Today is another day of CRO Unlocked. We're in week two, lesson two, where we're going to go over e-commerce strategies as well as some best practices. E-commerce sales have been booming last year alone $4.2 trillion worldwide, which is a ton of money, and is expected to grow to over $6.54 trillion by 2023.
When you think about the world's largest retailers, there's a lot of retailers and these are not all fully online some of them are offline slash online. So they do a little bit of both like Amazon, Walmart, Costco. Amazon's mainly online these days, but they do own some offline stuff like whole foods. And even companies like Home Depot in the United States they're quite large as well.
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There's a lot to learn from these retailers, so let's go over the most valuable lessons.
Number one, protect your success and learn from every mistake. Then you want to learn everything you can about your business. You need to be super competitive just like how sometimes there's price wars or sometimes they get really creative doing not just free shipping, but free next day air shipping. You want to focus on retaining customers and providing the best experience.
I've also found that when you're just doing CRO, and you're competing in business, being persistent, putting your team first, whether that's safety or whether that just making sure that they're doing well from a mental, emotional standpoint. Innovation is also huge.
I also never want you to stop experimenting. You need to be willing to fail, and then adapt and learn from mistakes so you can just keep going.
You need to obsess about your customers Amazon does this really well. You need to really figure out what they want, and if you figure out what they want and you obsess about that and you provide that, you'll win. Identify and remove any risk in your business.
The other thing that I found is you need to have the right team. I don't care how smart you are, Elon Musk is the one putting everything into space.
You need to be stubborn but flexible. If you have data that shows that you're going to be right, that's fine, but you also need to be flexible to other people's input and ideas.
I recommend that you diversify your offerings over time, and speed and agility are super important especially with testing.
You should also consider that trends are going to constantly change and they're changing at a quicker pace, but you need to be leveraging them.
And you need to go online, claim your business in Google, use the different social media platforms whether you like the, what does that chat company Clubhouse, or whether you like TikTok or hate it, it doesn't matter. Just start leveraging them and if they work great, use them more.
Optimize your content, your product pages, your emails. And once you get the traffic one of the highest converting channels that you'll find, is re-targeting. And when you retarget to those people, you'll find that because they're already warm to you they're much more likely to convert.
If you've used messenger bots, it works extremely well. There's MobileMonkey it's a tool that I love, you should check it out.
And ways you can use them, I like using them for lead capturing, giveaways, I love using them for quizzes and webinars signups. And you can just build up a connection with your audience.
There's also the PEST Analysis. It analyzes the external environment of an organization, often the most important analysis.
And with CRO unless you're getting a lot of traffic, you're probably going to end up doing A/B testing versus a multivariate test, and you can use the neilpatel.com/ab-testing-calculator to figure out which variation is winning, or in crazy egg it just tells you which variation is within so you don't really even need to use a calculator.
In addition to that, you'll constantly see social proof. Hence they have all these ratings and detailed reviews, and they're combating fake reviews, because that helps reduce abandonment cart rates.
And they also optimize the checkout process by letting people pay through multiple payment methods, such as PayPal, and throughout this process what they found is the simpler they make it, the better they get with conversions.
Just like how Shopify has that shop now where you just like click a button, you log in it, pre-fills everything, and then boom, you're off into the races.
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