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In this blog post, we will look at some of the mathematics and statistics around online selling, and discover how tricky and testing this area of business can be.
The fact is that online retail is extremely competitive. I’m sure that is something of which all business owners are only too aware. Yes, there is a global marketplace today provided by the Internet, but that global marketplace is populated by an inordinate amount of competition. And this impacts hugely on your sales and marketing figures.
Research indicates that the percentage of visitors who complete a sale tend to average around 0.5-4%. Expect rates between 0.5-1% if you’re a small eCommerce store, and you haven’t invested in conversion optimisation. At a 1% conversion rate, 100 visitors are required in order to make one sale online.
Now…if you consider that Facebook charges around $1 a click for traffic in Australia then you start to realise how expensive online retail marketing can be! Clearly at these rates you need help in order to make your operation pay off.
Retail businesses that sell lower priced items online tend to invest in Conversion Rate Optimisation. This is where data analysis is used to identify ways the business can sell more products without increasing the amount of traffic.
This can be hugely effective. For example, I recently increased the conversion rate of an online store by 26% overall, and 86% for mobile phone users. This sort of real world result can be really gratifying, but it’s achievable for your business too. But you need to use the tools at your disposal effectively.
Here is one item of good news for you…most of your competition is not doing this! Many businesses are doing a sub-par job of marketing their wares, and ultimately failing to get the best out of there whole operation.
This is where Web Data Analytics comes in. With our advanced eCommerce marketing skills, and in-depth knowledge of key tools such as Google Analytics, we can help transform your entire business. We help you find the people you need to target, get them on your website, and then close the deal with them.
So if you know an owner of an online retailer who has low conversion rates, please help them to find a service they may need by introducing them to Web Data Analytics.