Ecommerce Growth
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Groundswell presentation from eCommerce Expo Ireland 2017
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Ecommerce Growth
- 2. © groundswellgrowth.com Good afternoon Mark Lilley • Founder of Groundswell • Head of Ecommerce at Chain Reaction Cycles (5 years) • Operations Manager at Export Technologies (5 years)
- 3. © groundswellgrowth.com Agenda 1. Ecommerce Math 2. Growth Framework 3. Backlog
- 5. © groundswellgrowth.com Ecommerce Acquire Convert Retain Sessions x Conversion Rate x AOV = Revenue
- 7. © groundswellgrowth.com Understand Your Current Position 1. Customers Add “Made a Purchase” segment Audience > Overview > Users 2. AOV Ecommerce > Overview > AOV 3. Retention (Frequency) Transactions / Customers
- 10. © groundswellgrowth.com Standard Focus Increase Customers Lots of energy on traffic More and more energy in conversion rate Increase AOV and Retention Often secondary or forgotten about
- 11. © groundswellgrowth.com Change Focus 1. Retention (Frequency) Turn 1x customers into repeat buyers 2. AOV Think smart and start to sell 3. Customers Multiply the effect of acquiring new customers with solid foundations from 1 and 2
- 12. © groundswellgrowth.com 1 x Customers They are expensive and more than likely 80% of your business:
- 13. © groundswellgrowth.com Increase Retention (Frequency) • Products • What are your winning products? • Customer Experience • Does your service meet customer expectations? • Marketing • How are you communicating?
- 14. © groundswellgrowth.com Increase Retention (Frequency) 1. Target first time purchasers with best related product • GA related products • Transactional data analysis • Automate campaign – 30days, then potentially offer discount 2. Avoid lapse • Customers who have high frequency but haven’t bought in a while • Analyse data and decide cut off time to send emails 3. Survey VIP customers (trigger with thank you) • What products should we offer • What services are missing • …
- 15. © groundswellgrowth.com Increase AOV 1. Increase Quantities • Customers often buy more than 1 • Review analytics and find the products • Tiered pricing 2. Free Shipping / Gift • Use as a lever to increase aov • ”Free” is powerful • Make sure to include a threshold 3. Bundling • Combine products • Natural choice and related products in GA • Discount complete bundle
- 16. © groundswellgrowth.com Increase Customers More customers = sessions x conversion rate Create a conversion system: 1. Traffic comes on site 2. If they purchase, great 3. If not, get them to sign up to newsletter 4. Enter them into welcome series 5. Market to them via retargeting 6. If still don’t purchase enter them into a discount ladder
- 17. © groundswellgrowth.com Increase Customers Continuous optimisation • Onsite – optimise your site • Email – welcome series • Retargeting – facebook, google Acquire more of your 20% customer!
- 18. © groundswellgrowth.com Growth Backlog / Program • Categorise by KPI • Increase Retention • Increase AOV • Increase Customers • Rank each item on the list by • Potential / Impact • Ease of Implementation • Execute sprints – focus on 1 or 2 week cycles • Grow!
Hinweis der Redaktion
- I have just created an ecommerce consultancy called Groundswell after spending 5 years as the Head of Ecommerce @ CRC and before that 5 years @ Ex Tech
- Ecommerce is about acquisition, conversion and retention We want to acquire users, convert them into customers and retain them as customers
- I think even at this stage, in this very simple form it’s easy to forgot the top level maths that makes up the business
- There are only 3 ways to grow an ecommerce company: Increase the number of customers Increase the average order value Increase the average number of purchases per customer The main reason for my talk is to highlight the need to focus on retention, I think we all have room to grow via retention
- Make sure you know your current position within this framework
- There are only 3 ways to grow an ecommerce company: Increase the number of customers Increase the average order value Increase the average number of purchases per customer The main reason for my talk is to highlight the need to focus on retention, I think we all have room to grow via retention
- Focus on frequency and aov rather than acquisition, acquisition is expensive. Better to optimise your existing offer before focusing on new customers – maximise current proposition and then multiply by adding customers
- Focus on frequency and aov rather than acquisition, acquisition is expensive. Better to optimise your existing offer before focusing on new customers – maximise current proposition and then multiply by adding customers
- 1xCustomers are expensive – calculate your %, it is more than likely around 80% Create the segment and then look at Audience > Overview ? Users for the segment
- There are a number of factors that can effect customer retention: Your products i.e. are you selling good products? No doubt you have a mix, figure out what people are buying as first purchase and coming back to buy again from – lead with them in core areas of your site! Customer Experience i.e. are you providing a great service, asos for example provide a great service in the ability to return products, no issues, buy clothes try them, keep what you like and send the rest back! Marketing – primary channel being email, are you maximising it, blast emails vs targeted emails. Realistically we all want results quite quickly – sourcing better products, improving delivery network and infrastructure is a longer game, with marketing we can act quite quickly! Discounts can be % off, can be gift, can be free delivery etc.
- Discounts can be % off, can be gift, can be free delivery etc.
- If you see products people are buying more than 1 already, incentivise them to buy more CRC tests that included promoting Free mostly all won – customers are inclined to buy more, will pay higher price to trigger free shipping Threshold = 20% above your aov Make sure to compare AOV before and after to measure performance Bundling also helps improve cx and mitigate decision exhaustion, customer doesn't have to think as much – harder to get them to buy each product individually
- As before if we focus on improving conversion rate it will be less expensive than sessions Get email: Target new visitors only, make it consumable, add urgency and use exit intent rather than interrupt user Create a conversion system - move through a process i.e. get customers to sign up to mailing list then activate conversion program. Get email: Target new visitors only, make it consumable, add urgency and use exit intent rather than interrupt user Retargeting ads
- As before if we focus on improving conversion rate it will be less expensive than sessions Create a conversion system - move through a process i.e. get customers to sign up to mailing list then activate conversion program. Retargeting ads
- We all get overwhelmed by the amount of things we want to do – this is needed to help prioritise and ultiamtely make sure your team has a focus and all working together