'Conversion is King' Exclusive eCommerce Event Decks

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As Conversion Rate Optimization becomes one of the hottest focus areas in ecommerce in 2014, Nosto brought together a group of top industry experts to Google Campus London on Feb 13th 2014, to guide retailers through the ever-changing landscape of ecommerce and provide them with some actionable DO'S and DON'TS to increase conversion rates and boost revenues.

Presentations featured:
'Is understanding how your customers find you the key to conversion?' by Andrew Buckman – Chief Strategy Officer, Tradedoubler

'The Power of Consumer Reviews: Using genuine feedback to increase conversion' by Paul Squires, Retail Sales Manager at Feefo

'Everywhere Commerce: Converting impulses from visual content into sales' Jaakko Iso-Jarvenpaa, Senior Partner Manager at Kiosked

'14 Must-Haves for 2014. Move your messaging forward.' by Kestrel Lemen, Marketing Strategist at Bronto Software

Hosted by Isaac Moshe, Managing Director, UK at Nosto Solutions

Published in: Marketing

'Conversion is King' Exclusive eCommerce Event Decks

  1. 1. Conversion is King Technologies and trends that will transform your conversion rate in 2014 Thursday, 13 February 2014 Google Campus, London
  2. 2. Ecommerce Personalization Solution Nosto helps over 500 retailers across Europe deliver their customers a personalized shopping experience
  3. 3. The Impact of Personalization
  4. 4. Analysis: Q4 2013 Onsite Recommendations 65% Greater conversion Personalized Emails 2.2x Greater than industry average
  5. 5. Why are we all here today? Retailers spend 90% of their marketing budget driving traffic to their stores. ! But when customers get there... Greater conversion Huge opportunity cost!
  6. 6. Today’s Agenda 16.10 - 16.35: Is understanding how your customers find you the key to conversion? (Andrew Buckman, Chief Strategy Officer at Tradedoubler) ! 16.35 - 17.00: The Power of Consumer Reviews: Using genuine feedback to increase conversion (Paul Squires, Retail Sales Manager at Feefo) Greater conversion 17.00 - 17.25: Everywhere Commerce: Converting impulses from visual content into sales ! ! (Jaakko Iso-Jarvenpaa, Senior Partner Manager at Kiosked) 17.25 - 17.50: 14 Must-Haves for 2014. Move your messaging forward. (Kestrel Lemen, Marketing Strategist at Bronto Software) ! 17.50 - 18.00: Q&A and Closing Remarks (Isaac Moshe, Managing Director UK, Nosto Solutions) ! 18.00 - 19.00: Networking reception with drinks and canapés
  7. 7. Greater Is understanding how your customers find you conversion the key to conversion? ! Andrew Buckman, Chief Strategy Officer at Tradedoubler
  8. 8. Is understanding how your customers find you the key to conversion? Tradedoubler Insight Unit Andrew Buckman Chief Strategy Officer Tradedoubler 13 February 2014 1
  9. 9. The e-commerce and m-commerce opportunity E-commerce growth shows little sign of slowing down. Consumer spend online in the UK will grow by an average of 10% a year from €96bn in 2012 to €141bn in 2016. And this growth will continue to be fuelled by smartphone ownership. Smartphone ownership in the UK will increase by 22% a year to 42 million in 2016. 2 42million Source: eMarketer Western Europe B2C Ecommerce. February 2013. Worldwide Mobile User forecast. August 2012.
  10. 10. Set against this backdrop of continued growth, our research looked at how and where performance marketing presents opportunities in the online customer journey. 2,500 online shoppers with smartphones. 411 in the UK 3 8 countries representing 89% of Europe retail ecommerce Online and mobile research and purchase behaviour
  11. 11. The online purchase journey 4
  12. 12. Online research is hugely popular across many different product categories RESEARCH PURCHASE 60% 50% 40% 30% 20% 10% 0% 5 Research & purchase on PC or laptop.
