What’s the Customer Lifetime Value (CLV) of your eCommerce business?
Or let me rephrase, do you know what your customers are worth to your business?
I’m sure that many eCommerce marketers can’t answer this question. Not only because CLV is a neglected or often overlooked metric, but also because it can be very difficult to calculate – perhaps this is why there are too many CLV formulas out there.
Regardless of how complicated CLV is as a metric or concept, if only you knew how vital it is to sales, marketing, and ultimately your business growth, you will always keep …Read More
It must be nice…
Having maximum control over everything that has to do with your product.
I mean who doesn’t want to control their branding, messaging, and of course, the profits that come with it.
I assume that this is what most eCommerce founders think before either switching from B2C or B2B to the direct-to-consumer DTC model.
But if you ask for an honest opinion from those who have been in DTC for a long time, they will tell you that not everything that glitters is gold.
They will tell you that running a DTC eCommerce brand involves a lot of …Read More
While the arrival of the pandemic has been a curse to physical stores, it’s been a blessing in disguise for businesses that sell their products online.
ECommerce brands have been experiencing significant gains in the past few months.
Companies that didn’t have an online presence and relied heavily on brick-and-mortar or department stores saw a drastic fall in revenues, and they were forced to rethink their omnichannel strategies.
But even pre-covid, selling through distributors like Amazon or Walmart or large department stores has always been the traditional way to gain attention to your product. But with the rise of social …Read More
Although eCommerce websites come in different shapes and sizes, there are very real, specific KPIs that every eCommerce website, regardless of size, should be setting and monitoring.
But one thing I can tell you is that you have to be extremely careful. Ecommerce KPIs can be both a blessing and a curse.
Over the years of helping different eCommerce businesses, we have discovered that most eCommerce marketers fail to accomplish their goals on time not because they lack skills and knowledge but because they lose sight of what to track precisely.Read More
The post-purchase experience in the eCommerce space is totally disjointed.
This is because we, as marketers, tend to focus on acquiring new customers, and we often regard the sale as an endpoint. Most of us tend to forget about the customer once they check out.
Not even a follow up is done to see what worked well, what worked poorly, and what pain points they still have.
That’s definitely a wrong way of doing marketing because there’s so much more to a repeat customer than just the money they give you in exchange for your products or services.Read More
What’s a good customer retention rate in the eCommerce space?
In an ideal world, it’s 100%.
But ours is not an ideal world, so a 100% retention rate is difficult to achieve.
We live in a world where businesses often lose touch with existing customers in pursuit of new ones.
How sad!Read More
How much do you hate seeing abandoned carts?
I don’t like them either.
But they are inevitable…just like bounce rates.
When we conducted a research study on statistics of shopping cart abandonment rate, guess what we found?
Out of 100 people who add items to a cart, only 35 make a purchase.
The rest abandon their carts. That’s a whole lot of revenue down the drain.Read More
Let’s start with one simple fact: you need a post-holiday marketing strategy.
Remember that common saying? Failing to plan is planning to fail.
Yes, without a post-holiday marketing strategy, your business will either underperform or tank no matter its size.
This is actually one of the unwritten laws governing the world of eCommerce.Read More
Connect with us
- Project Management for CRO – Process, Software, and Resource Allocation
- How to Leverage The Price Anchoring Effect (With Examples)
- Expert Answers to 9 Tough CRO Questions
- What they don’t tell you about A/B testing velocity
- Google Optimize: The Good, the Bad, and the Ugly
- How to Use Data to Identify Problems on Form Fields
- The Importance of Customer Lifetime Value In eCommerce
- Optimizing Conversion Funnels: Where Should You Start First?
- How to Build a Brand Community from Scratch
- Should you hire a CRO Agency, Or should you use CRO Tools?
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