Practitioner s Guide to Accelerating Growth with Magento Commerce

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2 Practitioner s Guide to Accelerating Growth with Magento Commerce Page 2

3 Craig Peasley Senior Director Product Chris Hedge Senior Director Product Page 3

4 2018 Shaping Up to the Be The Best Year Ever in Asia Pacific In 2017 $1.3T Retail E- Commerce Sales 31% E-Commerce Growth 76% M-Commerce Share Page 4

5 A New Year Brings New Possibilities Ecommerce Continues Fast-Pace Growth Conversion Rate Optimization Top Priority Mobile Shopping Will Pick Up Pace Multichannel Shopping Less Friction Page 5

6 An Intelligent Customer Experience Key to Engagement Move beyond the basics and invest in AI & Personalization Individualized Cross-Channel Multi-form Automation / Bots Prescriptive / Predictive Real-time 73% of consumers prefer to do business with brands that personalize the experience 85% Customer interactions managed without a human by 2020 Page 6

7 Omnichannel Delivery Key to Differentiation Single view of product inventory Ship-to-store Click & Collect Support across any device 89% Digital professionals said to invest in omnichannel experience 13% Customers that find digital and physical channels are well aligned IDC Futurescape, 2017.

8 Accelerating Your Growth

9 Planning Your Growth Strategy Do you know your site s performance? Quantitative/ qualitative analysis Do you have a roadmap for where you want to go? Start with real problems (e.g. conversion too low) Analyze > Hypothesize > Design > A/B Test Discipline and focus Page 9

10 Finding Opportunity in the Growth Funnel Ensure each layer of your store is doing it s specific job optimally AWARENESS Are consumers finding you CONSIDERATION Are they finding the right product CONVERSION Is purchasing simple and easy LIFETIME VALUE Are customers returning to buy Page 10

11 Growth Opportunity: Awareness

12 Awareness: Why this is important New customer acquisition drives longterm sales growth AWARENESS Finding new customers is difficult Competing in a global market Price is no longer differentiating You need to be there when and where a consumer is looking to find what you have to sell Page 12

13 Top Tactics Not just the domain of marketing SEO tuning Targeted landing pages Why can t your ecommerce team play off-site? Social channels Sales channels (aka marketplaces ) Active Users: Amazon: 300m ebay: 167m Tmall (Alibaba): 400m Rakuten: 105m Page 13

14 Bringing Marketplace Management Real-time Dashboards and Amazon Revenue Reporting Advanced Re-Pricing Tools Full Order Management Oversight of Amazon Channel Page 14

15 Mobile and Performance

16 Performance and Mobile: Why this is important Mobile is the single most important e-commerce platform today Performance is critical to customer experience, conversion rates, and your sales revenue The faster the speed of your store, the happier your visitors will be If your store takes longer than three seconds to load, you could be losing nearly half of your visitors Imperative you optimize for mobile Page 16

17 Consumers abandon long, slow-loading content Source: 2018 Adobe Consumer Content Survey Page 17

18 Top Tactics Moving to Progressive Web Page 18

19 Progressive Web Apps (PWA) in Action Page 19

20 Potential Results You Could Expect 2X increase in conversion 4X increase in engagement Page 20

21 Mobile Experiences & Captivating Content Australian designer label at the forefront of women s fashion The flexibility integration with existing systems, adaptability and intuitive CMS made Magento Commerce the perfect fit. -ELOISE NISBETT, E-commerce Manager Business Challenge: Mobile and site experience not aligned to brand Commerce and content experience needed to match their loyalists expectations across channels Performance and reliability to withstand key promotional periods and expected traffic Results: Mobile conversion rate improved by 85 percent 10x increase in handing of traffic with an even faster server response time 180% increase in time spent on site 59% increase in revenues

22 Video Content Is a Great Way to Connect with Audiences Viewers watch a billion hours of video daily 82% of Twitter s audience view videos daily Users consume over 8 billion videos daily Lorem Ipsum Lorem ipsum dolor sit amet 50% Social media stories are highly popular including offerings from Snapchat, Instagram and YouTube Page 22

