Optimized Ecommerce EP 082 – $145,020 LOST Revenue WON BACK: eCommerce Profit Hacks

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Matthew Stafford Dec 01, 2021

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

Bounce hack

  • 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.

Look again

  • 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

  • Resources
    • PerfectAudience.com
    • AdRoll.com
    • SiteScout.com
    • 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%

#3: Reconvert

  • 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
    • Browsing
    • 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:
    • DCR
  • 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!

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