makes it simpler for them
to zero in on the products they love at a reduced price.
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Above: the page WITHOUT faceted navigation
web: monetate.com • phone: 1.877.666.3828
There is no doubt that this technology benefits customers. More importantly,
Monetate ran a test for one of its clients, a major apparel retailer, to determine how
valuable faceted navigation is to them.
The test found that the technology produced over $90,000 in incremental revenue
during the test itself ... and produced a projected annual revenue of over $4 million,
with a conversion rate lift of 2.32 percent.
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faceted navigation
web: monetate.com • phone: 1.877.666.3828
7. Free Shipping Helps Customers Buy
Online retailers need to know which of their promotions really work. With free
shipping, the question usually becomes whether or not the increase in sales will
pay for the cost of the free shipping. That’s where Monetate comes in. It allows
clients to customize aspects of the free shipping promotion based on a shopper’s
distance from the warehouse or location within a particular region.
After installing a “Free Shipping” badge on images of certain products for an
apparel retailer, Monetate’s technology quantified just how lucrative that ubiquitous
little phrase has the potential to be.
The free shipping initiative yielded a projected annual revenue of almost $4 million
and an average order value lift of 12.29 percent after one week of testing.
And with Monetate’s ability to offer reduced or free shipping for a limited amount of
time, on specific purchases, on orders over a certain amount, and so on, the “Free
Shipping” strategy just became a lot more interesting.
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With Monetate technology, the client was able to dynamically add free shipping offers below the product thumbnail.
web: monetate.com • phone: 1.877.666.3828
8. Predictive Search Is Predictively Positive
Thanks to Google, most consumers are familiar with predictive search.
By providing suggestions that drop down from the search bar, Predictive Search
technology helps consumers find what they’re looking for more quickly, and it can
alert them to items that they didn’t even know they were looking for in the first
place.
Yet, most internet retailers are way behind the curve in this respect. Not only do
they not offer predictive search to their customers, but they probably don’t even
know it’s worth implementing. Thankfully, Monetate can add predictive search to
any site in seconds. For example, when Monetate implemented a Predictive
Search function for one of their clients, the retailer’s revenue per session increased
8.71 percent over a 30-day period. Predictive Search earned the company over
$21,000 in incremental revenue during that time.
What’s more, our client came away with a projected annual revenue of almost $3
million from that one little change. Predictive Search fosters a shopping experience
rife with potential -- both for your customers, and for your bottom line.
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Predictive Search is simple and can earn retailers additional revenue.
web: monetate.com • phone: 1.877.666.3828
9. Always Test Your Pricing
There’s more than one way to say the same thing. The question we’re interested in
at Monetate is “Which approach yields the best sales results for E-commerce
companies?”
In this case, we helped a clothing retailer decide how exactly to articulate the sale
price of an item on its website, because, as it turned out in the test, that makes a
difference in terms of conversion rate, new customer acquisition rate, average
order value and revenue per session.
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Whats the best way to show the price?
web: monetate.com • phone: 1.877.666.3828
Using Monetate software, the retailer tested how three slightly different ways to list
an item’s price affected the bottom line.
Version A Version B Version C
$22.50 USDnow: $11.00 USD
Was $22.50 USDToday $11.00 USD
Today $11.00 USDSave $11.50 USD
Upon its completion, the test found that version B was most profitable, yielding $2.9
million in projected annual sales and a 6.24 percent revenue per session lift. The
conversion rate lifted 3.39 percent, and the average order value increased 2.75
percent.
We’ve said it before, and we’ll say it again. It pays to test.
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Most profitable way to show price
web: monetate.com • phone: 1.877.666.3828
10. Scaricity Motivates Customers To Buy
If a person thinks there’s a limited window to take advantage of a particular offer,
they are more likely to make an impulsive purchase right now. That's the theory
behind the marketing strategy known as 'scarcity' and one of our clients wanted to
test the effectiveness of scarcity on their ecommerce site.
The company used Monetate technology to run an A/B test on product pages on
their retail website. This test affected the pricing information to the right of the
product image on select product pages.
In version A the visitor saw "Today’s Price" with no scarcity indicator. In version B
scarcity was injected by Monetate with an added line that read "Offer Ends in..."
followed by a timer that began counting down as soon as the visitor landed on the
page.
