Personalization appears to be the new buzzword in today's ecommerce space, and for good reason. An Epsilon report revealed that 80% of consumers are more likely to shop from a business that offers personalized experiences over another that doesn't.
Successful Shopify merchants are always looking to increase their Average Order Value (AOV) because it’s a great way to boost revenue and profits. However, some ways of increasing AOV might not resonate with your customer base.
Today's shoppers are often spoiled with choices when it comes to product selection. Ironically, time constraints and the level of effort that goes into researching products prevent customers from going through all available items and making informed decisions. As a result, they may end up purchasing a product they're not entirely satisfied with or end up not purchasing at all.
Having a lot of website traffic to your Shopify store is nice, but if site visitors aren't sticking around, and aren't converting, then what good is it? The truth is, a high traffic count without conversions is more of a vanity metric than anything. Regardless of whether your Shopify store has an average amount of traffic, or a great deal of it, your conversion rate is the real indicator of success.
Building a continuous revenue stream is a major goal for growing BigCommerce stores. We all already know how much more cost-effective it is to sell to existing customers. BigCommerce store owners have quickly realized the potential of loyalty programs in increasing their overall customer lifetime value leading to a surge in loyalty program popularity.
The earliest ecommerce platforms were built for customers that shopped exclusively via desktops and web browsers. They were typically full-stack platforms where the website (front end) and ecommerce functionality (backend) were inseparable. Although this proved adequate, today's customers have different needs.
About 94% of companies believe that marketing personalization is critical to current and future success. Curiously, many marketers hardly know how to devise and execute an effective personalization strategy, with about 60% of content marketers admitting they struggle with real-time personalization.
By now, every ecommerce store owner understands that retaining a customer is much cheaper than recruiting new ones. With increasing customer acquisition costs, the importance of retention is ever increasing.
Google Shopping is a proven way of acquiring new customers for ecommerce businesses. According to the 2020 Sidecar Google Shopping Benchmarks Report, Google Shopping has seen more than 7% YoY growth in ad spend between 2018 and 2019, while Google Paid Search has seen a decline of almost 8% during the same period.
Not too long ago, product quality and pricing were the top factors that endeared customers to retailers. Although these two selling points remain critical, they're no longer enough to guarantee a steady stream of repeat purchases or loyal customers. As Tony Alessandra, the President of Assessment Business Center, aptly puts, "Being on par in terms of price and quality only gets you in the game. Service wins the game."