5 Things To Consider When Defining Competitors For Price Monitoring

5 Things To Consider When Defining Competitors For Price Monitoring

[Guest post by Daria Samokish] Who can tell the Category Manager how to correctly define competitors for price monitoring or what is in fact, competitive pricing analysis? We aim to raise the relaxing smile on your face [with this article] telling you how to build a pricing strategy towards competitors and grow the KPIs without growing white hairs. Shown:Without white hairs Competitive Pricing Analysis E-commerce retail market is highly competitive, so a Category Manager is engaged with general strategies to counteract the activities of competitors. According to the latest PWC research, price is the key factor of a purchasing decision. Well, let’s make the best use of competitive pricing intelligence. Surely, while making a competitor’s analysis you are guided by the following points: Detect the competitors actually affecting your sales. Find your price positioning towards market price/competitors’ prices. Sell some products at a higher price without a loss of profit. Define the most sensitive product categories to each of the competitors’ changes. Save the time...
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What is causing high bounce rate on your eCommerce Site’s Product Page?

What is causing high bounce rate on your eCommerce Site’s Product Page?

[Guest post by Keval Padia] Bounce rate is one of the most important metrics for any website. But for ecommerce sites, it holds special significance as it unveils the situation for each product page and customer interaction with them. It is considered as a key performance indicators or KPI that every ecommerce site needs to monitor and assess from time to time. You need to have a clear idea about what the permissible bounce rate should be and what is the alarming figure. Let us explain here various aspects related to bounce rate in ecommerce sites and the possible factors contributing to it. What Is Bounce Rate? When a website visitor after landing on a web page leaves it without going to other pages or sections of the website is referred as an instance of ‘bounce’. Now the bounce rate is calculated as per the instances of bounce per 100 visitors. For example, when 363 instances of bounce are found per 1000 visitors, the...
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Features of a Successful Landing Page

Features of a Successful Landing Page

[Guest post by Chris Hickman] Having a well-built landing page can help increase a site’s rankings, traffic, conversion, among other things. Great marketing agencies understand that developing a quality landing page is necessary for both paid and organic listings. Now there are many features that go into having a successful landing page, and these are some of the elements you need to implement. Develop a Unique Selling Proposition (USP) What makes your company stand out? What do you offer that your competitors do not? This is your USP and this needs to be the focus of your landing page. This is what will help influence users to convert on your page. An excellent example of a unique selling proposition is offering free shipping. The image below is a screencap from a landing page on the REI website. The red highlighted box shows two, of many, USPs the company offers. One being free shipping on the item, the other being a reduced price on the item. There...
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8 Essential Things Customers Are Looking For In An eCommerce Website

8 Essential Things Customers Are Looking For In An eCommerce Website

[Guest post by Paul Gosset] Unlike brick-and-mortar retail stores, E-Commerce websites do not offer the tangible experience that customers experience from retails stores. Hence, they pose additional barriers to conversion including lack of sales representatives (the human touch), trust and authority (customers cannot see the real store), and fraud and online transactions, to name a few. Hence, when a customer visits your E-Commerce website, they look for the following eight things: #1 Fast Loading Time Nobody likes to wait in line for a sales person to welcome them to their store and address their queries. The loading time of your E-Commerce website and all of its pages are a reflection of your commitment to customer care and service. Slow loading times (anything more than a second) equal slow customer service, and it puts potential customers off. The slower each page refreshes or loads, the more friction it adds to the user’s research and more so when it comes to making transactions. When it comes to loading...
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How a Loyalty Program can Boost Revenue

How a Loyalty Program can Boost Revenue

When you think of customer loyalty, you probably think of grocery rewards cards, or airline miles. Recently, however, a new breed of digital programs has emerged from the gamification movement, injecting new life into these tried and true programs. And they are effective. In fact, customer loyalty programs are often one of the simplest ways to boost your business’ revenue. Forbes magazine found that acquiring new customers costs five times more than retaining existing ones. As a result, finding ways to keep current consumers coming back is much more cost effective than constantly marketing to new customers. Whether your loyalty program consists of giving away occasional free items, providing deals and discounts on products, or offering reduced rates to customers who recommend your business to their family and friends, it can encourage your most faithful customers to come back on a regular basis. According to Fast Company, most consumers prefer small repeated gains to one large victory. Consequently, small repeated gains that can...
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Choosing a good hosting provider for your online project

