Customer Conversion — Don’t Play Favorites

I have never worked anywhere that did not have the classic ‘chicken and egg’ customer conversion problem. How do we obtain new customers and what do we do with the old ones? In the startup space your only job, presumptively, is to build that list, drive those sales and turn a profit. But approaching your eCommerce business from an acquisition only stance could spell trouble for your bottom line because of a less engaged existing customer base. Setting your sights on delivering equally as enticing experiences to new and returning customers might seem like a daunting task but trust that we’ll see you through it.

Are You New Here?

Out of the entirety of one fiscal year Q4 can be the most telling when it comes to a few key metrics. Taking a look specifically at who is new to your site and who is already familiar with your brand and whether or not they’ve purchased anything will reveal exactly where your priorities should lie. In the Monetate eCommerce Quarterly report for Q4 2015 (which a copy of can be downloaded here) it was the returning visitors who shopped the most, spending $5.3 billion compared to the $2.7 billion spent by new visitors.

Q4 Customer Conversion Analytics

Interestingly enough, though, new visitors converted at a higher rate despite spending less. So what does this mean for me you say? It means nothing. A new visitor on your site might be a returning visitor on another site. The customer is fulfilling their duties as an informed shopper, having had Q1-Q3 to do their due diligence. Your job will be to highlight the best parts of becoming loyal to your brand. For instance, bringing attention to your lenient shipping and returns policy or offering discounts that benefit both returning and first time customers.

Are You Mobile?

As the owner of an online business you should not be surprised by the importance of providing a robust mobile experience. Even as a regular person you should understand the relevancy of having a mobile site that functions. How many times do you use your device to order groceries, order an item online that is out of stock at a store or click through an email, blog post, or advertisement on social media to a specific product? What should surprise you is that while online conversion rates are up across the board, mobile customers bounce more often and average order value has dropped despite an uptick in referral traffic according to our partners at Monetate. This should mean something to you. Providing a helpful mobile environment for your customers to shop could mean the difference between a new customer conversion or a hard bounce.

Interested in finding out more about your customer’s behaviors? Contact us with your questions about conversion or for more information about the tools and talents Moxxii can provide your business.

** image courtesy of Monetate EQ42015

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