It’s been a while… I’m now back with more insights

It’s been a while since I last blogged, at least a month I reckon, as I plunged back into the working world. It’s frightening how quickly time flies. I realise I haven’t been in full time employment since Sep 2015, so it’s been like 1 1/2 years! But this 1 1/2 years have made me kind of different — more focused on the main tasks that deliver bigger impact.

So at work, I have been able to experiment first hand, growth hacking techniques and observe how they can make a difference for e-commerce companies. Here’s a summary and hopefully it helps you too:

  1. Get a good digital team – the team has to consist of member(s) who can do all of these —  acquisition, conversion and retention
    • I have seen businesses who focus so much in acquisition, eg. PPC and social media but not so much in conversion and that is why the ROI isn’t as high as it should be
    • Retention is key when you want to lower your overall CPA. Besides, the market is only so big, you can’t be acquiring new users all the time.
  2. Be critical of “your cover” Judging a book by its cover happens all the time for e-commerce customers. Make sure that you continually improve the UI and UX for your customers all the time. Simple things can be making sure the main banners are rotating and communicating the call-to-action clearly (eg. Buy this now!) as well as adding best sellers below your main banners to guide new customers.
  3. Increase conversion rates with Google Analytics
    • You need to go through your Google Analytics and analyse
      1. Which page converts the best and why (then applying that technique to the rest of the page)
      2. Always include social proof, like reviews with star ratings (more than 50 reviews for a product page have shown more than 2% lift in conversion
      3. Analyse the User flow diagram under Audience section to understand how your customers convert and where they are dropping off
    • Screen Shot 2017-04-02 at 3.18.56 PM.png
    • For example, which product are you more likely to click on? It will more likely be the one on the right, as there are positive 5 star ratings, giving you the impression that it is a better product.
  4. Increase the basket value at checkout
    • Firstly, make sure that customers are seeing recommended products as they check out
      • Ocado.com does this very well by bringing you through three pages of suggested products so that you might add more to the cart and increase your Average Order Value (AOV)
    • Conduct A/B testing for the placement of recommended products section
    • Explore bundling by recommending products from the same range eg. if a customer is on a moisturiser from the acne range, then he/she should see other products like toner, serum from the acne range on the page too (this makes sense as a customer is more likely to be interested in products in the same range, which helps to solve the problem/pain they currently face)
  5. Retention is simple with RFM 
    • RFM stands for Recency, Frequency and Monetary. Segment your customers data by identifying your customers who made the most recent orders, followed by the highest frequency within a time period and finally by the highest monetary value. Your most recent, most frequent and largest spending customers are your superstars, or VIP — remember to shower them with rewards from time to time. They will repay you much more than you can imagine.
  6. Growth of 100% is achievable and common in the first year, if you invest in the right team and channels
    • Don’t be afraid to invest and bring on an online presence for your brick-and-mortar brands

Go try out the tips I’ve shared above and let me know if it works for you!

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