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The Ultimate Ecommerce Q1 Survival Webinar - US

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Survival
Guide
Set out to Conquer 2017
THE ULTIMATE
ECOMMERCE
Q1

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2 72014–10 2014–11 2014–1 2015–01 2015–02 2015–03 2015–04 2015–05 2015–06 2015–0 2015–08 2015–09 2015–10
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%D...

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Here’s to turning
adversity into opportunity!

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The Ultimate Ecommerce Q1 Survival Webinar - US

  1. 1. Survival Guide Set out to Conquer 2017 THE ULTIMATE ECOMMERCE Q1
  2. 2. –20 2 72014–10 2014–11 2014–1 2015–01 2015–02 2015–03 2015–04 2015–05 2015–06 2015–0 2015–08 2015–09 2015–10 0 20 40 60 %Differencefrommonthlyaverage Date January - 40% drop in revenue from the dizzying heights of the festive season. February - revenue sits at 20% less than the yearly average. The Q1 Revenue Drop…
  3. 3. Here’s to turning adversity into opportunity!
  4. 4. Problem #1 High level of returns due to the gift driven sales of December.
  5. 5. Reducing returns by 1% increases net profit by 1%. As little as 7% of products could be driving up to 50% of returns. £415,000 - the amount which M&Co saved after identifying the top 10% of frequently returned items and removing them from active promotion. Combat high returns by identifying troublesome products in advance. THE SOLUTION
  6. 6. Problem #2 Excess of old stock that is no longer of priority to shoppers.
  7. 7. An alternative to longer January sales. Create a sense of excitement and instill a sense of urgency. Have been shown to generate a 35% lift in transaction rates. You can choose to outsource by going through through third- party flash sale companies or host them within your store. Well-advertised flash sales that motivate shoppers to move quickly THE SOLUTION
  8. 8. Caliroots - Have their flash sale as the central focus of their site, directing all attention towards the imminent reductions.
  9. 9. The length of your sales • 3 hour flash sales have been shown to generate the best 
 transaction-to-click rates — 59% higher than other sale lengths. Effective communication • Post a countdown to your social pages and emailing your customers. • Email represents 18% of the referrals to flash sales websites. • You can also inform people that come to your site with a pop-up. Things to consider
  10. 10. Orelia - use a pop-up to inform people of their daily one day advent sales.
  11. 11. Timing • Flash sales are more effective if they are infrequent • Transaction rates have been found to be 23% higher for evening flash sales, with the amount of revenue per email 30% higher. Preparation • If your flash sales is successful it will mean a spike in traffic to your store make sure to load test to make sure your site is up to it. Things to consider
  12. 12. Problem #3 Lower margins caused by discounting stock
  13. 13. Driving increases in AOV through automated, personalized recommendations including 
 up-selling, cross-selling and browsing history related. THE SOLUTION
  14. 14. Personalized recommendations • Recommendations tailored to an individual’s likes and dislikes (as documented by their behavior on your site) are more appealing • 54% of retailers that use automated product recommendations increased their average order value year on year. Boomerang use 1:1 product recommendations on their homepage in the form of a “recommended for you” section, as well as curating best selling items in the “most popular lists”
  15. 15. Upsell • Upselling involves persuading a shopper to spend a little more than they had planned, and, according to Econsultancy, can drive over 4% of revenue. • Suggest that they buy the same model but with higher specs, costing a little bit more. Top Office successfully uses a “Similiar Products” recommendation section to show more expensive alternative items.
  16. 16. Cross-sell • Boosts the average order value of a customer by recommending complementary products to the items a shopper is already considering. • Drives less revenue than upsell at 0.2%, but when automated it is such a simple thing to do that it would be silly not to. Eton successfully use the cross-selling technique by offering ties to accompany the shirt being viewed.
  17. 17. • Reminds customers what they have engaged with but not put in their cart. • Makes it more difficult for customers to forget or leave behind items that they were interested in, naturally increasing the chances of spending more. Browsing history reminder
  18. 18. Experiment with innovative ways to present these last minute suggestions- for example, when 
