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3 Ways to Increase Sales and Profits with Your Marketplace

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MARKETPLACE
ENTREPRENEUR

 

 

In a recent article on the Optimizely blog, Angelica Valentine (@AngelicaSaidSo) discusses 3 ways to increase ecommerce revenue.

“A/B testing various aspects of the online business is a high-ROI strategy online retailers should focus on to stay competitive.”

Before we jump into the tactics discussed by Valentine, let me explain what split testing is:

3 Ways to Increase Sales and Profits with Your Marketplace

 

 

In a recent article on the Optimizely blog, Angelica Valentine (@AngelicaSaidSo) discusses 3 ways to increase ecommerce revenue.

A/B testing various aspects of the online business is a high-ROI strategy online retailers should focus on to stay competitive.”

Before we jump into the tactics discussed by Valentine, let me explain what split testing is:

“Split testing (also referred to as A/B testing or multivariate testing) is a method of conducting controlled, randomized experiments with the goal of improving a website metric, such as clicks, form completions, or purchases.”

In my experience, a 1% increase in ecommerce conversion rate can double your pretax earnings. Can you afford to leave that much profit on the table?

Valentine goes on to detail the 3 tactics:

A/B price test – these tests measure an increase in revenue and earnings per click associated with different price points

Web layout tests – these tests measure sales and earnings associated with different page layouts. Valentine suggests that product pages are a good place to start with this type of testing.

Upsell and cross sell testing – having different upsells and crossells and then testing them is an easy tactic for adding 10% in revenue across the board.

You may be wondering, “Where do I start?” Good question. My rule of thumb is optimize the page that your visitors spend the most time on. For example, at Near Me, most visited pages are:

The home page

The features page

The pricing page

And on these pages, I would start by testing the elements that are seen when the page opens, such as headline copy, product images, and call-to-action buttons.

For more resources on split testing, check out these resources:

Optimizely - https://blog.optimizely.com/

Visual Website Optimizer - https://vwo.com/blog/

Convert - http://blog.convert.com/

Which Test Won - https://whichtestwon.com/

Marketing Experiments - http://www.marketingexperiments.com/

Conversion Fanatics - http://conversionfanatics.com/blog/

For the Optimizely article, CLICK HERE.

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