– The store achieved a high conversion rate of 9.54% for a single day, despite not sending any emails or texts and only running ads to cold traffic.
– Over the past 30, 45, and 90 days, the store maintained conversion rates of 5.51%, 5.66%, and 4.38% respectively.
– By implementing a data strategy and using Formtoro’s ad recommendations, the store was able to increase its conversion rate from 3.61% to 6.42% over a two-month period.Implement a data strategy and use data analytics to make informed decisions and improve conversion rates in an ecommerce store.A store we work closely with hit a 9.54% conversion rate yesterday. We sent no emails or texts for the day, only ran ads to cold traffic. We didn’t run a sale, only a sign-up that unlocked a free gift card with a purchase required. But Jon, that’s only one day. You’re right. Over the past 30 days, we have a 5.51% conversion rate. Over the past 45 days, we have a 5.66% conversion rate. Over the past 90 days, we have a 4.38% conversion rate. For all of 2022, we have a 4.29% conversion rate. All of those are not bad, but that’s still a big jump. We created custom KPIs, fed them into Formtoro, and made all our media buying decisions based on Formtoro’s ad recommendations. When we did only this over the course of two months, we were able to raise the conversion rate from 3.61% to 6.42%. How do you know this was the change? I took over media buying entirely for three weeks just using Formtoro’s ad recommender. We made no other changes the entire time and we used existing and running ads. I share these numbers to try to explain the raw impact that a data strategy can have on an e-commerce store. This is a store with an AOV of less than $60 in a highly commoditized space. Can every store achieve the same results? No, but with the right type of product, it might be able to. This store had me manage all email flows, all ad direction, homepage, product pages, and landing pages. Along with pricing, unit economic breakdowns, and other marketing initiatives that are starting to kick up, so that number is only going to go higher. I can’t clone myself or the way my brain works. But we are working on bringing in my personal approach and existing expertise deeper into the Formtoro platform. The ad recommendation part was the first part of replacing me with technology. It’s just the beginning. We’re going to build the next best thing for stores that can’t afford to work with us. Automated workflows that help people identify where their biggest gaps are with suggestions to help them drive growth, all based on data. It’s the first step towards moving to more of a SaaS solution. It’s not about data, it’s about what actions you can take from it. It’s not about dashboards, it’s about understanding what changes you need to make to improve things you see in them. Here’s a prediction -I see a future where Agencies either White Label our platform to save a ton of time and deliver better results or we eventually work to replace them entirely with better insights, better direction, and a more comprehensive dynamic content library to help businesses grow all based on data and analytics telling brands and stores “why” things aren’t working and providing “suggestions” on how to fix them. It’s coming, there’s no stopping it, and it’s only going to get better.#ecommerce #marketing #datahttps://www.linkedin.com/in/jivanco