Karis Lima: Hi, and welcome to 10 Minutes to E-commerce Success. Today we're joined by Grant Segall. How are you doing today, Grant?
Grant Segall: I'm doing very well. Thank you for asking.
Karis: Great. Tell us a little bit about yourself and what you do.
Grant: I sure will. I run a Conversion Rate Optimization (CRO) agency. We work with primarily E-commerce clients, Software as a Service (SaaS), and lead capture or lead generation companies. What we do is we optimize website for conversions and growing revenue for those companies by optimizing their websites. Now we are also delving into the setting up partnerships between said companies where we grow their revenues by finding them strategic partners.
Karis: If I was considering working for your company, what would you say ... Why should we listen to you?
Grant: That's all right. I understand. The question is why would we work with you? Well, there's a number of reasons. First, we use a data-driven approach. We're not guessing as to why people are buying from you or figuring out why your pages aren't converting or your shopping cart isn't converting. We're using data, and we're making our decisions based off that. That data gives you valuable insights as to what your customer, your visitor, is looking for. Sometimes the data tells us they can't find what they need. I would say our team’s experience of working with over 60 companies, we've gathered quite a bit of intelligence on E-commerce and Software as a Service website. We've figured out, in a lot of cases, what works best on those websites.
Karis: Okay. Now, for the main reason we do the 10 Minutes to E-Commerce Success. The big money question, which is what is the one thing you do that increases the profits for an eCommerce company?
Grant: Okay. Well, that's a tough question. I've asked this to 16 other people before me, and this is going to be my answer. You would think I would say conversion rate optimization. That's great if you're doing millions of dollars in sales and you can afford the return on your investment. We usually work with larger companies above one million dollars in sales. I say if you're a smaller entity, even a larger entity, it's partnering up with other companies that might sell complementary products to what you do. The method we do that is called flipped joint ventures. I don't know if you're familiar with that concept. Are you?
Karis: Not really.
Grant: No? Okay. A flipped joint venture is basically you would go out and approach other companies that sell complementary products to what you are already offering. Say, for example, you are an E-commerce store, and you sell ... I don't know. This might be a simple example, but maybe you sell flat screen TVs. That's all you do is you sell flat screen TVs, and someone buys your flat screen TV, and then they start thinking, "Well, what other things do I need? Well, maybe I need a universal remote. Maybe I need brackets to hang this thing on a wall. Maybe I need a new cabinet or furniture that goes ... That the TV will hang in." You can seek out partners as you don't carry those particular products.
Here's the catch. The reason why I call this flipped joint ventures is because when you do a joint venture, most of the time, there's a high failure rate. Even Harvard University has noted, and I believe Entrepreneur Magazine as well, that most joint ventures fail. There's a very high failure rate, and that's because of the conventional method of setting up a JV is full of problems. It introduces multiple friction points, differences in list size, lack of a prior relationship with most of the partners you approach, and doubts from each side about getting paid. There's significant problems that derail many joint ventures before you get started.
The way we get around that is we do a JV flip or "flipped Joint venture" where the equation gets a 90-95% agreement rate from the partners you approach. This is why we work with companies to do this for them. Obviously, they can do this themselves. This is something any company can do on their own, but it can be time consuming. You approach partners, if you have a list, a sizable list of customers, and you offer to promote their products first. Don't expect a reciprocal mailing. Then, you have a much higher chance of getting accepted. Later on down the road as you sell these partners' products over a course of time, many of them are going to come back to you and say, "Hey, is there a way we can do another deal where we sell your particular products to our list?" You might get 20 to 40% of those people will come back and offer to do that for you as well. Then you end up getting the two-sided deal that you were after in the first place.
If you follow this consistent strategy of offering a joint venture, offering a new product to your list maybe once a month, we've seen companies increase their profits ... Not sales, but profits ... 30% on the low end and up to 70% on the high end. That's one thing I would recommend that all E-commerce stores look into as they're looking to grow and maybe they're stagnating.
Karis: That was quite an interesting take on growing your company's profit. Anything else before we go you would like to mention?
Grant: Just one more thing. I wanted to mention that the approach that I mentioned for doing these joint ventures, you are basically ... There's a number of advantages to it. You eliminate all the problems and frustration caused by the conventional approach of setting up joint ventures. You're going to get a 90% agreement rate from the partners you approach. You're going to get paid to build your relationship with potential partners, and you get to lock in a large revenue steam every month on a systematic basis.
If you follow the program and offer, like I said, one product each month to your list of subscribers, you can really grow your profits substantially with very little risk. You don't have to worry about product creation, product development, product fulfillment. It's all handled by your partner, so, basically, you're getting a method of growing your profits almost risk free. The caveat here is you need to find reputable partners that will deliver a good experience and have enough product in stock. Especially if you have a large list. Test the offer to a small portion of your list, and if everything goes well ramp it up! Most of the time you can do a 50% share of the profits with the company you are going to promote. Like I mentioned, do this once a month, and you have added another profit center to your business.
Karis: Okay. Thanks for speaking with us today. How can people find out more about ...? More information on you and what you do?
