eCommerce (i.e. Digital Retailing) presents 2 actionable opportunities.
- A Completed Sale
- An Abandoned Cart
Opportunity #1). A Completed Sale
Looking at [USER=9441]@Michia Rohrssen[/USER]'s numbers,
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Let's plug in some assumptions...
- Shoppers that went all the way to "Completed Checkout" = 30%
- We're looking at the business performance per 1,000 VDP views.
Using a 30% Ck out completion rate...
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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 [USER=9441]@Michia Rohrssen[/USER]'s numbers,
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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.
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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.
