Wednesday, December 20

1🗣 Want to get in front of our audience? Start here…

🚨 In today’s newsletter 🚨

• Ecommerce conversion types & how to improve them

• The biggest ecommerce drivers in 2023

• How ecommerce helps drive holiday sales growth

Let’s get into it👇

#1 - 🔄 Ecommerce conversion types & how to improve them

📰 TL;DR - While sales conversions are the holy grail, other types of conversions at ecommerce stores also matter. Things like email list signups, social media follows, and product page actions inch shoppers closer to a purchase. So it's worth tracking and optimizing for these conversions too. For example, product videos can lift conversion rates, yet only 18% of sites use them.

Furthermore, when 8 touchpoints turn a visitor into a buyer, each conversion counts as a touchpoint. Therefore, stores should focus beyond sales conversions alone to build customer journeys, especially if their sales conversion rate lags the 3.68% average. Tactics like better product pages, exit intent popups, and remarketing help. Because the more conversions accumulated, the more sales will follow.

💡 Insight - I feel there are three core conversion types for ecommerce beyond sales. First, get visitors to join your email list and social channels. Remarketing to them later is easier. Second, enable wishlists so shoppers can easily save products for future purchase consideration.

This shows buying intent. Third, offer incentives for adding items to carts, even if they don't buy right away. Recovering abandoned carts reminds you of their initial intent and gives you another chance at the sale after building more rapport. Though transactions are the end goal, more engagement now creates more sales opportunities later. Be patient - converting visitors requires multiple touchpoints over time.

➡️ You can read the article here...

 #2 - 🎁 Give yourself the gift of painless 2024 planning (for free)

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Smart brands like Graza, Oats Overnight, Curology, and Dose use Drivepoint for everything from budgeting and forecasting to scenario analysis and real-time financial reporting. 

Book a personalized demo to learn more, or create your free account and get started right away.

#3 - 🚀 The biggest ecommerce drivers in 2023

📰 TL;DR - As ecommerce wraps a banner year, key 2023 drivers shine through. Free returns and reliable delivery topped shopper wish lists, with 66% and 61% calling them prime incentives. But their environmental impact gives pause.

More sustainable fulfillment and flexible payments further drove growth; open banking, digital wallets and BNPL meet demand for payment freedom. The main takeaway is clear: give people options. Whether for deliveries, returns or payments, flexibility fueled online retail's rise. Meet consumer appetite for it, and you meet the moment.

💡 Insight - The only certainty in 2024 is that shoppers crave flexibility and convenience. Retailers must provide fast shipping, easy returns, diverse payment options like BNPL, and engaging digital experiences.

While same-day delivery and AR appeal to younger buyers, balance innovation with sustainability. Consumers want freedom in when, how and what they purchase. Meet their expectations in 2024 through personalized, optimized retail that puts shoppers in control.

➡️ You can read the article here...

📣 Want to get in front of our audience? Start here… 

#4 - 🛠️ Things worth checking out

😎 AI - How to supercharge your online store using the power of AI

🤔 PREDICTION - How product management will evolve using AI in 2023

🛠️ TOOLS - 5 ways to use ChatGPT to maximize Facebook ad impact in 2023

💵 FINANCE - Digital gift cards market to reach $1,352.45 billion by 2032

📈 STOCKS - Why Shopify is the top growth stock to buy today

#5 - 🌟 How ecommerce drive holiday sales growth

📰 TL;DR - This holiday season sees robust retail growth fueled by the rise of e-commerce. Online sales hit new highs over Thanksgiving weekend. Behind the surge is increasing convenience - expedited checkout lifted transactions 60% and AI chatbots aided customer service amid labor shortages. Looking ahead, generative AI could further optimize recommendations and pricing.

Brick-and-mortar retains importance by blending physical and virtual experiences, as shoppers now expect a seamless unified experience across channels. The takeaway is that merchants matching these demands for convenience will see success.

💡 Insight - I know - the holiday shopping season is well underway, but even with strong early sales, you can't let up now. E-commerce is helping drive robust gains, but shoppers still have high expectations for convenience and service. This means you need to leverage automation and AI where you can to optimize the digital experience.

Continue personalizing recommendations and offers to nudge more sales. Blend the digital and in-store experiences too - make it easy for people to buy online and pick up items or return them to a physical store. The takeaway is that leading retailers are using technology to remove friction and boost conversion rates across channels. Meet and exceed rising consumer expectations to stand out in a tight market.

➡️ You can read the article here...