The E-Commerce Benchmark KPI Study: The Most Valuable Online Consumer Trend of 2018 Revealed
The latest E-Commerce Benchmark KPI Study initiated and conducted by Wolfgang Digital has got new revelations in store. It has brought forth a broad overview of the present scenario of digital marketing in travel and retail. The extensive study has eventually allowed digital marketers to use this year’s performance and outcomes as a standard point of reference and plan the strategies which are to be implemented the next year. The KPI Study has reportedly analyzed more than €500 million in digital revenue and over 250 million website sessions.
Tools and devices used: Online surveys, Facebook Analytics Reports, and Google Analytics were used in order to draw insights and prepare the report successfully.
The correlation between website conversion and engagement metrics
The study has apparently brought forth a correlation between the website conversion metric and website engagement metrics. It has established a strong correlation between the rate of website engagement and rate of conversions by telling how many times an average user would visit your website. In addition to that, the digital marketers also get to learn that digital marketing done in any form can help you gain revenues successfully only if the rate of conversion also increases simultaneously. This is directly related to the rate of user engagement or the number of website visitors you can actually manage roping in for your site.
Now that the correlation between the two primary metrics is clear, this calls for an actionable plan to be strategized in order to ensure a better rate of conversion and revenues in the year 2019. If you are looking for ways that can help you ensure an enhanced rate of conversion and revenue in the long run, then here’s everything you should know.
- If you are aiming at humanizing your brand and ensuring maximum conversion rates for your websites, then you might use engaging video contents in order to make things more interactive and interesting for your target audience to watch and gain helpful knowledge from the same. Reportedly, there are 87% of digital marketers using video content. So, what’s stopping you?
- You can keep your prospective consumers and website users updated with emails, highlighting the latest news and events taking place in and around the local market. Simply share the link of your website attached to the emails that you would send and Voila! You can expect to rope in prospective visitors to your website, thus keeping enough scope for you to convert all casual visitors to active users and customers in the long run.
- You can even consider leveraging the potential of Facebook ads. With 2 million active Facebook users on a monthly basis, you always have a fair chance to rope in maximum visitors to your site and virtually promote products and services to meet the coveted rate of conversion.
The relation between website revenue and number of sessions per user
As I have already discussed the fact that the E-Commerce Benchmark KPI Study has revealed the fact that the study is correlated with the rate of conversion success, it is likely that there’s a revenue volume correlation, which is at par with the number of sessions per user.
To explain it in simpler words, it is to be mentioned that websites generating maximum revenues online have the highest count of sessions per user over one year. Thus, the idea is to put forth some sincere efforts, so that the digital marketers could ensure a maximum number of sessions per users in order to ensure an enhanced revenue volume.
Essential Takeaways and Actionable Points
Now that we know that there is a fine correlation between the number of sessions per user and website revenues, here are a few essential ways that can be implemented in order to ensure higher website revenues and a more concrete digital marketing strategy in 2019.
- Shift your focus and concentrate on monitoring your visitor’s journey
Not all webs posts, updates and campaigns are meant for every consumer. Time, place and the journey of your prospective visitors play a crucial role in this regard. Thus, as part of an actionable plan, you might consider taking a close look at the consumer data and evaluate their behaviors accordingly. It would eventually help you to figure out whether there’s a further need for you to change the campaign or roll it out at a different time or for a different group of target audience.
- At times, a website redesign is perhaps everything you need
You might like to consider redesigning your website and make it look more engaging and user-friendly from every aspect. At times, you might end up losing consumers and prospective visitors to your website due to a boring and backdated website design and functionality. Thus, the idea is to consider a redesign and look for a smarter interface and engaging graphics to make things more intriguing for your visitors than ever. Simply adding up pages and extending too many sections on your website isn’t enough if you do not consider the aspect of user experience.
- Focus on sharing more industry tips and blogs for your visitors
“Websites are the ultimate powerhouse for people willing to engage online. It’s all about how you choose to build enough content based on user demand, search queries and industry trends.”
– David Hayden, Blogger at Myassignmenthelp
Now, this is one quote that I came across a couple of weeks ago; makes sense for me totally. You should always give your prospective visitors enough reasons to consider your website as a useful one. In addition to focusing on well-timed posts and redesigning your website, how about making the site more engaging with informative blogs and industry tips for your visitors? Until and unless your visitors have enough reasons to use your site, generating the coveted revenue might not seem to be an easy task.
More Add-ons and Insights from the E-Commerce Benchmark KPI Report
In addition to the insights and primary takeaways from the report as discussed above, here are a few more add-ons and insights from the report that you would like to learn. Take a look:
- What are the key locations for a travel and retail website to generate most of the revenues?
- If there’s a single biggest failure of E-Commerce websites till date, what is it?
- The rate of conversion for the social media experts.
- What is the true commercial value of a share?
- The basic marketing principle that would mark the line of difference between campaign failures and the campaigns that would prosper in the year 2019.
It goes without saying, case studies, annual reports, in-depth analysis of facts and figures based on experience and research are ways to support progression in almost every field. And digital marketing is certainly no exception. Unless an individual is tracking his/her progress in the field of digital marketing and revenue generation, ensuring improvements and advancements at par with the latest trends and demands across the world might not be possible.
If we are to talk about the Benchmark Report, the findings, insights and correlations as established in the statements are proof that things are about to change for a more advanced and progressive digital market in the near future. Now that the digital marketers are aware of the concerns, shortcomings, and points of action to be implemented in order to strategize improved marketing techniques and come up with a better performance by 2019, it is likely that the market is about to get more competitive, for all the good reasons though. Let’s see what’s there in store for us in the years to come.
Author Bio – Gracie Anderson is a digital marketer associated with a leading agency in Perth, Australia and Ghost writer. In addition, she works as an academic expert, on behalf of MyAssignmenthelp. During vacations, you might find this workaholic in a different mood altogether, spending time with family and playing her favorite instrument, a mandolin.