Serving the underserved – are you leaving $ on the table?
4 key considerations for converting more visitors on your e-commerce site.
According to forecasts from market researcher eMarketer, global e-commerce sales will more than double between 2015 and 2020, increasing from $1.7 trillion to $3.6 trillion. However, online conversion rates are still low at 3-4 percent on a PC and 1-2 percent on a mobile device. This represents over $18 billion in lost revenue for retailers.
After segmenting out the “non-buyer” category of visitors (e.g. no purchase intent, account pages, support pages), many of the remaining visitors who abandoned could have been converted by offering sales assistance to remove any obstacles to purchase or help address any unanswered questions easily and quickly. The missed revenue opportunity from this segment is significant and compelling.
When you think of the investment it takes to drive visitors to your site, isn’t it worth taking that extra step to increase your e-commerce conversion rates while they are engaged and interested on your site vs trying to win them back once they are gone? We call this “serving the underserved,” by adding human engagement when the digital experience alone just isn’t enough.
To do this right, requires you to be able to predict and detect which “underserved” visitors need help, and of those, which can be profitably engaged and offered real-time assistance while still on your site.
When seeking out a solution that can help you do this, there are 4 main considerations that are key to your success in “serving the underserved” and realizing the significant untapped revenue opportunity from these visitors.
- Visitor Identification: Given the high volume of visitors and activity on your e-commerce site, does the solution use historical and real-time data to deliver rich predictive analytics to accurately identify those who you can profitably engage and that have the highest potential of converting? There are several key data points that the analytics should identify including – a visitor’s propensity to buy, their propensity to accept live sales assistance (i.e. who actually needs help) and most importantly can it forecast whether they would be profitable if engaged?
- Digital Engagement: Does the solution deliver a deep enough level of micro-segmentation so that you can accurately and effectively personalize your message and engagement approach to those prospective buyers in a way that enhances the customer experience?
- Live Engagement: The efficiency and performance of the solution is key to effectively and profitably converting those visitors. What kind of customer engagement options do they provide – chat only? This will quickly limit your ability to effectively engage with visitors. You need to ensure you can seamlessly shift engagement modes between chat and phone based on visitor preference. The more options you have to engage with your visitors, the more likely you are to convert them to a paying customer.
- Performance Attribution: Finally, does the solution provide real-time tracking of engagement performance at a micro-segmentation level to ensure your efforts are continuously optimized to maximize performance and profitability? You need to know who, where, when and how to engage visitors or you risk cannibalizing revenue that would have closed anyway, increase cost without additional revenue (even negatively impact revenue) and reduce customer satisfaction.
Learn how the MarketLinc end-to-end customer engagement solution can help convert more of your underserved visitors and capture up to 20% more revenue at no additional cost to your business. Guaranteed.
About the Author
Paul Larochelle – SVP Business Development, MarketLinc
Paul is responsible for corporate strategy, sales and marketing at MarketLinc He has over 20 years’ senior management experience leading sales, operations, business development and marketing functions within the Marketing Services and Software space including his most recent role leading global field enablement at SAP, the world’s largest application software company.