Grant: Oh, okay. Well, the easiest thing to do is just go to Tsunamiclick.com, and there's a contact form there if you want to reach us. It's on the home page. We're also going to be setting up a series of interviews. All that information will be on our website. Thanks! This was fun.
Karis: Okay. That's a wrap. Goodbye from 10 Minutes to E-commerce Success.
For those of whom think that a slow loading website is not a huge deal, I have some bad news for you. By the end of this article I hope to convince you that speeding up your website will surely improve conversions. Especially if you have thousands of visitors or more per month.
Consider the effect of a 1 second delay on your website. The time it takes for one heart beat, can cause a customer to click away, or stop a sale dead in its tracks.
Research shows that a one second delay in page load time can produce the following effect:
For websites with millions of page views, the effect can be compounded. Consider the fact that Amazon reported an increase in sales of 1 percent for every tenth of a second improvement to their site load speed. (see the details here at Amazon).
Furthermore, there is some research that shows how impatient web visitors can be. In our frenetic and chaotic world, site visitors can’t be bothered to wait if a site takes longer than 3 seconds to load.
Need more evidence on why site speed is so vitally important to improve conversions?
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Our good friends at Akamai found that web visitors are simply an impatient group of people. Consider these stats:
That means a slow website is the equivalent of lost income. Even if web visitors do manage to stick around, repeated slow web page load times may result in lost opportunities to display on-site advertising, as well as shopping car abandonment.
Let’s hope by now you are waking up to the fact that slow page load times can be a severe detriment to your website
If you still stubbornly think you can’t improve conversions by speeding up your web pages, here’s a short list of other side effects a slow loading website can have:
Whenever someone clicks on a Google search engine result (aka SERP) and is frustrated by a slow web page, they may click the back button and go on to find another search result. As a consequence, Google registers this back click as a “bounce”.
Google wants give its users of its search engine the best possible experience, as a result, the “bounce” rate is one indicator that the site is a good search result for them. Google employees have even stated that they look at the site speed as a signal in determining search engine rankings.
A site can spend big bucks on optimizing its content for the much-hallowed search engines, but if a significant amount of the visitors don’t have the patience to stick around to see it, Google may eventually notice and send less traffic to that site.
What about mobile devices? The delay of page load times have even more negative consequences with those with hand-held devices.
These folks more often than not have a limit on bandwidth and are not entirely thrilled to waste it on sites that display a bunch of non-essential elements that detract from the mobile experience.
Surely, by developing and optimizing a site for mobile – sometimes referred to as the “mobile first” approach is an fantastic way to approach site optimization and foster speedy page loads.
Even if web users do endure a lagging site through the initial click to finally a conversion or purchase, most are much less likely to come back.
64 percent of web visitors who have crappy experience with a website will be more apt to visit a competitor’s site in the future, and they surely won’t recommend piss-poor sites to their friends and associates.
A good place to test your web speed is located here ——>> https://tools.pingdom.com
If you site is performing poorly, here’s a few things you may be able to do on your own:
If you are not tech oriented, there are a number of firms that will work with you to increase your page speed.
Next Steps to Improve Conversions
Shopping cart abandonment still remains high today even in a world where there are a number of tools and optimization strategies to increase the customer’s follow through with their purchase.
An industry watchdog has compiled over 37 studies on shopping cart abandonment and the average of all these studies shows a 69.23% abandonment rate. These are documented studies and span from 2006 to 2016.
One would think, erroneously, that the abandonment rate would be in steady decline, but the number show otherwise. In fact the two most recent studies they received show an
abandonment rate above 70% (Listrak 2016 [78%] and Adobe 2016 [75.5%])!
So What’s the Big Deal? My Customers Are Just Browsing!
If you think about how people shop online nowadays, there is a big reason for such a high percentage of shopping cart abandonment. The obvious reason is that most people are merely price shopping versus other retailers. So a potential customer goes through the entire checkout process to figure out the total product price plus any shipping charges or taxes.
Others just abandon the process because they were simply not ready to buy.
If you eliminate the “just browsing” and “not ready to buy” categories from the study that was conducted, the remaining reasons cited for abandonment take on the following distribution:
Fix Your Shopping Cart Design and Reap the Rewards
Luckily, most of the above issues are completely fixable through design changes. Take a look at your checkout process. How many fields are required for entry? If you answered less than 15 you are on the right track. Remember more than a quarter of shoppers thought the checkout form had too many fields to fill in, or the checkout procedure was just too complicated.
For most checkouts it is possible to reduce the number of fields by anywhere from 20-60%. This could substantially increase your revenue and decrease cart abandonment. In fact, Baynard thinks cart optimization could allow e-commerce businesses to recover over 260 Billion dollars of lost revenue. That’s an incredible statistic if you think about it hard enough.
Is this Worth Doing?
Frankly speaking, it all depends. If you are in the initial stages of developing your e-commerce store, keep these statistics in mind. You may need to take a look at all the shopping cart software providers to figure out how flexible, or inflexible, designing the checkout experience will be.
If you own a multi-million dollar site, and want to hire someone to do this for you, the ROI can be immense. Some industry studies show that an optimized shopping cart can decrease abandonment by up to 35%.