23 Growth Opportunity: Consideration

24 Consideration: Why this is important This is where the sales will be won or lost CONSIDERATION Make it easy for a customer to find precisely the products they are looking for Are you providing content tools to make discovery easy Customer experience matters Page 24

25 Top Tactics Optimize wayfinding for easy ROI Content + Commerce = Your unique narrative Targeted Content (No, not Hello, Chris ) Advisors & Configurators are great differentiators True Fit by SPEQS Limited Cable Builder by Classy Llama Visual Designer by Perficient Digital How important is site wayfinding? Users with correct first clicks complete their task 87% of the time Users with incorrect first clicks complete their task 46% of the time Page 25

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27 Top Tactics Optimize wayfinding for easy ROI Content + Commerce = Your unique narrative Targeted Content (No, not Hello, Chris ) Advisors & Configurators are great differentiators True Fit by SPEQS Limited Cable Builder by Classy Llama Visual Designer by Perficient Digital How important is site wayfinding? Users with correct first clicks complete their task 87% of the time Users with incorrect first clicks complete their task 46% of the time Page 27

28 TrueFit at SPEQS Unlimited Page 28

29 Cable Configurator at ShowMeCables Page 29

30 Empowering Customer Experience Adore Beauty is Australia s longestrunning online beauty store Since starting on Magento we ve grown tenfold. -Kate Morris, CEO Business Challenge: Results: Deliver the highest level of personalized shopping 3X sales revenues in 2 years Present tens of thousands of beauty options in a 9% percent increase in conversions overall way that was simple yet comprehensive 2X increase in mobile conversion Test innovative approaches to drive business metrics

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32 Saving Time and Increasing Higher Value Outcomes Benefit in using Magento s fully integrated content and publishing platform Merchandising Tasks Frequency Reduced Time Hours Saved Content Page One per quarter 20 hours 80 hours Promotion Six per year 20 hours 120 hours Site Updates One per week 2 hours 104 hours 304 hours Time saved can be used to drive new sales activity Page 32

33 Growth Opportunity: Conversion

34 Conversion: Why this is important Conversion rate is the #1 metric to track to optimize your business for more sales CONVERSION A good conversion rate to strive for is better than the one you have right now Customization creates ownership Free shipping is #1 criteria for making a purchase Page 34

35 Top Tactics Streamline Reduce checkout fields (less than 23.5 please) Streamline the steps involved Or skip checkout altogether! But don t remove flexibility Delivery choices Payment options And don t give up on abandoned carts! 60% of shoppers have used Click & Collect 55% of shoppers have abandoned due to shipping fees Page 35

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37 Top Tactics Streamline Reduce checkout fields (less than 23.5 please) Streamline the steps involved Or skip checkout altogether! But don t remove flexibility Delivery choices Payment options And don t give up on abandoned carts! 60% of shoppers have used Click & Collect 55% of shoppers have abandoned due to shipping fees Page 37

38 Potential Results You Could Expect +10% increase in conversion 20% decline in cart abandonment Page 38

39 Growth Opportunity: Loyalty & Customer Value

40 Loyalty and Customer Value: Why this is important The most profitable customers are your current ones LOYALTY Customer acquisition is expensive When retailers find the right balance between retention and acquisition, they can maximize customer engagement and improve ROI Page 40

41 Top Tactics Average order value You want fries with that? Solve problems, don t sell products Retention & Advocacy The sale doesn t end at conversion Customer anticipation for the win! Give them good reasons to come back Page 41

42 Market Basket Analysis with MBI Page 42

43 Top Tactics Average order value You want fries with that? Solve problems, don t sell products Retention & Advocacy The sale doesn t end at conversion Customer anticipation for the win! Give them good reasons to come back Page 43

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45 Key Takeaways

46 Key Takeaways 1. Look to Social and Marketplaces 2. Invest in compelling content 3. Shipping & Payments can differentiate 4. Customer experiences does not end with Purchase Page 46

47 Thank you!