Our recent live panel discussion explored what modern commerce is about and how businesses can leverage it to their benefit. The discussion, led by expert panelists who each offered their unique perspective, covered upcoming industry trends, best practices, benchmarks, challenges, and opportunities.
Branden Moskwa, CEO of Nadimo, addressed how to improve online sales, what challenges to overcome, and what trends to keep in mind for 2019. Paul Rouke, Founder and CEO of PRWD, took listeners through the modern conversion rate optimization process, the importance of being “customer-centric,” and described how best to optimize throughout the entire customer journey. Kim De Meyst, Director of Marketing for Image Line Software, shared his company’s real-life insights into global online sales. Erich Litch, Chief Revenue Officer of 2Checkout, provided tips on expanding into new markets and aligning eCommerce and payments solutions at a strategic level for optimum results.
A Q&A session followed the panelists’ presentations. Following is a selection from the conversation:
What are some of the benchmarks merchants should aspire to regarding conversion rates?
Branden pointed out that if you’re at around 3% (leading to actual sales), you’re probably about average: “If you’re doing around 3%, you’re doing pretty well in today’s eCommerce environment.” He emphasized the importance of making your site fast enough and simplifying your checkout process. Paul Rouke asserted that no company should be settling for conversion rates in isolation, versus AOV (average order value): “Don’t be satisfied with your current performance,” he said. “Make sure your research is at the heart of your AB testing.” Kim De Meyst pointed out that his company, Image Line, streamlined a lot of the data they were asking customers for before being able to purchase: “It’s now possible to buy just by supplying an email address and setting up a password, and we saw our conversion rates go up enormously”.
What are some of the things merchants should consider when moving into a new global market?
Erich Litch emphasized that there are many things to do to simplify the process when selling in other countries: “If you’re selling in Brazil, for instance, your technology can be smart enough to geo-locate your customer and pre-populate for a Brazilian shopper. That makes things much easier for the customer. It’s all about making the process easy, simple, and quick.”
How important are localized payment options?
“It’s hugely impactful,” says Erich. “As you go from country to country, the payment methods vary quite dramatically. Your conversion rates will suffer if you don’t support the country’s preferred payment methods.”
What are the best tactics to drive traffic to your business’ site in cost-effective ways that set you apart from your competitors?
Paul pointed out that building customer reviews of your business into your web pages is key: “That credibility can really help on search engine rankings.” He also reminded listeners of the importance of focusing on the customer: “Look after your visitor,” he said. Brandon said that social media is crucial to driving traffic to your site; he also pointed out what he thinks is often a missed opportunity: “Offering a properly-run affiliate program. Give whatever you can to those who are sending you sales.”
For even more insights, watch here the full panel discussion.