  13. 13. The e-commerce evolution across sectors SECTORS MOST LIKELY TO CONVERT Music – 103% Events – 102% Apparel – 99% Online shopping is no longer just the domain of books, music and flights. Conversion to purchase now happens across many different categories, many of which have traditionally been “try out” or “try on” items. Flights – 95% Groceries – 92% Gambling – 92% Train tickets – 92% Hotels – 91% Beauty products – 87% Movies – 83% 6 % who research & also purchase (very often/sometimes).
  14. 14. Monthly online purchase behaviour: PC is still the winner, but mobile and tablet are catching up VALUE FREQUENCY 7 €36 2 Tablet figures based on tablet owners. €87 4 €20 1
  15. 15. Performance marketing is embedded throughout the purchase journey, so for advertisers, a presence on these channels is vital to secure a place in the consideration set 8
  16. 16. Performance marketing channels drive purchase decisions... 93% 66% 60% 49% 48% 47% 41% 35% 24% 9 Types of site used to make purchases (very often / sometimes).
  17. 17. ... but performance marketing also drives the start of the process at the research stage 96% 90% 80% 67% 10 66% 59% 56% 56% 51% 44% 38% Types of sites used in purchase research (very often / sometimes).
  18. 18. Conversion behaviour across types of channels As well as being popular for purchase research, performance marketing sites are also highly likely to convert research into purchase. CHANNELS MOST LIKELY TO CONVERT Retailer – 97% Daily deal/group buying – 93% Cashback – 93% Loyalty or rewards – 90% Coupons/voucher code – 82% Price comparison – 82% Sector-specific content - 73% Blogs – 63% General content - 62% 11 % who research & also purchase (very often/sometimes).
  19. 19. The growing importance of mobile throughout the shopping process 12
  20. 20. Mobile has become the anytime, anywhere digital shopping assistant Mobile is the default option for internet browsing almost everywhere, making the desk at home or work the last refuge for PC browsing. Mobile is becoming central to purchase behaviour too. Mobile use on the high street provides significant opportunities for performance marketing. 13
  21. 21. Mobile beats PC for browsing everywhere except the desk 66% Home Shopping Eating out 94% 65% 3% Work 14 PC/laptop 61% 4% 50% Hotel Travelling Mobile 17% 47% 3% 43% 45% Locations where users browse the internet on a mobile. CONVENIENCE OUTWEIGHS SCREEN SIZE
  22. 22. Widespread second screening underlines the need for a multi-platform marketing strategy 52% % 48 second screen using mobiles 15 used mobiles to buy something after seeing an ad on TV 32% use mobiles to find out more information after seeing an ad on TV
  23. 23. Footfall doesn’t guarantee a sale How people use their mobile when they are out shopping Mobile use in store disrupts the purchase journey, so defensive and offensive mobile strategies are required. Purchase on mobile 45% Buy in another store Buy online after researching more 58% 60% Check for better price Look up information 16 71% 71% How often do you do the following when out shopping? Very often / sometimes Based on all who use their mobile while out shopping
  24. 24. Mobile performance marketing strategies ensure retailers secure the sale 48% download voucher 62% search for voucher or discount on something seen in a store 52% use vouchers received on mobile 17 How people use their mobile when they are out shopping (very often / sometimes). Based on all who use their mobile while out shopping
  25. 25. Next steps… 18
  26. 26. Footfall doesn’t Disrupting the purchase process guarantee a sale Retailers are increasingly aggressive when it comes to disrupting the purchasing process and 58%in store disrupts the Mobile use of consumers are use How peopleabandoning intended purchases through mobile use purchase journey, so defensive when out their mobile shopping. and offensive mobile strategies when they are out shopping High-street retailers: are required. • Offline redeemable promotions • In-store voucher codes Purchase • Receipt-redeemable cashback 45% Online-only retailers: Buy in another store • “Hijack the high-street” Buy online after researching more • Geo-targeted mobile campaigns 58% 60% 71% Look up information 19 Check for better price 71%
