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A round up of the Meet Magento UK Conference
There's good news and not so good news, let's get the not so good news out of the way: Less than 1% of new customers will buy! Once they are aware of you however they become prime for conversion and this is where the good news comes in:Serial abandoned carts are more likely to convert that a one time abandoner. So, referring back to the 1st stat, yes less than 1% of first time visitors will convert but this is just the way the internet now works there are multiple paths to conversion so as retailers we just need to target these channels and get them coming back through and working them up to a conversion or a serial abandoner at least there is intent there.The advice is now that like in the Magento loyalty programs post , it is no longer a channel but a touch point and we now need to touch the prospect multiple times and they ultimately need to be nurtured through the sale.
All of these points lead us on to one thing: remarketing
Top converting traffic sources out of those that are returning to the site will be via the abandonment email an email that is sent after a customer has abandoned their cart. Typically these are sent 24 hours after the customer has finished shopping yet those who have *just* abandoned will convert highest so these emails need to be sent within the hour think back to what you were doing this time yesterday is the same thing your highest priority? Apply this to your customer. According to Charles Nicholls. - 72% will buy in first 12 hours which makes it a critical time to remarket
As Etailers, we do have to accept the fact that abandonment is part of the purchase cycle but abandoning is better than not putting anything in the cart at all!If you missed out, have a look at our round up of Meet Magento UK 2011
How many people carry loyalty cards in their wallets and purses? How many people use these?
- A loyalty program can:
- Induce initial purchases
- Encourage repeat purposes
- Create a reluctance to switch Brands
- Inspire a customer to refer your brand via Net Promoter Score
So, what is a Net Promoter Score and how should we be using this on our stores?
A net promoter score is a based on one question: How likely are you to recommend a collegue or friend on a scale of one to ten?Here's the results:
- 1 to 6 are those that are not happy with you,
- 7 & 8 are indifferent and those in the
- 9 and 10 category will be active promoters
so the obvious plan here is to have more 9 & 10s than 1-6s.
How can you improve your net promoter score and increase loyalty?
- Offer Customer Loyalty programs
- Offer significant differentiators (Price & Customer Service being prome examples)
- Customer experience
- Do something that the customer is not expecting.
What sort of loyalty could you reward?
- Referral fee's (both you and a friend win)
How does this fit?
Multi Channel is over, we now just have different touch points including non purchasing touches such as Facebook and twitter but they all contribute to the end result: increased net promoter score. It is vitally important that all methods of buying from you have congruent payment methods & returns policy as a customer will see no difference in buying online and picking up in store vs getting it delivered to their home address AND THE MOST IMPORTANT part is to have the same loyalty program across all channels.
So, practically how can we increase loyalty?
In order to increase loyalty, you can then start to offer loyalty points based on a non buying action such as liking on facebook, tweeting about a product, uploading a product review video on youtube and then move onto purchasing based rewards. If you have a retail store you must look into this - the rewards are there to be taken (no pun intended!).
Still not convinced?
HereÃs a stat: 5% in customer loyalty leads to 75% of net profit increase...For more information, check out our day at Meet Magento UK -
I posted on twitter a few weeks ago that I thought I was all caught up after holidays, but by, Google can make some announcements in a week but I think I