Last week we contributed to Conversion is King, an event held at Google Campus London.
The event was organised by Nosto Solutions, a specialist solution for personalising shopping experiences.
Coen de Heus, Ecommerce Personalisation Expert at Nosto spoke with us about the event and in particular, the benefits of bringing industry thought-leaders in how to optimise conversion rates together.
A) What was the intention in putting the event together? What were your aims?
- It was Nosto’s aim to bring together leaders in ecommerce for a thought leadership event around Conversion Rate Optimisation (hence Conversion is King). It was our goal to have all attendees walk away with a set of DOs and DONTs, both at a strategic level as well as an operational level (ie “What can you start doing tomorrow?”).
B) What do you think the benefits of this kind of networking / thought leadership event are?
- 1) Thought leadership: all of our attendees will walk away with at least 1 new idea that they did not think of before. At Nosto we realised that having industry experts discuss their relevant fields is great for knowledge sharing and ideation. Their companies have years of experience and knowledge collected. We realised that for individual companies it would be almost impossible to build this knowledge internally.
2) Networking: We believe that based on the new ideas you get at an event like this one, networking is always a great way to explore those ideas. Which ideas worked for other businesses? Which did not? It is always very inspiring to hear what other companies will start doing on the back of such an event.
C) Do you have any points / data / research that you’d like to highlight?
- Study after study coming out is showing that the Cost of Customer Acquisition is going up, while conversion rate is going down. It is especially striking when you realise that 60% of traffic coming to your website does not even visit a product page, and 97% never converts, there is a huge opportunity there if you can improve these numbers.
Nosto recently did an analysis across all their stores using the data from Q4 last year and saw that for customers engaging with personalized recommendations, there was an increase in conversion of 65%. And when it came to personalized emails the average conversion rate was over twice as great as the industry average for retail marketing emails: 7.4% versus 3.2%. Taken together, pretty significant evidence of the impact personalization can have.
D) What were your takeaways from the event?
- If you want to build a sustainable ecommerce business, you have to start thinking about your conversion rate. Cost of Customer Acquisition will go up, conversion rates will go down if you do nothing, so start acting now! Of course we feel that personalisation is a great way to improve your conversion rates significantly.
The extent to which customer reviews can increase a retailer’s conversion rate is something that, as a feedback solution we are often asked about.
Some of the primary commercial drivers of collating genuine customer feedback include:
- Increasing trust
- Enhance product page ‘calls to action’
- Keep shoppers on-page with relevant content rather than looking elsewhere for reviews
- As a Google Licensed Content Partner, Feefo ratings and reviews are incorporated into paid search results
- Listening to verified reviews to provide business intelligence
In particular, Feefo Sales Manager Paul Squires highlighted the recent split testing conducted by Walker Sands, which revealed the staggering statistics about just how powerful a driver of conversions that reviews are.
The conclusion of the study was that:
“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. In fact, people tend to trust a set of reviews containing some negative responses more than a set of perfect, five-star reviews.”
Bronto is a cloud-based marketing platform for retailers to drive revenue through their email, mobile and social campaigns.
The speaker for Bronto was Kestrel Lemen, Marketing Strategist. Discussing the event, Kestrel said:
“CIK was a great event for retailers to see ecommerce from different sides. Each speaker had some great points and stats to show the audience. It’s powerful when we connect the dots and show how different platforms are all after the same thing, raising conversion rates.”
Bronto discussed important themes including personalisation across consumer touch points, remarketing / retargeting, seasonal opportunities, responsive design and best practice when it comes to discount opportunities.
An overview of the Bronto presentation:
Andrew Buckman, Chief Strategy Officer at Tradedoubler delivered a presentation titled “Is understanding how your customers find you the key to conversion?”
There were several themes, including the growth of mobile, and the effect this is having on consumer behaviour:
- The ‘Second Screen’
- Average order value
What performance marketing methods work best with the 21st Century consumer journey?
- What should you be tracking?
- What research is required?
Kiosked is a ‘smartcontent’ platform, which enables retailers to turn any form of online content into a viral storefront.
Jaakko Iso-Jarvenpaa, Senior Partner Manager presented “Everywhere Commerce: Converting impulses from visual content into sales”
The focus was upon not only the rise of content marketing strategies, but the effectiveness of different content mediums. There was particular emphasis on how video is an effective, and underused medium.
Kiosked also discussed the growth of smartphone and tablet use, and the need to reach consumers in the right places, in the right form.
These were the full presentations used on the day: