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Online Shopping to Online Buying

Discussion in 'Websites, SEO, SEM, Display, Social, Marketing' started by Jewanski, Mar 19, 2015.

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  1. joe.pistell

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    Uncle Joe

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    Most ecommerce hipsters won't get this old video I made.



    It's a story about car shopper workflow and it describes part of what is needed to increase ecommerce's yield.
     
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  3. ed.brooks

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    It would easy enough to run a legitimate test to . Not a bullshit 'test', but a real test. The author had 20 dealers and 6 months. Randomize and cookie the shoppers, present half the shoppers with a widget that has a "Buy Online" button, the half another CTA. At the end of 6 months you'll have a good size data set.
    • Did the shoppers that were served the "Buy Online" button buy more cars?
    • Did they spend more money?
    • Were they any more satisfied?
     
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  4. joe.pistell

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    Uncle Joe

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    @Michia Rohrssen@Michia Rohrssen

    Using the numbers you've published:

    upload_2016-4-23_10-30-23.png

    I'd love to have you fill in the "completed checkout" gap. I have asked:
    This will help us all understand how many shoppers WANT a Digital Retailing experience.


    The Next opportunity is "abandoned cart marketing" (i.e. lead gen). I also asked:

    We're all here to find ways to sell more cars. Sharing your data can help our community move away from conjecture.
    upload_2016-4-23_10-42-40.png
     
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  5. joe.pistell

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    Uncle Joe

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    p.s @Michia Rohrssen@Michia Rohrssen

    Your data is based off a launch on 20 car dealers websites. To understand your published numbers, we'd like to see your product and it's workflow. Plz include links to them.
     
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  6. Alexander Lau

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    Too small of a sample size, IMO.
     
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  7. joe.pistell

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    eCommerce (i.e. Digital Retailing) presents 2 actionable opportunities.
    1. A Completed Sale
    2. An Abandoned Cart


    Opportunity #1). A Completed Sale
    Looking at @Michia Rohrssen@Michia Rohrssen's numbers,

    upload_2016-4-24_12-44-40.png

    Let's plug in some assumptions...
    1. Shoppers that went all the way to "Completed Checkout" = 30%
    2. We're looking at the business performance per 1,000 VDP views.

    Using a 30% Ck out completion rate...
    upload_2016-4-24_12-51-36.png
    We get 1.5 deals per 1,000 VDPs
    (THE MATH: Of the 1,000 VDP'ers, 60 Clicked "Buy Online". Of the 60, 6 shoppers made it to checkout. Of the 6 we estimate that 30% completed, that = 1.8 shoppers. The dealerships closed 80% of the 1.8 = 1.5 deals)

    Is that good or bad? IMO, We don't know (yet), too many open questions. It's easy to see the "Checkout Completion Rate" will be important. My gut's telling me that 30% is an optimistic estimate.


    Opportunity #2). An Abandoned Cart
    Looking at @Michia Rohrssen@Michia Rohrssen's numbers,
    upload_2016-4-24_13-2-17.png

    So, we have 90% shoppers who don't make it to the checkout screen. I find this a very believable number when we're talking our crazy love/hate industry. This is not much higher than ecommerce overall (60-80%) [link].


    Michia's data driven post would be improved if it included the closing rate from abandoned carts.
    upload_2016-4-24_13-16-31.png
    Cart abandonment is a marketing channel all itself. IMO, it'll be a rich resource of leads and should be a killer location for chat assistance.


    HTH
    -Uncle Joe


    p.s. Michia didn't include his CTR measurement criteria, so I assumed that he'd base this off of VDP activity only.
     
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  8. BillPlayford

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    When an established vendor guarantees sales, can we please go through this level of mathematical scrutiny?
     
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  9. Michia Rohrssen

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    @JoePistell@JoePistell - here's the actual number breakdown of what the funnel looks like. Obviously these numbers will vary dealer to dealer, but these are rough averages of what we're seeing.

    [​IMG]

    As you highlighted, there is a huge opportunity in the abandoned carts. We're actually working with a few all in one vendors(website/SEM/display) to notify them when a cart is abandoned so they can target those visitors with their advertising campaigns and help the dealers win even more sales.

    Admittedly, those talks just opened a week ago so we'll see where it all goes, but the possibility excites me!



    We have a demo video here, just click the giant play button.
     
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  10. ed.brooks

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    I've worked for a small handful companies over a fairly long career as a 'vendor'. All of them were considered best-in-class and were, or grew to be, well established. I guaranteed that I would do what I said I'd do and that the company would do their job -- BUT 'guaranteeing' sales isn't anything most reputable vendors do, for many valid reasons.
    [​IMG]
     
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  11. ed.brooks

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    So this very similar to GM's Shop, Click, Drive, or Cox's MakeMyDeal, or Dealer Success' VirtualDeal - What differentiates your product @Michia Rohrssen@Michia Rohrssen?
     
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