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We Ran 20 Tests - These Increased Profit the Most...
Aug 13, 2024
Drew, a profit optimization expert from Intelligems, shares insights on increasing e-commerce profitability. He emphasizes focusing on profit per visitor over just conversion rates. The conversation dives into strategies like risk reversal and social proof to enhance customer confidence. They discuss the impact of clear navigation and value propositions on conversions. Drew also unveils effective pricing techniques like price anchoring and upselling methods to boost average order value, making data-driven adjustments critical for success.
48:35
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Quick takeaways
- Prioritizing profit per visitor over simple conversion rates allows for more effective e-commerce profitability strategies and meaningful testing.
- Implementing de-risking strategies and simplifying navigation are crucial for elevating customer confidence and enhancing conversion rates.
Deep dives
Understanding Conversion Rate Optimization (CRO) Principles
Conversion Rate Optimization (CRO) is often misunderstood, with many focusing solely on improving conversion rates without considering the broader context of profit generation. It is essential to prioritize profit per visitor over mere conversion rates, as successful e-commerce relies on maximizing the value derived from each customer. Key levers to optimize profitability include boosting conversion rates, increasing average order value (AOV), and enhancing margin percentages. By viewing these metrics holistically, businesses can implement meaningful tests to enhance overall profitability rather than just fixating on individual conversion metrics.
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