Choosing a good hosting provider for your online project

Do you remember what happened to the Bad Nazi (are there any Good Nazis?) in Indiana Jones and the Last Crusade? The guy got jittery and chose a cup to drink from the sacred water and get eternal youth. What happened? He chose the wrong one. And he turned into Methuselah’s granny. Take a look (minute 2:19). In the same way, choosing the wrong hosting provider or even the wrong hosting for your online project can end up horribly. You’ll ask: how horribly? Well, here are a few examples I came across in recent months: - An online store shutting down for 48 hours, with no backup. Setting up the server again in the new provider, eAndorra (my hosting partner) and bringing it back to life in record time. - A corporate website going dead for 32 hours. The hosting technicians are still looking for the error. - A spam attack from China. Shared server. Page dead for 24 hours. The firewall was practically non-existent. I could go on...
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What Key Points Should an eCommerce Business Control System Include?

What Key Points Should an eCommerce Business Control System Include?

An eCommerce business control system is based on three main infrastructures: marketing, customer service, and the technology system. Marketing can be divided into 21 key performance indicators (KPIs)that identify the good or bad operation of the eCommerce business system. Marketing Of all the business control elements, marketing is absolutely critical to grow and achieve customer loyalty. To be successful, an online store must be easy to find. Once visitors are in your website, you should try to retain them as long as possible and help them in the purchase process. This is the work of a good marketing team. Whether you use banners with a great designs, social media, a good positioning in the search engine, merchandising, email, or other forms of advertising, marketing comprises all the various types of commercialization. Here are the 21 KPIs. 21 Key Performance Indicators (KPIs) for eCommerce KPIs provide orientation about the business system performance on the basis of the strategies implemented. This is reflected as a number...
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Complaints in eCommerce: I Want to Close my Account

Complaints in eCommerce: I Want to Close my Account

Let’s imagine that I visit a physical bookshop and pick up a book I’m very interested in. The next step is going to the cashpoint and paying for it. The transaction most often ends after I hand over my card or cash. No customer registration or de-registration, quick and easy. Now let’s imagine that I go to an online store to buy that book and head to the checkout. Then a “light” exchange takes place, whereby I am asked to give my: Name Address Zip Code City/Country Telephone Email Password (why do have to choose a password? Who said that I want to register in your website? I just want to buy a book). Gender (WHY? Are you sending me a present with the book? Are you trying to chat me up?) Date of birth (WTF? Either you want to give me a discount for my birthday or I’ll get upset if you don’t congratulate me on Facebook) ID card number (That’s a good one. WTH? What about foreigners? Don’t you...
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Tools to Improve Your Online Store: Comments and Ratings

Tools to Improve Your Online Store: Comments and Ratings

What sells best? Word of mouth. Comments add a product confidence factors for visitors. If I am hesitating between two products, and product A has received one good comment (or one good rating), but product B has 10 ratings, 7 of which are good, I will buy product B due to the trustworthiness given by the fact that 7 different people have tried it and approved it. There are even techniques to automate this analysis process. As an e-commerce store user, there is a factor that devaluates comments to a very high degree: misspellings. Amazon has an entire team that corrects misspelt comments. Just this makes comments more serious, which makes us trust them more. As for Ratings, they are a basic tool which every e-commerce store should have for its products, as it’s the first thing you see: starts, numerical scores… anything that shows the product quality/acceptance by customers who already purchased it. In addition, these tools can be used to obtain...
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eCommerce: the Perfect Purchase End

eCommerce: the Perfect Purchase End

In previous posts we examined the main pages that are usually found in an eCommerce websites: the home page, the category page, the shopping cart page, and the checkout page. This time we will examine the final page and the purchase confirmation and monitoring emails. Generally speaking, many of the criteria which we discussed when we spoke about store pages are aimed at capturing the attention of potential customers, increasing their level of interest, and finally, triggering the purchase decision. All these criteria combine to guide users towards conversion, where conversion means making a sale. However, in most eCommerce stores, the goal should go beyond making a single sale. The goal is to turn users into usual customers who make recurrent purchases. eCommerce: the perfect purchase end? To achieve this goal, many tools must be used, as well as design and layout criteria that have an impact on all the store pages, as we discussed in previous posts. Generally speaking, and to summarise, the goal is to provide the...
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