One of the most informative sessions I attended yesterday, was “Doubling Your Revenues in 6 Months.” In this session, the panel, which included two merchants and two Magento Solution Partners, discussed 20 specific, actionable items that retailers can use to substantially increase their revenue. Of the items discussed, here are the ideas presented by the panel that could be quickly implemented to start yielding results immediately:
1. A/B Testing: Try different email subject lines, different calls to action on landing pages, different placement of images, tracking what works and what doesn’t. SmileyCookie.com found that A/B testing increased their conversion rates by an astonishing 41% as it allowed them to align their messaging with what appealed most to their customers.
2. Last Chance Deals: Sure, you already sent out an email announcing a promotion, but the panel found that resending a promotional email shortly before the offer expires, especially when leading up to a holiday such as Valentine’s or Mother’s Day, with “Last Chance” or “Two Days Left for Free Shipping” significantly increased conversion rates. The added bonus is that you can reuse the first email and won’t need new creative, only a new subject line.
3. Modul Popups: Building your list is key to driving revenue and modul popups were highly recommended as a quick way to do so. Ten Thousand Villages increased their subscriber list by 1000 in just 15 days when they added modul popup functionality to their site.
4. Site Performance Optimization: This might take a little extra effort, but every session reinforced that it was well worth it. By increasing your page load times by just one second, you can improve your conversion rates and drive revenue. In this session, the presenters shared that Amazon sees a 10% lift in sales for every second of page speed improvement. Depending on your current site load times, Magento performance hosting and site optimization could improve your site speed by 3 or more seconds. What would a 30% lift in sales do for your business?
As discussed in the session, ultimately, you only have four ways by which to improve your eCommerce business: drive more traffic, increase conversion rates, increase average order value (AOV), or increase the number of repurchases. By following the tips I listed above, you’ll be well on your way to doubling your revenues in six months. Thank you to the panel, including Adam Golomb from SmileyCookie.com, Chris Fenwick of Ten Thousand Villages, Ross Kramer of Listrak and Neil Hamilton from PredictiveIntent for such a great session.