  27. 27. Performance marketing drives research at the start of the customer journey User journey attribution 96% 90% SINGLE VS MULTI PURCHASE CHANNEL 80% 1 click 67% 51% 66% 59% 56% 20% 29% 3+ clicks 20 2 clicks • Certain publishers better suited to last-click wins model 56% 51% • Consider44% value of the 38% publishers further up the purchase funnel • Tradedoubler tracks multiple clicks prior to the sale Types of sites used in purchase research (very often / sometimes).
  28. 28. CHANNELS MOST Conversion behaviour for last-click wins LIKELY TO Best practice CONVERT across types of channels used to identify individual – 97% • Product-level tracking can be Retailer products in basket & justify additional funding from your Daily deal/group buying – 93% As well as being popular for suppliers Cashback – 93% purchase research, performance • Analyse time differences between click and purchase to marketing sites are also highly Loyalty establish which sites are driving more considered or rewards – 90% likely to convert research into Coupons/voucher code – 82% purchases purchase. Price • Protects margins and allows increased exposure comparison – 82% Sector-specific content - 73% Cashback sites are more likely than even retailer sites to Blogs – 63% generate a sale. 21 % who research & also purchase (very often/sometimes). General content - 62%
  29. 29. Monthly online purchase behaviour: PC is still the winner, but mobile and the significant Addressing tablet are catching upin device spending variance Consider specific promotions for different devices, for example: • Lower thresholds for mobile - £5 off £30 spend, free next day delivery, etc. • For product-led promotions, display lower-value items • Use A/B testing to identify which offers work best on which devices FREQUENCY 2 4 VALUE €36 €87 22 Tablet figures based on tablet owners. 1 €20
  30. 30. How mobile drove incremental sales for theTrainline.com • • • • Mobile a key element of the programme Geo-targeted push notifications Incentivised check-ins Stretch cashback to incentivise higher customer spend 26% Increase in order value 34% 23 Increase in sales over the campaign period
  31. 31. SUMMARY Use devicespecific offers Disrupt the purchase journey with geo-targeted offers 24 Protect yourself from disruption through mobile promotions Content sites DO add value – look beyond the last click
  32. 32. Action points • • Analyse your customers’ behaviour – How much research do they do before making a purchase? – What device do they use for Research/Purchase? – What channels do they use? – How much value does each link in the chain bring? • 25 Dive deep into your numbers – What are your traffic sources? – How many sales do they bring? – How much do they cost to bring those sales? Test, test, test – Do mobile specific offers drive more volume? – Can you target your competitors’ customers directly? – Track everything – Test some more
  33. 33. Andrew Buckman andrew.buckman@tradedoubler.com @andrew_in_paris 26
  34. 34. Greater The Power of Consumer Reviews: conversion Using genuine feedback to increase conversion ! Paul Squires, Retail Sales Manager at Feefo
  35. 35. An Introduction to feedback and reviews
  36. 36. What I’m going to cover today -  -  -  -  -  -  -  -  -  Sales – the changing landscape Current conversion buzzwords From Trampolines to eBay and Amazon – Feefo Benefits of feedback – the ‘Power of Three’ Service and Product reviews – the sweet spot Ask less – find out more Avoid Fake reviews Be transparent /Case studies Don’t Crash and Burn – Top Tips
  37. 37. What I’m going to cover today -  Branding, what it’s about, what -  A real world definition of a brand -  Some advice for healthy living swamp This Customer Word of mouth is the most powerful tool
  38. 38. Then along came the internet And it all changed
  39. 39. Buzzword s that aid conve rsion
  40. 40. Behavioral Analysis - (Targeted Offers) Email Personalization – customer specific contact Chat - proactive chat, reactive chat, exit chat, and clickto-call Automated Guides – better understand product features, and assist with the selection process Re-Targeting – Identification of visitors interested based on previous search
  41. 41. Feedback Listening to your customers voice
