Statistics on consumer psychology on Ecommerce sites
Have you ever wondered about which are the biggest consumer concerns that are a barrier to online purchase? For example, what is the perception if your website page is slow to load, what consumers actually think about your videos or if on-line vouchers affect the decision to buy. Of course, the best way is to ask consumer direct, by a panel of customers or through conducting a usability test. But as a quick alternative, check out the research we have compiled in the new Vouchercloud infographic on consumer buying psychology.
The findings tell you some of the 'statistics and habits behind the clicks': 31% of consumers would be more likely to buy a product after watching a video since it reinforces their confidence, and 41% would abandon the shopping cart if there were hidden charges.
More…
Performance marketing valued at £14bn in the UK showing the continued contribution of affiliate marketing
The IAB recently released their annual survey into the size of the Online Performance Marketing Channel. The industry, which includes Affiliate Marketing and Lead Generation, saw £1bn spent by advertisers in 2013 (an increase of 15% compared to 2012).
Some of the interesting top level numbers I picked from the report include:
UK consumers made 150 million purchases via affiliate websites (this works out at almost 3 for every British adult),
Advertisers saw a return of £14 for every £1 spent,
39% of the UK population visited a comparison site
35% visited a voucher site
21% visited a cashback site,
Online Performance Marketing can now claim to account for 10% of UK e-commerce retail sales,
Up to 20% of OPM advertiser spend comes via mobile and tablet devices.
The return of investment from Affiliate Marketing is impressive, with £14 returned for every £1 spent based…
5 ideas to help your journey to nirvana
Optimisation, it’s an important and hot topic. Whether SEO, advertising, email or conversion rate. We want more, we have to. Is it possible to reach an ‘optimised’ place, is it ever done, can we ever arrive at an optimised nirvana of continuous optimisation as we suggested in our recent 7 Steps to Digital Nirvana infographic? Whenever I talk to people, and listen to myself talking sometimes, you’d think that we are seeking a destination, a place where it’s all done. We're optimised!
We asked about how optimised businesses are in their digital optimisation in our recent research on managing digital marketing - it's good to see a fair proportion in the top 2 categories, but the majority don't optimise continuously.
My experience is that in reality we never arrive. It’s a little…
Itamar Simonson explains how digital reviews and recommendations mean that consumers are now better equipped than ever to determine the absolute value of any purchase
According to Simonson, Professor of Marketing at Stanford University, today's consumers have so many new sources of information it's much easier for them to assess the absolute value of things, in other words, to know their likely experience with a product or service.
Absolute Value is the title of a new book by Simonson written with Emanuel Rosen, ABSOLUTE VALUE: What Really Influences Customers in the Age of (Nearly) Perfect Information. In it they argue that consumers today take advantage of three trends:
1. the rise of reviews from other users
2. unprecedented access to expert opinions
3. easy access to friends on social media.
In this interview we explore the new reality of the influence of digital media on purchase and its far-reaching implications on everything from competitive strategy to communication…
Case study: How Formstack integrate their sales and marketing
In most companies, departments stay pretty close to their area of expertise. You each have your own superpowers and know your strengths. It’s difficult to get out of the comfort zone and not collaborate enough with other departments, but not doing so could be hurting your business. Without collaboration, you are missing out on vital perspectives that come from other aspects of your company.
In marketing, you’re constantly searching for ways to improve communication and see into the minds of your customers. You can send out customer surveys and take the chance that you’ll get a decent, honest response. However, most of the time it’s difficult to get good qualitative insight from a survey.
If you want to uncover hidden gems or issues your customers are facing, try collaborating with the secret agents of your business: your sales team.
What is Smarketing?
Our marketing and sales…
Lessons on using the right e-retail incentives at the right time
'Should we use discount codes in a our abandonment emails?' is a question we’re often asked by retailers at Triggered Messaging. On the surface, incentives look like a great idea because you can recover more carts and gain more sales you wouldn't have otherwise. Most of our data supports that point.
HOWEVER, when considering profitability, cart abandonment programs can be dangerous. You can give discounts when you didn’t need to.
In this article we share this case study of one retailer we worked with who discovered that they were needlessly giving away discounts costing over $3,000 a month.
What’s more, we’ll show how it appeared to be a success, even though it damaged profitability. Then we’ll tell you how you can make your abandonment incentive programs more intelligent and strategic to increase customer acquisition and lifetime value.
Here is the analysis we…
A tutorial with examples and ideas of what to test
Prominently displaying why users should buy from you rather than a competitor is extremely important for any business look to increases online sales, particularly in retail, but it applies across many other sites.
As Bryan Eisenberg, author of Always Be Testing can Call To Action explains in this punchy clip, testing value propositions can have a massive impact on conversion.
[youtubevideoembedder id="ps7bB9-ksMY"]
Bryan Eisenberg On Unique Value Propositions (1m45s) >>
As Bryan says:
"If you're not doing this, you're wasting your time"
Given this, value propositions are something that I love to test. Smart Insights have covered the importance and examples of value propositions in other posts on their hub page, here I'm going to focus on testing, looking at retail Ecommerce examples. I will looking at testing and optimisation point of view, starting with a review of…
Five techniques Conversion Optimisation Experts use to get the most value from their CRO efforts
Conversion rate optimisation (CRO) can be frustrating when you have setup a CRO programme and are working hard on it, but not getting the results you expected. This article details five tips we find are important to apply to get your CRO efforts back on track. We have used this approach to deliver double, and sometimes triple-digit, sales increases. Implement this advice into your CRO programme and transform your business.
5 Tips to improve CRO
Tip 1: Avoid ‘best practice’
If you get your ideas for what to test on your website from downloading an expensive report then it’s odds-on you are seeing mixed results.
What works on one site isn’tt guaranteed to work on your site and the tactics involved in persuading visitors to purchase varies enormously from site to site.
You need to get into the mind-set of your…
A summary of 'add to basket' techniques from 50 retailers
The checkout process is crucial for e-commerce sites and a holistic approach is best to improve retail website conversion rates, for example using abandonment campaigns and analytics to review the online buying journey.
At an earlier stage in the customer journey, reviewing design and messaging practices around the 'add to shopping cart' or 'add to basket button' can help move shoppers further down the funnel. We thought this was a useful infographic from Volusion based on reviewing the "Add to Cart" practices of US 50 shopping sites considering its shape, colour, size and design.
The infographic is not providing a 'one size fit's all solution' and shows commonalities and tips on what is important to support conversion; it's tailored to the shopper, layout and branding of your website. It's interesting to look at examples…
We're fast approaching 2014, the year when mobile analyst Mary Meeker predicted that mobile Internet traffic would overtake desktop traffic. Her latest annual KPCB Internet trends report from May 2013 showed that we're not quite there yet, with mobile traffic up to 15 per cent of global internet traffic in May 2013 – up from 10 per cent in May 2012, and six per cent in May 2011. This compilation of mobile marketing statistics to consider for your 2014 planning shows that in many consumer sectors, the importance of mobile marketing is obscured by this average figure.
In this talk for Smart Insights I started by showing that 2013 was the year that many businesses started to prioritise integrating mobile marketing with other channels to the level it deserves. Retail week reported that 60% of retailers listed omni-channel as their top business priority for 2013. Meanwhile Joseph Tripodi of Coca Cola…
