Optimized Ecommerce EP 082 – $145,020 LOST Revenue WON BACK: eCommerce Profit Hacks
Welcome to Episode 082 of Optimized Ecommerce – $145,020 LOST Revenue WON BACK: eCommerce Profit Hacks. I’m your host, Tanner Larsson, CEO of BGS.
BGS means Build Grow Scale! It is a community that we founded where eCommerce entrepreneurs and physical product sellers come to learn how to take their businesses to the next level.
Here’s just a taste of what we talked about today:
Why Traffic is not your problem
How you can profit by hacking the traffic you are already getting.
What you don’t know about your traffic
- 70% of traffic that visits your site leaves without doing anything (bounce)
- Of the traffic that stays on your site:
- 84% will leave after looking at a product they’re interested in
- 8.5% will add the product to their cart and then never check
- 5% will add to cart, start filling out payment details, then abandon the checkout
4 Traffic factors that affect your sales
- Bounce Rate
- Product Abandonment
- Shopping Cart Abandonment
- Checkout Abandonment
- Increasing the performance of any of these 4 factors will make a dramatic impact on your bottom line (conversion rate)
4 easy strategies to implement “recovery” strategies that take 5 hours 25 minutes to implement and will boost your business by 184%
#1: Combat the bounce
- Bounce rate is when someone visits your site and then immediately leaves
- Lots of factors affect bounce rate, including…
- Page load
- Pingdom.com & webppagetest.org
- Page content – Lack of congruency, quality, spelling
- Visual appeal or lack thereof
- All of these takes time to solve
- Use ‘Exit Intent’ technology to show an offer when they try to leave.
- 9 times out of 10 a lead capture page & lead magnet will be your best bet.
- Product abandonment is when a visitor views a specific product page and leaves without adding to the cart.
- Onsite factors, as well as life factors, can cause product abandonment.
- Does not mean they will not buy.
- Trick is to get them to see the product more than once.
#2: Retargeting keeps product top of mind
- Facebook Retargeting
How Important is retargeting?
- Retargeted ads led to a +1046% increase in branded search.
- Websites see a 726% lift in site visitation after 4 weeks of retargeting exposure
- Retargeting can increase conversion rates by as high as 132%
- Cart abandonment is when a visitor adds a product to their shopping cart, then leaves without checking out or filling out checkout details.
- 4 main reasons people abandon cart
- Unexpected cost – usually shipping related
- No guest checkout
- High price requires consideration
Shopping cart abandonment is an $18 Billion per year problem. Some of that is your money.
Get them back to the cart
- 2 ways to get them back to the cart:
- Dynamic Cart Retargeting (DCR)
- Dynamic Email Follow-up (DEFU)
- If they are a new customer (don’t have an account) Then you can hit them with:
- If they are an existing customer (have an account) Them you can hit them with:
- DEF and DCR
#4: The win back
- Checkout abandonment is when a customer or a potential customer starts to fill out their personal and payment information but does not complete the checkout.
- This is your “Most Likely to buy” traffic…all you have to do is recover them.
- We use a win back campaign to bring people back
- Even if they never submitted their information
We also discussed a few other fun topics, including:
- Importance of guest checkout.
- Some real world case studies of traffic profit hacks and the impact they make.
- Ways to win back a customer.
- The 5th easy strategy to implement “recovery”.
But you’ll have to watch or listen to the episode to hear about those!
How To Stay Connected With Tanner Larsson
Want to stay connected with Tanner? Please check out their social profiles below.
- Facebook Profile: https://business.facebook.com/BuildGrowScale
- Twitter Handle: https://twitter.com/BuildGrowScale
- YouTube Channel: https://www.youtube.com/user/windowsuccess
Also, Tanner mentioned the following items on the show. You can find that on: