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For Converting E-Commerce Transactions, Time is of the Essence

For Converting E-Commerce Transactions, Time is of the Essence

By | 12.18.14
For Converting E-Commerce Transactions, Time is of the Essence

While the adage may be “Time is money,” a new study by the cloud technology, marketing, and website optimization company Monetate, suggests that ecommerce sites have one hour to engage a visitor and move them to action.

The report, “EQ 2014: Gone in 60 Minutes,” breaks the hour into three components: the first fifteen minutes, the middle thirty, and the final fifteen. It is during these times that a customer will visit the site, decide what to purchase, and complete the transaction.

One of the most telling statistics from the study is that thirty percent of all visitors leave the site before the first minute is up. But all is not lost because more than half of those who remain continue through the stages of product discovery, information gathering, adding items to the cart, and making a purchase within these first fifteen minutes. The remaining 48 percent, the “less-focused” as the study calls them, can be encouraged to act by employing different strategies during the middle thirty minutes.

By the time the middle thirty minutes start ticking, those who are still on the site convert at a high rate when proper retargeting approaches are used. Display ads and triggered emails have proven effective, as well as alternative incentives such as free returns, loyalty points, or free shipping at particular price points. These same tactics are also effective in bringing customers back to abandoned shopping carts.

By the end of this middle half-hour, almost seventy percent of all purchases have been made, with another six percent still converting in the final fifteen. Because of the diminishing returns at this point, Monetate suggests addressing issues that can be a distraction at checkout to help keep the customer on task – perhaps relocating social sharing buttons to the completed transaction page, hiding navigation bars, moving customer reviews, or adding thumbnail pictures and descriptions of items selected. Marketers will need to review the analytics page and experiment with different approaches to find the most effective combination.

The report analyzes big data from more than seven billion online shopping sessions worldwide, and from desktop, tablet, and mobile shopping sessions.

References:

MarketingCharts. “What are Shoppers Doing in Their First Hour on An E-commerce Site?” December 12, 2014.

Monetate. “EQ3 2014: Gone in Sixty Minutes.

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