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Todayʼs Price:
web: monetate.com • phone: 1.877.666.3828
The result? Scarcity, as supplied by the counter down in version B, proved to be a
winner, although not an overwhelming one. Version B increased Average Order
Value only slightly (by 0.07% to be exact). However, for a large online retailer such
as our client even this margin of improvement in AOV proved to be a “million-dollar
campaign.” In other words, it generated incremental revenue of more than a million
dollars.
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Scarcity increased average order value
Version A Version B
Retail Value: $60.00Our Price: $49.75Todayʼs Price:
$41.16You save $8.59Shipping & Handling: $6.72
Retail Value: $60.00Our Price: $49.75Todayʼs Price:
$41.16You save $8.59
Shipping & Handling: $6.72
web: monetate.com • phone: 1.877.666.3828
11. Shop By Size Is A Success
An online retailer’s goal should be to make shopping easier for its customers. Help
them find exactly what they’re looking for before they click away from your site.
Monetate’s goal is to help you help them.
Monetate created a “Shop by Size” widget to help our client’s customers connect
more quickly with the clothing that will fit them.
The widget yielded a 4.54 percent conversion rate lift and an incremental revenue
of almost $30,000 for the duration of the test.
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Monetate tested the efficacy of including a
“Shop by Size” widget on the righthand side of the
clientʼs homepage.
web: monetate.com • phone: 1.877.666.3828
The ability to quickly and easily test out new ideas, like our client’s desire to include
the “Shop by Size” function, is one of Monetate’s most valuable -- and versatile --
features.
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Test out new ideas FAST
web: monetate.com • phone: 1.877.666.3828
12. Try Different Testimonials
Customer testimonials inspire confidence and strengthen loyalty. But not all kind
words are created equal. How can an online business tap into the customer voice
that best encourages its patrons to shop?
One of our clients used Monetate technology to test the effectiveness of three
different customer testimonials located under the site’s navigation. Each offered
free shipping and was measured against a control that also advertised free
shipping but was accompanied by the message, “Mother’s Day is May 8.”
The test was intended to determine which message resulted in the most favorable
shopping activity on the site.
Testimonial A
“This is an absolutely fantastic site. I love their enormous selection of items,
including the many high quality brands...” Dave Mattson, New York
Testimonial B
“I stumbled upon this site from an ad on another web page. I’m sure glad I
registered. I have enjoyed it immensely...” Johnny Wiles, Atlanta
Testimonial C
“I have had very good luck with everything I have ordered off your site. Thanks...”
Rhonda Jameson, USA
Good thing they decided to test, because the results were staggering. Testimonial
A was the resounding winner, earning our client an incremental revenue of
$147,110.
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web: monetate.com • phone: 1.877.666.3828
13. Video Converts Better
Because online shopping lacks the tangible experience that accompanies shopping
in a physical store, retailers have to showcase their products online in the most
effective way that they can.
But what proves to be effective can differ for every company. The only way to know
for sure is to test.
A major online retailer used Monetate technology to run an A/B test on its product
pages.
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web: monetate.com • phone: 1.877.666.3828
In version A only a photo of the product accompanied its description. In version B a
video of the product accompanied the details. The main difference between the
two, at first glance, was the large orange play button on top of the product image.
Initially, management at the company believe the video version would be a flop.
Why? It was thought that the large orange button obscured the product too much,
and would confuse visitors.
However, as often happens with testing, initial guesses were proved incorrect. The
video version was more successful, lifted conversion rate by 1.26 percent and had
a revenue impact over $800,000. If you have the opportunity to find out for sure
which strategy is the best, why not take it?
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Learn about the successes our clients have had with Monetate,
from conversion rate lift to increased average order values,
revenue growth, improved customer acquisition, and commercial
websites that simply work better.
customers.monetate.com
Read More Stories
Our growing series of short videos answers questions about
Monetate’s many features and reveals how testing and
targeting works when you’re using Monetate.
Video Archive
videos.monetate.com
If you are ready for a personal demonstration to see how
Monetate can improve your website call us at 877-monetate
or fill out the form on our website.
demo.monetate.com
Request a Demo
Learn why many of the world’s largest websites use Monetate:
1-877-monetate | www.monetate.com | facebook.com/monetate | @monetate951 E. Hector Street | Conshohocken, PA | 19428
©2011 Monetate, Inc. All rights reserved.
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