 a person adds an item to their basket why not use a pop-up to suggest further products? BONUS TIP FOR INCREASING AOV Oka use pop-up technology to recommend items relevant to the piece which has been added to the cart.
  19. 19. Problem #4 High number of abandoning shoppers
  20. 20. Nosto customer Greatdays saw a 60% increase in conversion and 18% increase in average order value from using pop-ups. Think about when to use them and what they should offer. Pop-ups THE SOLUTION
  21. 21. Discount pop-ups • Tempt customers to the checkout with money-off their purchases. • 32% of customers leave because they deem the overall price to be too expensive. • Time-limit these to make them more effective and ask for an email address in exchange for the discount code to allow for data capture on top!
  22. 22. An offer could be just the 
 thing to make them reconsider leaving empty handed.
  23. 23. Abandoned cart pop ups Shoppers with items in their cart are already highly engaged - ask for email details so that they can save the items in their cart, greatly increasing the chances of their return. Yumi Kim use a pop-up triggered by exit intent to allow shoppers to save the contents of their cart, making it easier for them to return and also expanding their database.
  24. 24. Problem #5 Standing out above the noise
  25. 25. • 52% of people said that they felt overwhelmed by the number of bargain-promoting emails they receive on 
 a daily basis.
 • Over half of all emails received are promotional.
  26. 26. At Nosto, we have seen that personalized triggered emails have an average click-through rate 10x higher than the industry standard. Personalized newsletters THE SOLUTION
  27. 27. Use tags to insert their name and greet them personally once the email is open. Insert their name into the subject line. Offer them personalized recommendations from your inventory to maximize CTR and conversion.
  28. 28. Browsing history reminder. Browsing & buying related - Relevant pieces based on what they looked at or previously bought. Personalized Top Lists - Highlight the top products on your store, ordering your recommendations according to to their previous buying behavior. to personalized recs that can be used in personalized newsletters 3 approaches
  29. 29. Wakakuu tailor their emails to the individual by making product recommendations a central focus of their newsletter. Björn Borg keep their newsletters timely and current by highlighting best- sellers for both women and men.
  30. 30. Problem #6 Low customer retention caused by sale driven buyers
  31. 31. Increase customer retention with personalized / triggered emails THE SOLUTION
  32. 32. We miss you emails Can be generated automatically and triggered by the lapse of a set period of time since a customer’s last visit. To cut through the inevitable email noise, make sure to personalize the email with recommendations based on their browsing and buying behavior.
  33. 33. Yumi Kim allow their product led email to draw customers back to their store, reminding customers of the pieces they had previously been interested and then highlighting trending items 
 on top.
  34. 34. Order follow-up A customer becomes increasingly more likely to buy from you as their amount of purchases increases. Good customer service but it also gives you an opportunity to suggest further purchase; either accessories to go with their recent purchases or other items that their buying habits indicate to be of interest.
  35. 35. Organic Surge follow up with recent customers by highlighting further possibilities for purchase by showing them products related to their previous purchases.
  36. 36. Problem #7 Acquiring new customers in a period when shoppers aren’t as active
  37. 37. Increasing and personalizing your advertising efforts Retargeting = ‘Online advertising [that is] is targeted to consumers based on their previous Internet actions’. 54% of consumers find personalized ads to be more engaging and 45% find them more memorable. Compared to “static-one-size-fits-all” ads - automated, dynamic product ads can generate performance improvements of up to 400%. THE SOLUTION
  38. 38. Ad types Personal re- engagement ads Post-purchase ads Abandoned cart recovery ads Best seller product ads Highlighting real-time trending items from your store. Nosto customer Eton, saw 
 13 x CTR on prospecting Best Seller product ads. Target customers who have visited your store previously by recommending products picked just for them based on their previous shopping behavior. Eton saw 
 11 x ROAS on ads of these type. Encourage shoppers who selected items but didn’t quite make it to checkout by recommending products related to what they had in their cart. Eton saw 19 x ROAS on Abandoned cart recovery ads. Encourage converted customers to continue their spree by suggesting items that are relevant to what they have already bought.
