Use This Advice from a Certified Magento Agency to Use Data-Driven Improvements to Increase Your Conversion Rates
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The global market has come a long way in the past few decades. More specifically, it has shifted from a landscape populated only by the physical storefronts necessary to sell goods and services to an increasingly online network of e-commerce retailers. As the digital age continues, this shift continues to veer towards the online, as evidenced by the fact that online merchandise outsold brick and mortar for the first time ever in April of 2019.
Changes in Marketing
As online retail continues to expand – up from just 5% of all retail in the 1990s to over 12% in 2020 – the way we collect data has changed as well. Complicated paper filing systems gave way to computerized tracking measures, but both were rife with data-entry errors. Today’s automated data-tracking processes have changed the way retailers use numbers to inform their marketing decisions.
Not only is data more accessible than ever, but it offers e-commerce business owners valuable insights that can be used to direct marketing dollars to the most effective endeavors. In fact, this more data-driven marketing has since become an essential component in e-commerce. In particular, e-commerce businesses can utilize the enhanced consumer tracking capabilities provided by online, data-driven marketing to figure out how to convert more site visitors into paying customers.
Data-Driven Customer Conversion
Although the tools and methodology have changed, customer conversion is just as important in the digital era as it was in the pre-digital days ruled by brick and mortar establishments. An accurate view of just how many consumers you’re inspiring to make the conversion into customers can reveal how effective your marketing strategies are. As always, boosting your efficacy at convincing potential customers to make a purchase results in increased revenue.
Once calculated haphazardly by comparing filing cabinets full of sales figures to the estimated foot traffic in a store over a given time period, e-commerce platforms have given us increasingly detailed access to customer conversion data. However, data for data’s sake isn’t the goal. Rather, analysis of your data to inform your marketing and business decisions to improve conversion should also incorporate an underlying strategy backed by a certified Magento agency.
Your Data Analysis Strategy
For your data-driven marketing process to help you make the informed decisions that will improve your customer conversion rates, it’s crucial to understand how to use your data. Your data analysis strategy should incorporate the following considerations:
- Industry best practices. Taken alone, the heaps of numbers produced by Google Analytics don’t provide much in the way of information to help you improve your marketing and conversion techniques. Instead, you must employ a more comprehensive analytics system to reach the insights necessary to make these key decisions. Taken together, testing based on data points like bounce rate, device engagement, customer churn and more can help you develop a foundation for future decisions.
Context. When you set about analyzing your data, look at the full picture in addition to the minute data. To put it simply, viewing data at a transaction-by-transaction level isn’t enough. Instead, keep in mind the context of each piece of data and view it on a larger scale to see how changes on each level reflect on user experience as a whole.
Collective expertise. Just as analyzing your own data bit by bit isn’t enough to provide you with a complete picture of your customer experience, relying on your own information isn’t enough to build an understanding of the full story behind customer trends. Instead, stay open to optimization experiments performed across a diverse community of other Magento users to help provide insight and drive your conversion efforts.
Big-picture business activities. Although we’ve discussed the rise of e-commerce and its effect on data-driven marketing at length, don’t limit your data analysis to the online realm. Instead, make an effort to view and interpret the changes to the overall customer experience framework, including online data and in-person touchpoints of each strategy you employ. Comparing your unique audience to that of the strategist’s is an important consideration before implementing a change yourself.
- Creative personalization. Use the recommendations on this list and from other strategists to guide you, then personalize your site to meet the needs of your clientele – but don’t be afraid to get creative. For example, the Mobile e-Commerce Optimization Initiative undertook a ZIP Code Autofill experiment designed to fill in the ZIP code for each online shopper and found that this simple step resulted in a 7% increase in retail per visitor. Creative enhancements such as these can provide you with additional boosts in conversions traditional measures alone can’t touch.
Get Help From a Certified Magento Agency
Unsure about your data analysis techniques? Take advantage of the Certified Magento experts at Forix; we can help you attain your customer conversion goals while ensuring you don’t lose sight of the bigger picture. Reach out for more information today.