100X ROI with NEW BigCommerce Tool

A few years ago we started a little conversion optimization company called Conversion Voodoo. As we helped our clients grow, we grew up, too, landing a spot as one of the leading CRO companies in the business. It was our innovation in testing that helped our clients, and ourselves, rise to the top.

During our rise to the top we’ve created many tools to help explode the profits of our clients, but we’ve always kept our software under lock and key. Today, we’ve changed that. We’ve created an item promotion tool specifically for BigCommerce stores that we’ve proven to increase sales. (We’ll be adding other platforms in the future.)

 

100X ROI BigCommerce Tool?!?

Ok. 100X ROI. Really? I’ll explain.

Whenever we come up with a new CRO idea, we always, ALWAYS put it to the test. To do this we created a MVP (Minimum Viable Product) of our promotion tool and teamed up with a several BigCommerce stores who were willing to try it (and it paid off!). As of writing this post, the test stores have generated an average of $4,100 in profits each month during testing.

One of our testers even generated an additional $32,720 in a 30 day period of using our tool. The funny thing is that this client originally came to us for conversion rate optimization but we told them they were too small. Instead we convinced them to try this instead. Talk about an accidental MASSIVE success!

We would’ve been happy with $3,272 but somehow it exploded 10x more than our expectations!

bigcommerce-100x-roi-graph

 

Whoa.

We wouldn’t have believed it if someone had told us, but the stats weren’t lying.

We were blown away. Sure, we were used to getting results with our tests, but this was something we could put in the hands of store owners so they could increase their profits without our help.

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Tips To Prevent eCommerce Shopping Cart Abandonment

Tips To Prevent eCommerce Shopping Cart Abandonment

How many times have you loaded up an online shopping cart only to change your mind and walk away?

If you answered “many times” to this question, you aren’t alone. According to Statista, the rate consumers abandoned shopping carts on Black Friday 2015 was 72.81%. That’s up from 65.53% in 2011.

The “every day” abandonment rate is 68.55%. That means nearly 7 out of 10 shoppers fill their virtual shopping carts and click away. This rate, like the Black Friday rate, is up over previous years.

Before we get into the tips to prevent eCommerce shopping cart abandonment, let’s first answer the question, “Why do so many shopping carts get abandoned?”

The answer is multiple reasons. A Business Insider study, lists the top reasons for shopping cart abandonment as:

  • 58% said shipping costs were more than expected.
  • 57% said they weren’t ready to purchase, and they just wanted to compare prices and shipping costs to other website.
  • 55% said they just wanted to save the cart for later.
  • 50% said their order wasn’t large enough to qualify for free shipping.
  • 28% said the shipping time was too long.
  • 28% said they didn’t want to create an account to purchase.
  • 25% didn’t purchase because their preferred payment options weren’t available.

So, to sum up – the top three reasons shoppers abandon shopping carts are high shipping costs, price comparing, or not ready to purchase.

Now that we know why carts are abandoned, let’s talk about tips to prevent eCommerce shopping cart abandonment.

Tip #1: Use Wish Lists

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Essential eCommerce Industry Stats For Abandonment

shopping cart abandonment

For many years, shopping cart abandonment has been a growing problem for eCommerce retailers.

According to the Baymard Institute, the average documented online shopping cart abandonment rate is 68.53%.

Translated into simpler terms, that means nearly 70 out of 100 people who fill their shopping carts on your website never come back to finish their purchase. When put this way, that percentage is staggering.

While shopping cart abandonment is the bane of eCommerce retailers, it can also provide an opportunity.

With billions of dollars’ worth of merchandise abandoned in online shopping carts, about 60% of that may be recoverable. For shrewd eCommerce sites with some ingenuity, you can turn abandoned carts around to your advantage.

In this article, we’re going to discuss essential eCommerce industry stats for abandonment and what you can do to turn the negative into a positive.

Would your revenue increase if you retained some of those abandoned carts?

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Conversion Rates for eCommerce sites – Industry Stats

Conversion Rates Stats

What is the eCommerce conversion rate for your site?

Maybe you know the answer. Maybe you think your ecommerce site’s conversion rate is good enough. Or, just maybe, the term conversion rate makes you want to duck and run because you don’t really know what it means or how to make it better.

Before we get into ecommerce industry stats for conversion rates, let’s define the term:

People who convert on your website have taken an action. They’ve purchased something (your #1 goal!), signed up for your email newsletter, created an account, downloaded something or contacted you through your website’s contact form. You find your conversion rate by dividing the total number of conversions by the number of site visitors.

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The Shopping Cart Abandonment Epidemic: What it Means for You

Since the early 2000s, online shopping cart abandonment has been a growing problem, with the newest studies citing that about 67 percent of online shoppers abandon their cart and leave the website without making a purchase. Here’s how this affects your online business.

You Are Losing 67 Out of 100 Customers


Image via Flickr by Andreas Overland

Baymard combined 27 different studies to come up with the 67% shopping cart abandonment rate. The most recent study by Fireclick puts the numbers at 62 percent. Either way, that’s about two-thirds of your website traffic.

Translating the figures into more tangible terms, it means that 67 out of the 100 people who stop by your website long enough to put an item in a cart leave without buying anything. Shopify puts this into monetary terms: If you are currently making $15,000 a month in sales, you are potentially missing out on an additional $30,000 in sales every month and $360,000 every year. Continue reading “The Shopping Cart Abandonment Epidemic: What it Means for You”