  42. 42. Most people are honest. Give praise where it is due; make complaints where appropriate. ...we have an open forum. Use it. Make your complaints in the open. Let everyone know what a joy it was to deal with someone. Pierre Omidyar founder 1996
  43. 43. The Power of Three
  44. 44. Google AdWords stars are a powerful way to increase clicks +17%
  45. 45. Feedback and reviews
  46. 46. Show your reviews prominently on your page Feedback builds Trust
  47. 47. Get Social!
  48. 48. Show service and Product reviews
  49. 49. How many product questions? Fewer than you think
  50. 50. www.expedia.co.uk
  51. 51. Ask less Find out more
  52. 52. Don’t Fake It!
  53. 53. ..companies should be aware that posting fake reviews is likely to be illegal (under consumer protection regulations) and could be subject to investigation by Trading Standards or the Office of Fair Trading. The Advertising Standards Authority
  54. 54. Why Showing reviews matters Problem A moving and storage company in the Pacific Northwest had strong conversion but external reviews on the company on Yelp and Google+ were few and far between. The client had collected customer feedback to help improve their business internally, and was not showing these comments.
  55. 55. Solution Walker Sands web team created a reviews page to capture the sentiment of the company’s satisfied customers. The reviews were posted at a consistent frequency of 2-3 reviews per day.
  56. 56. The Results were overwhelming! Now over 1,000 customer reviews with an average rating of 4.5 stars Reviews page ninth most viewed onsite with visitors average of eight minutes interacting with site A dramatic increase in the conversion rate of visitors that engaged reviews pages.
  57. 57. Visitors that did not view the reviews page converted at 8.46 percent, while those who did converted at 15.4 percent! The the site began converting so well the company received more business in the summer of 2013 than they had since 2006.
  58. 58. ‘Adding reviews to your site is one way we suggest increasing your site’s engagement and conversion rate. Just make sure the reviews are authentic, and don’t be afraid to include negative reviews. ’ Katie Donabedian www.walkersands.com
  59. 59. Other reasons genuine reviews help increase conversion Fresh, unique content for search engines helps page ranking 63% of customers are more likely to make a purchase from a site which has user reviews iPerceptions, 2011 Consumer reviews are significantly more trusted (nearly 12 times more) than descriptions that come from manufacturers eMarketer, February 2010
  60. 60. Feedback and reviews
  61. 61. Genuine testimonial …after just one month we have already seen an increase in conversion rates from an average of 2.5% of visits to a current 4.98% (nearly 100% up) for January Nothing else has changed on the site and so we have to put it down to Feefo service and the additional ‘listening to your customer’ to increase conversion John Hewitt www.bamfordtrading.com
  62. 62. Feedback and reviews
  63. 63. Genuine testimonial …we understand the importance of being able to guarantee 100% genuine feedback as Feefo does. Our 92% Quality Score is a true testament to our continued commitment to improving the customer experience. … together with Feefo we will be able to build on this further and faster in the future Stuart Newman www.expedia.co.uk
  64. 64. Don’t crash and burn
  65. 65. Top Tips
  66. 66. 1. Power of Three 2. Ask Service and Product 3. Show Your feedback – all of it! 4. Use a Google Partner! 5. Be Transparent – respond!
  67. 67. Thanks for listening Any questions?
  68. 68. Greater Everywhere conversion Commerce: Converting impulses from visual content into sales ! Jaakko Iso-Jarvenpaa, Senior Partner Manager at Kiosked
  69. 69. EVERYWHERE COMMERCE Converting Impulses from Visual Content to Sales JAAKKO ISO-JARVENPAA SENIOR PARTNER MANAGER, Kiosked Ltd +44 7587 959796 ! 1 Sekforde Street ! EC1R 0BE London, UK jaakko@kiosked.com ! @ jaakko_ij • www.kiosked.com
