Today’s customer-led market has created a shift from what is acceptable to what is expected of e-commerce brands. If you’re not continually delivering smooth, connected customer experiences that outperform your competitors, then you’re missing out on millions of dollars in earned revenues and future business. Customer conversion is key.
The typical online business conversion rate of just over 2% is no longer good enough. If you’re going to compete in the age of the empowered customer, you need to dig much deeper to understand why the other 98% of user journeys aren’t converting – and do everything you can to decrease basket abandonment, which currently averages 75%, according to industry research. You need to do more than the competition is doing, to build the trust generated by the customer experience.
Barriers to customer conversion
Chances are, most barriers to conversion are nothing more than basic errors and common site issues. According to Forrester, 48% of sites don’t perform well, most digital interfaces disappoint and rookie mistakes are rampant. Yet, if you don’t find and fix hidden errors – which we find account for between 40% and 100% of our customers’ lost revenue – these problems will start to hurt your business.
Machine learning helps you deliver actionable insight and focus on the details that often go unseen internally, yet have a huge impact on your customers. It looks for abnormal patterns in your data, across each of the paths attempted by the customer, to auto-discover hidden obstacles. It learns from every micro step of every unique user’s online journey, covering variables like why some customers choose certain paths, what actions they take and what triggers these actions.
The advantages of actionable insight
This actionable insight is only possible when you capture 100% of the data and combine it with machine learning. From there, you can identify the users that are really struggling and at which stage of their online journey – whether it’s signing in, searching for products or during purchase. It’s a necessary level of precision that tells you exactly why potential or lost customers voted with their fingertips.
Machine learning highlights the issues that caused these obstacles – and because a monetary value is attached to each one, you can see exactly how many customers are affected and how much revenue is impacted. It gives you a list of actionable insights on issues and which issues are leading to abandoned purchases and the loss of multiple customers, so you can prioritize those first.
Total visibility of your customer journeys is available, as all customer segments of interest are promoted. There’s no need to waste time replaying every session but focus on segments and replays that machine learning has identified. And because all manual processes are automated, you can spend your time more effectively – on innovation and key business objectives.
The segments to watch out for
For clients that prefer a fully managed service, UserReplay provides actionable insights through a service called Active Insights, which includes machine learning and advanced analytics, to identify obstacles that affect revenues.
Unlike other solutions, UserReplay offers 100% fidelity video replay of each user journey – so you can relive a specific customer experience first-hand and interrogate the data. All of the data is provided, from the actual code run in the browser from each journey to detailed event data, giving you a full picture of what’s happening and why.
By identifying all issues that seriously affect customer experiences, including the subtle ones that can easily be missed, UserReplay finds revenue segments that other tools miss. And this is a real opportunity for your IT and e-commerce teams to share the insights that matter most.
See eye to eye
By working as integrated product teams and delivering high value insight for both technical and ecommerce teams, you can find and resolve issues up to ten times faster – helping to achieve your companywide objectives of increasing efficiency and improving customer satisfaction.
Actionable insights is the key to customer conversion and it’s imperative to the success of your e-commerce business in this new world. Using machine learning and data will not only allow you to visualise the real value of your customer experience, it will also give you everything you need to optimize it.
See eye to eye, not back to back
Find out how UserReplay can help you win in the age of the empowered customer.