Studies conducted by us at Invesp show that acquiring a new customer can cost 5 times more than retaining an existing customer.
I’m not suggesting that getting new potential customers is bad for business.
All I’m saying is that a business isn’t sustainable if it doesn’t focus on making its existing customers happy. Existing customers are the oxygen that drives the success of a business.
In one of their studies, Adobe found that an existing customer is nine times more likely to purchase than a new lead.
So, now, the question here is how do you tap into this recurring …Read More
More people are buying online than ever before, and they’re also returning goods more than ever. With UPS reporting a 23% increase in returns during 2021, returns are something customers demand but also a potential place to make or break your relationship.
Get the returns process right, and you’ve got a great customer experience that leads to more sales. Get it wrong, and you lose out on that revenue and all the money you’ve spent to acquire those customers. Let’s protect that bottom line with six ways to improve the customer experience during the next return.Read More
Never before have we had so many eCommerce brands. The barrier to entry in the eCommerce space has never been lower.
At the same time, the eCommerce failure rate has never been so high.
8 out of 10 eCommerce businesses don’t make it.
Being able to position themselves differently still remains the most challenging hurdle faced by most eCommerce businesses.
This is to say that most eCommerce websites look incredibly similar, not just in design, but in their brand tone and how they communicate.
Take two or more eCommerce websites operating in the same industry, remove their logos, and see if you can differentiate …Read More
How far out do you need to plan your holiday A/B testing strategy?
Some online retailers take two weeks to plan. Some take a couple of months. And, others need a few weeks to prepare.
There seems to be no right or wrong answer to that question.
At some point, I used to think that it was impossible to come up with and execute a successful holiday testing program in few days.
That was before I witnessed our CRO team create and execute one three days before Black Friday.
Yes, it’s a true story!Read More
CRO or CVO, which is better for your eCommerce business?
Well, it depends.
There’s no doubt that both CRO and CVO vehicles generate results that have an impact on your bottom line and can drive your business growth.
But, not all eCommerce companies have a customer lifetime value or conversion problem.
Knowing when to use each can be the difference between an eCommerce brand that soars or sinks.Read More
Social commerce, also known as social selling or social shopping, refers to the practice of buying and selling products or services directly from within a social media platform.
In 2020, Pinterest, Facebook, and Instagram all relaunched their social commerce tools with a new emphasis on a streamlined online shopping experience.
If the very platforms that facilitate such a trend recognize its importance, you can bet it’s worth considering for your ecommerce business.
Data from eMarketer and Insider Intelligence shows that U.S. retail social commerce sales will reach $36.62 billion in 2021, accounting for 4.3% of total retail ecommerce …Read More
The eCommerce wave is still unfolding.
This year, the US eCommerce revenue is expected to reach 469.2 billion dollars.
And, next year it’s projected to go above 500 billion dollars.
Global retail eCommerce sales are more likely to reach 4.921 trillion dollars by year-end.
Looking at those figures, you’d be forgiven for thinking that success in the eCommerce space is guaranteed.
But, you’d be wrong.Read More
In the past few years, there has been a significant shift in the world of retail.
Commerce, as we knew it 10 years ago, is different from what we are seeing today.
If you’re as observant as we are, you probably noticed that many brands have been changing their business models.
Going from the traditional retail sales model to direct to consumer (DTC or D2C). Many theories explain why this change has occurred.
Some experts say brands are switching to DTC because they want to maximize their profits.
Others say it’s the internet that has eradicated the need for middlemen.Read More
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