Best Practices in Digital Commerce
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Diane Burley, VP of Content, Lucidworks. Presentation from ACTIVATE 2019, the Search and AI Conference. http://www.activate-conf.com
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Best Practices in Digital Commerce
- 1. Diane Burley @dburley VP Content, Lucidworks DIGITAL COMMERCE BEST PRACTICES:
- 2. 2019 Retail Benchmark Survey 123R E TA I L E R S >$100MA N N U A L R E V E N U E
- 3. REVENUE
- 4. PA IN PO INTS
- 5. AVAILABILITY
- 6. FINDABILITY
- 8. 4.63Successful search increases conversion average F R O M 2 . 7 7 Opportunity
- 9. ME TR ICS
- 11. CTR AVERAGE
- 12. CTR BY SIZE
- 13. ATC PERCENTAGE
- 14. PE RS O NA LIZATIO N
- 15. MIND READING
- 16. APPROACH
- 19. A / B TESTING A I/ ML
- 20. EXPERIMENTATION
- 21. AI/ML -> UX
- 22. AI/ML -> UX
- 23. THE STACK
- 24. Copy of the Survey Survey@lucidworks.com
- 25. THANK YOU
Notes de l'éditeur
- Good morning! It really doesn’t matter what industry or discipline we are in – we all want to know how we stack up. All those KPIs that we measure are terrific – but what’s realistic vs aspirational? And more importantly, what are others doing? Some of our biggest customers were asking that very question – so we wanted to create a baseline survey --
- We worked with oiur partner at Retail Touchpoints to craft 15 questions – and this year chose to go constrain it to companies doing $100m in revenue of greater. We had more than 120 participants take our survey, and I am pleased to be able to give you a sneak peek at the results. We have a paper tha tis being written and published and will be available some in a coiuple weeks. If any of you are interested in this free copy, please
- Almost 70% of our respondents reported revenues of $400 million or more, nearly 20% between 200-399million and 18% over $100. We hope in the future to widen this to companies of all sizes and beyone just B2c companies.
- Site down times, stockouts, undiscoverable content, slowdowns in checkout
- Research from IHL Group shows that as much as 24% of Amazon's retail sales can be attributed to customers who first tried to purchase an item elsewhere but found it out of stock. Good stuff
- Research from IHL Group shows that as much as 24% of Amazon's retail sales can be attributed to customers who first tried to purchase an item elsewhere but found it out of stock. Good stuff
- 30% of website visitors start their website visit by using the search box 80% of those visitors (24% of all website visitors) abandon websites due to poor search experience When a website search is used, conversion rates average 4.63% instead of 2.77%
- Site down times, stockouts, undiscoverable content, slowdowns in checkout
- The majority of shoppers (60%) visit a site up to four times before making a purchase. That leaves 40% making five visits or more before they finally buy. Using the power of AI to provide more targeted search results and recommendations can help move customers along the shopping journey effectively. How many times has the visitor viewed a particular product? How expensive is the item? Are they a long-time customer? Does their search history show multiple searches for similar items or did they go straight for this one? The answers will point to their search intent and better inform additional recommendations, information on services and support options, and links to complementary items. Without this granular insight, retailers might move the customer into the “buy” workflow too quickly and opportunities for upsells and cross-sells may be lost. Ultimately the success rate comes back to A/B testing and what works best for the brand’s site and customer demographics.
- 30% of website visitors start their website visit by using the search box 80% of those visitors (24% of all website visitors) abandon websites due to poor search experience When a website search is used, conversion rates average 4.63% instead of 2.77%
- Add to cart is good
- Site down times, stockouts, undiscoverable content, slowdowns in checkout
- Whenever you do a survey – you find that you could have asked the question better
- Merchandisers are always trying to figure out what shoppers are looking for before getting to their site. But tastes change and even the most savvy merchandisers have trouble keeping pace with the millions of digital signals that shoppers send every day. That’s why merchandisers need machine learning and real-time insights to ensure that they deliver the right product to the right shopper, at the right moment.
- Site down times, stockouts, undiscoverable content, slowdowns in checkout