  39. 39. Problem #8 Low traffic contributing to low revenue
  40. 40. Drive traffic to your store with social competitions The average internet user spending 1.72 hours per day on social media platforms. Promote your brand, encourage certain social interactions and ultimately highlight items in your inventory in a way that is more interesting to your customers. THE SOLUTION
  41. 41. Photo or video contests • Have been shown to get the most engagement and are a good way to turn your customers into promoters. • Ask customers to include your products in their entries and all of a sudden they are creating the adverts for you! • Get them to tag your store or use a hashtag so you, and anyone who is interested, can keep abreast of all the entries. Om Nom Nom Cookies encourage their social followers to take and share a photo of themselves with their product to be in with a chance to win a t-shirt.
  42. 42. Social engagement posts • Spread the word by asking customers to like or share a post about one of your products for a chance to win it. • Takes advantage of network effects and ensures your items are making their way onto the timeline of people who are not yet interacting with your brand • Get existing fans or customer more heavily engaged. Drinkwel encourage social engagement by asking people to simply like their post to enter their product-lead competition.
  43. 43. Caption competitions A fun way to interact with your customer, encouraging people to comment on a post which will result in it naturally feature higher in people’s timelines and extending your reach. Tauck ask their followers to come up with a funny cation for their photo, allowing them a fun way to engage with the brand.
  44. 44. Problem #9 Taking advantage of this natural lull to build your brand
  45. 45. Start a blog Drives customers to your store. Improves your website’s SEO. Allows you to craft stories around your products, 
 brand and industry that will help you to convert visitors. Should be relevant but not boastful. THE SOLUTION
  46. 46. Blog types Behind the scenes • Your chance to give real insight into your company, this shows a level of transparency that many shoppers find reassuring. • Consider showing how your products are made, or where your materials are sourced. John Mackey Co-CEO of Whole Foods, hosts his blog directly on the Whole Foods website and uses it to discuss the issues that matter to him and his company.
  47. 47. Google did a really good job of this type of storytelling in their advert series that showed small businesses such as the Cambridge Satchel Company setting up shop, going from small home-based businesses to international best-sellers. Company vision Talk about the ‘why’ and ‘how’ of your company story.
  48. 48. M&S gives their take on the issues affecting their industry and that of their suppliers in an insightful and current blog. Commentary pieces • Become a thought leader by reporting and commenting on your industry hot topics, trends and industry news. • M&S is a good example, discussing issues such as the UK bag plastic bag tax and fair prices for milk farmers - all issues that have recently been in the news…
  49. 49. Topshop interview social media star Anais Gallagher about her Christmas wish-list, which, of course, includes a number of Topshop items. Product lead / 
 instructional pieces • Should promote your products in interesting and innovative ways. • A form particularly suited to food merchants, with recipe based pieces and the fashion vertical with “What to wear it with” style blogs.
  50. 50. Problem #10 Converting shoppers into 
 long-term sales
  51. 51. Knowing what drives a customer is half of the battle- encourage loyalty from these otherwise fickle shoppers by rewarding repeat business. Offering points in exchange for purchases made has been shown to increase a shopper’s annual visit by up to 20%. Implement a loyalty 
 reward scheme THE SOLUTION Estée Lauder offer loyalty program members a discount, as well as the chance to accumulate points. This encourages repeat purchases.
  52. 52. Thank you! Nosto enables online retailers to deliver their customers personalized shopping experiences at every touch point, across every device. A powerful personalization platform designed for ease of use, Nosto empowers retailers to build, launch and optimize 1:1 multi-channel marketing campaigns without the need for dedicated IT resources. Over 20,000 ecommerce professionals in over 100 countries are using Nosto to grow their business and delight their customers. Nosto supports its retailers from its offices in Helsinki, Berlin, Stockholm, London and New York. sales@nosto.com I www.nosto.com To find out how Nosto can help you make Q1 a success, 
 get in touch with on of our Ecommerce Specialists...

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