Next Steps for Optimization
It may come as a shock for you to find out that your website is only optimized for 81% of the visitors. Whether you have been working to perfect your site for years, or have just started out with a new site, you will want to know about the remaining 19% your website is not optimized for. Web optimization for the disabled is becoming an important consideration.
This 19% represents millions of potential visitors who possibly have disabilities that prevent them from accessing your site and cannot engage with your site the traditional way.
The most recent US census done in 2010 shows that 19% (about 56.7 million) of the population has some disability…
This is why you need web optimization for accessibility to open up the site for the remaining 19% of potential site visitors who you didn’t even know existed. By doing this you can significantly increase your conversion. Web optimization for the disabled can be a boon for your business.
Understanding Web Accessibility
This is the practice of eliminating barriers that may prevent disabled people from accessing a website and interact easily with it.
When web optimization and accessibility is considered from the design stage of a website, the development and implementation process will proceed smoothly to the benefit of users and the site owner. This is the best way to give everyone equal access to web content such as products, information and business opportunities in spite of their disabilities.
Why Accessibility Matters to Web Optimization
The most recent US census done in 2010 shows that 19% (about 56.7 million) of the population has some disability according to its broad definition. More than 50% of this number reported severe disability, therefore, when you consider web optimization and accessibility you will be doing a lot to this group.
They will have easy access to do whatever they need on the internet, and your organizational goals can be achieved through increased conversions and better user experience.
What you did not know is that even the visitors without disabilities enjoy the ease of access and navigation on your site. When a website is designed with a focus on flexibility in meeting user needs, situations and preferences, it will get more visits and a good percentage of repeat visitors. Your website should favor even those with slow internet connections, broken arms or age related disabilities.
Disabilities to Consider in Optimizing
Everyone needs websites that are optimized for audio even if they don’t have a hearing impairment. The need deepens for those with trouble hearing. The US Department of Health and Human Services says that 15% of those above the age of 18 have some trouble hearing.
Another research paper shows that 12.7% of US citizens over the age 12 have hearing loss in both ears. And when you include those with hearing loss in one ear, the number jumps to 20.3%. Developers should consider adding a caption and transcripts for all multimedia content and have transcripts for all the audio content.
Someone with a visual disability is categorized as blind, has low vision or is color blind. It is estimated that about 10% of the adult American population (23.7 million) have some trouble seeing, even with glasses on or cannot see at all.
Color blindness is also more widespread than we care to accept, this creates a challenge to website owners especially online shops. A customer may want to buy an item but does not know how to choose a particular color.
There are tools to help in designing your site to help those with color blindness. You can even use a color contrast checker to see if your colored content passes the accessibility guidelines. You can also apply color blindness filter in Chrome using Color Oracle to let you see what those with color blindness will see.
3. Motor Disability
Those with this disability have trouble moving the mouse or have slow response time. This disability covers a very wide range including ALS, arthritis, cerebral palsy, spinal cord injury, and Parkinson’s among other motor-related diseases. Use WebAim to learn more of the common challenges people endure in websites that are not optimized for the disabled and get the solutions available for each.
4. Cognitive Disability
This includes so much ranging from learning disability, memory deficit to distractibility. It all comes down to memory, focus, and concentration. The disabilities include memory, attention, problem-solving, reading, math comprehension, linguistics, visual comprehension and verbal comprehension.
They may seem trivial to you, but they affect the disabled user just as much as the person who cannot see.
The Web Accessibility Guidelines (WAG) and Web Content Accessibility Guidelines 2.0 (WCAG) are essential tools to make your site accessible to the neglected 19% of the population.
The WCAG 2.0 has four pillars: robust, perceivable, understandable and operable. It has 12 basics tenets:
1. Maximize the compatibility of your site with current and future agents and assistive technologies.
2. Provide the user with alternatives for the time-based media.
3. Design and make your web pages appear and function in a predictable format throughout the site.
4. Provide the user with text alternatives if the content is non-text for example symbols, large print, simpler language, speech or Braille.
5. Guide users to avoid and also correct mistakes.
6. Your content should be easy to present in various formats without its structure or content getting lost.
7. Your text should be readable and easy to understand.
8. Let it be easy to separate foreground from background. The content should be easy to see and hear.
9. Help users navigate easily to find content within site.
10. Make all the functions easily available from the keyboard.
11. Avoid designing content in a way that is known to result in seizures, for example, bright flashing contents.
12. Provide the users adequate time to read and apply the contents.
Each guideline has a wealth of knowledge to help you optimize your site for the disabled. Spend some time on the quick reference guides, and you will have a very accessible website.
You can also look at User Agent Accessibility Guidelines (UAAG) and the Authoring Tool Accessibility Guidelines (ATAG). UAAG is used to make user agents like browser extensions, browsers, readers and media players more accessible, whereas the ATAG is used to make online authoring more accessible. These include blog authoring, multimedia authoring, site authoring and wiki authoring.
Evaluate your site to get its level of accessibility using expert reviewers, automated tools, and user testing. As time goes by, web optimization for disabilities is becoming a necessity. Increased competition on the internet is forcing sites to optimize to capture more leads and improve conversion.