In its simplest terms though, outsourced ecommerce is payment processing PLUS a bunch of complementary features (identified below) that can contribute to your success selling online.
When you outsource to an ecommerce platform, you plug into a comprehensive solution that can be tailored to your business needs to increase conversions, customer lifetime value and total revenue. Once this customization has been completed, you are free to focus more on your business while your external ecommerce team manages every aspect of your ecommerce day-to-day operations, along with scaling and optimizing your online business.
To break it down even further, here are…
Trials are a fantastic way to attract new users and get them engaged with your subscription product. But many companies struggle with their SaaS trial length. With the length of a trial having a huge effect on whether users end up signing on as paid customers, it’s vital to figure the optimal period for your particular product or service.
Trials range from one day to 6 months or more, and the length of your trial needs find the right balance between giving users just enough time to discover the value of your services, and not too much time where they…
It’s getting cloudy out there — from infrastructure and disaster recovery services, to virtual desktops, applications and customer relationship management, there’s a vast amount of business services now available as a cloud-based subscription. Information technology as a whole has transitioned from being local or on-site to on-demand, wherever users may be.
So much subscription-based technology has recently surfaced that they can no longer all be categorized under a single, generic term such as SaaS. Instead, the over-arching umbrella is now referred to as XaaS — where the X can represent essentially anything.
The very essence of cloud computing, XaaS is…
For any business selling products online, a comprehensive revenue stack can be a total game-changer. By integrating all aspects of your sales, marketing and customer relationship management, a revenue stack can provide you with deep insights about your customers, and allow you to engage with them much more effectively.
In the case of SaaS businesses, however, there is another major benefit of revenue stacks that is not discussed as often: the ability to reduce churn by minimizing failed payments. …
However, while the importance of localizing prices is clear, it is not always done correctly or completely. What many companies don’t realize is that there are actually three different levels of price localization:
1. Localized Currency
2. Localized Pricing
3. Localized Presentation
In order to have a truly localized pricing strategy, it is necessary to optimize all three of these levels.
The most straightforward form of price localization is to convert your prices to the local currency.
Despite its simplicity, just taking this one step can have a significant positive impact on sales. In fact, according to a study by…
Put simply, upselling is convincing your customers to opt for greater value over and above what they had initially planned. For example, you can offer a complementary product or service at checkout. Alternatively, you could entice a customer to upgrade to a higher quality product or premium tier of your service at checkout. You could also offer an upsell to customers a period of time after their initial purchase. …
Ideally, all aspects of your ecommerce experience drive shoppers towards a conversion. Depending on your business and the point in the sales funnel your prospect is, your conversion goal could be to get individuals to enter contact information, finalize a sale or share a promotion.
Whatever your goal is, the final hurdle to get a conversion is getting a user to hit a button to actually take some sort of action. And when it comes to helping nudge your customers to finally click that button, I’ve put together a few best practices to follow.
Your call-to-action needs to clearly state…
The holiday season is an extremely hectic time for ecommerce companies which is why it’s essential to get an early start on planning well before the pandemonium starts.
A 2014 study by Statista showed that nearly 20% of annual retail sales can be attributed to the holiday season and as much as 30% of an individual retailer’s total revenue. With consumers consistently spending more money every year, you’ll want to ensure that your company is well-prepared to capitalize on as much of that market share as possible.
With cart abandonment rates hovering at almost 70%, your ecommerce store needs to be jumping on every opportunity to get shoppers to complete their purchase. One of the easiest, and arguably most underutilized, tactics to recovering those abandoned carts is sending a well-timed and relevant email after a cart has been abandoned.
Recovering even a fraction of the revenue potential of those abandoned carts can be a big win. Interestingly, well-timed emails can have a conversion rate of up to 6% and recovered purchases often have a higher average order value (AOV) than normal making them well worth the effort.
Every business needs the right data to measure the effectiveness of current strategies and to plan for future success. But while there are many Key Performance Indicators (KPIs) that can be tracked, it’s important to choose the most relevant mix for your business and your current goals in order to be effective.
That’s why I’ve put together the most commonly tracked, impactful ecommerce KPIs and their uses so that you can determine the best set to monitor your business’s online performance from attracting customers to converting buyers online.
When it comes to tracking your success, most businesses choose goals that…
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