  70. 70. WELCOME! AGENDA FOR TODAY INTRODUCTION CONTENT DRIVING COMMERCE EVERYTHING IS A PORTAL FROM IMPULSE TO ACTION QUESTIONS? © Kiosked copyrighted material
  71. 71. 1. CONTENT DRIVES COMMERCE The Rise of Video
  72. 72. ECOMMERCE GROWTH – NO BIG NEWS 1.3T $ The global eCommerce market size is estimated to have reached in 2013 20% Of the global retail market is expected to come from eCommerce by 2020 and +50% by 2030
  73. 73. 1. CONTENT DRIVES COMMERCE Content builds relationships. Relationships are built on trust. Trust drives revenue. Andrew Davis, Author © Kiosked copyrighted material!
  74. 74. 1. CONTENT DRIVES COMMERCE Content builds relationships. Relationships are built on trust. Trust drives revenue. Andrew Davis, Author © Kiosked copyrighted material!
  75. 75. 1. CONTENT DRIVES COMMERCE 72% Of marketers are using video today 71% Of people say there is no better way to bring a product to life than video © Kiosked copyrighted material! 40% The increase in conversions (for video) compared to other content types 90% Of the online population will regularly watch video by 2017
  76. 76. 1. CONTENT DRIVES COMMERCE © Kiosked copyrighted material THE RISE OF VIDEO
  77. 77. 2. EVERYTHING IS A PORTAL From Multi-Screening to Omni-Channel
  78. 78. THE YEAR OF MOBILE – AGAIN? 28% Increase in mobile shopping on Cyber Monday in 2013 90% The percentage of screen based media interactions 25% Of eCommerce market size is on mobiles by 2017 77% Time spent in front of TV and multiscreening
  79. 79. 2. EVERYTHING IS A PORTAL © Kiosked copyrighted material LARGEST GROWTH SEGMENTS ”ON SCREENS”
  80. 80. 2. EVERYTHING IS A PORTAL © Kiosked copyrighted material FROM MULTI-SCREEN TO OMNICHANNEL
  81. 81. 3. FROM IMPULSE TO ACTION Interactive Content Becomes Reality
  82. 82. 3. IMPULSE TO ACTION Give people what they want, when they want it, in the form they want it in. Kevin Spacey, Award winning actor & producer © Kiosked copyrighted material!
  83. 83. 3. IMPULSE TO ACTION WHAT IS EVERYWHERE COMMERCE? With Everywhere Commerce advertisers and publishers can connect with consumers at any point of time, on any device. Everywhere Commerce does not limit the consumer experience to any time or place, it is always on and available. © Kiosked copyrighted material!
  84. 84. 3. IMPULSE TO ACTION TURNING CONTENT INTERACTIVE 3. IMPULSE TO ACTION © Kiosked copyrighted material
  85. 85. 3. IMPULSE TO ACTION © © Kiosked copyrighted material! Kiosked copyrighted material INTERACTIVE CONTENT ACROSS ALL CHANNELS
  86. 86. 3. IMPULSE TO ACTION INTERACTIVE APPS 30-40% 8-12% Engagement Rates with the ad and the individual products are remarkable.! © Kiosked copyrighted material! Action Rates are considerably higher than traditional ad formats.!
  87. 87. 3. IMPULSE TO ACTION TURNING CONTENT INTERACTIVE 3. IMPULSE TO ACTION © Kiosked copyrighted material
  88. 88. 3. IMPULSE TO ACTION CONSUMERS ARE ASKING FOR IT! +12% The increase in time spent on site that has interactive content. 50 X CTRs of interactive content compared to banner advertising. © Kiosked copyrighted material! 30-40% Almost half of all visitors engage with interactive content! 40 % 40% of online consumers’ purchases are impulsive.
  89. 89. SUMMARY WRAP UP CONTENT DRIVES COMMERCE !  Is your content strategy up to date? !  Invest in video in 2014! FROM SCREEN BASED TO OMNICHANNEL REALITY !  The purchase funnel is no more, mobile is the core !  Reach your consumers in the right touchpoints INTERACTIVE CONTENT ALLOWS DISCOVERY !  Everywhere Commerce – turn impulses into actions and put content to work! !  Join webinar on ‘Interactive Video’ next Tuesday: http://goo.gl/bPlqAI © Kiosked copyrighted material
  90. 90. QUESTIONS?
  91. 91. JAAKKO ISO-JÄRVENPÄÄ SENIOR PARTNER MANAGER, Kiosked Ltd +44 7587 959796 " 1 Sekforde Street " EC1R 0BE London, UK jaakko@kiosked.com " @ jaakko_ij • www.kiosked.com
  92. 92. Greater 14 Must-Haves conversion for 2014. Move your messaging forward. ! Kestrel Lemen, Marketing Strategist at Bronto Software
  93. 93. Greater conversion
  94. 94. Thank you! www.nosto.com | sales@nosto.com | @nostosolutions

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