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24.Nov.2016 Krithika Siddharth - eCommerce Store
November Holiday Sale Update: Adobe has released the online shopping data for Black Friday, Thanksgiving and Cyber Monday. Report shows over $5 billion was spent by consumers by the end of Black Friday, a 17.7% growth from last year. Also, for the first time, Black Friday online sales surpassed the $3 billion mark. Cyber Monday is also on the road to hit over 3.39 billion, a 10.2% increase from last year, marking the largest online sale day.
The 2016 holiday season will make history with Novermber expecting to have a sale of over $39.9 billion, a 7.4% increase from last year. Black Friday also becomes the very first day to drive $1.2 billion revenue in mobile devices
The holiday season, across the months of November and December, drives 70% more traffic than any other time of the year. Most of your customers are online and willing to shell out money to buy gifts for their loved ones during this time.
Black Friday and Cyber Monday are two of the most important days that mark the start of the holiday season shopping. The spike in the chart below highlights the most popular days of the season. If you are not happy with the number of conversions that happened on these days then maybe you need re-evaluate your eCommerce strategies.
Again, take a look at the above graph and you can witness massive transaction. But to marketers, it’s filled with valuable data that can shape the future of your eCommerce store.
When you analyze traffic on your website, you can pinpoint various flaws across the website. You get to see your customers navigate and use your site and provide insights into their thought process while shopping. Google Analytics is a great tool to start as it shows you how your overall traffic navigates your website and where the majority of traffic leaves the site. But it has its own drawback with respect to eCommerce websites – It lacks individual data about individual customer perspectives and behavior which is important for proper conversion optimization.
Let’s assume your conversion rate is 2% and you generate a $10,000 profit a month. During the holiday season you have a 70% increase in traffic and can easily earn over $25,000. A great boost from your regular earnings.
But what about the other 9 months? The question of the hour is that, are you going to be happy with the temporary increase in sale or wish to make use of the analytics and data to make your eCommerce store better?
Remember, with just a 2% increase in your conversion rate, you can easily bring up your earnings to $20,000 every single month and TargetBay can help if you opt in for our free plan this holiday season.
Once setup, TargetBay’s algorithm can harness valuable information needed to understand your customer navigation and buying intent. With the holiday season bringing in more traffic, you can immediately gather enough data to run the TargetBay tool to its fullest potential.
With the new year coming in, you can find insightful information about customer navigation and purchase intent. If you miss out this holiday season, it can take 3 or more months to gather similar amount of data of customer activity. The diversity in demographics and urgency from the holiday season will be even harder to replicate across the year.
If you are curious about what data we can offer over your traditional Google analytics, read on.
Analyzing and improving on customer navigational pattern is one of the most important aspect of any website’s success. TargetBay can show you how each customer navigates through the website, what they did just before they decided to make the particular transaction or before leaving the website.
These valuable data will help frame the perfect optimized website.
For an eCommerce store’s success, it’s all about giving the right visibility to the right product.
With TargetBay, you can find how much time a person spends on a particular product or page to help assess their purchase intent and take necessary action that is geared towards conversions.
Track your customers to find their referral source, ad campaign, Geo location, etc to find which campaign triggered conversions.
TargetBay’s segmentation feature can help split your database into various relevant segments. By grouping similar customers and delivering personalized targeted messages, you have a chance to achieve a higher conversion rate.
You can create numerous segmented lists with TargetBay for free with our starter plan.
The other alternative for improving your eCommerce conversion is by hiring expensive conversion optimization specialists. Even they cannot do much without data, all they can do is run trial and error experiments and wait for results, taking months to get quantifiable data.
With TargetBay’s data, everything becomes a whole lot simple, clear and predictable. And it is no obligation as well. Sign up for the free trial and harness the power of data this holiday season.
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Table of Contents How to calculate shopping cart abandonment rate?
Senior Ecommerce Strategist9 Years of Experience Working with Multiple Brands
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Download our checklist highlights to optimize your holiday campaigns for maximum conversion.