Data-backed recommendations to regain lost revenue — Ryan Urban // BounceX (soon to be Wunderkind)

Quotes

• “Cart abandonment rates are about 85% at mobile for prospects, 70% for non-completion rates, and on a desktop, it’s a bit lower.” -Ryan “The first thing you want to do with your mobile website is to check your progressive web app. Make sure your mobile website loads at sub-one second.” -Ryan“Desktop site speeds don’t really matter that much, ironically, anymore. It used to. But now mobile is like a fast desktop, everyone is kind of connected in wifi. A mobile has a dramatic impact on conversions. Google figured this out and build progressive web apps.” -Ryan “The primary goal is to make more money of ad words. That’s what we did. So now every browser supports it and every website will be progressive web app at some point, it’s inevitable.” -Ryan “It basically turns your mobile website into an experience. It’s beautiful, it’s insanely fast, it works offline.” -Kris“So we’re talking about improving conversion rates and recapturing some of the revenue that was lost and moving into progressive web app, having a better digital experience, one that is faster, it’s essentially like a cache-ing mechanism. It’s one way that you can improve your conversion rates.” -Ben “This is why we are a 100-million dollar company in seven years. We’ve recognized that this is a huge opportunity for both consumers and retails. Consumers don’t want to get spam trash emails and consumers like receiving information about their carts. They want to know if the brochure is available, or if the stuff is on sale.” -Ryan“Then you want to optimize outside of email, so SMS. It’s like build up a big file of permissions. From mature ecommerce companies, it couldbe 20 to 40% of revenues just come from email and if you are really good at the email it could be way more than that.” -Ryan “People would get some opt-ins and then they would send you some shitty messages. That’s why it pisses you off. It has to be ultra-personal. SMS is a very surgical channel.” -Ryan “Since COVID, email has been up 30%. Opt-in subscribers are up and it’s almost 70% emails and gmails. Gmail is the new mall. It’s a mall newsfeed for you.” -Ryan “It’s important to remember that email is a one-on-one channel that has been used like a billboard. For the most part, they have gotten away with it. It’s effective from a volume play. But if you look at the data, a one-on-one email, like the abandonment email that you mentioned are 4 in 20% better from the revenue percent perspective. So you get 24 times the revenue per key email to send with a one-to-one message.” -Kris“A cart abandonment email, that is like step one. If you have an abandonment series, that is absolutely essential butat that point, it is basically great you have differentiated, unique-wise. You’re part of the course now.” -Kris “When you are looking at SMS, that is, to your point, the rule not the exception. They’re very complementary channels and they are very related, you will probably have some other teams managing both. SMS becomes ubiquitous but you can’t copy the email playbook to SMS because you are going to just completely piss people off.” -Kris “The only thing that matters is having a personalized message that someone is going to feel specific to them, and relevant. Without that the batch and blast email, the spray and pray, they just don’t work. You have a higher probability of annoying someone out of the future sale rather than getting them to convert.” -Ben “If you can get those transactional emails to work harder for you, it allows you to do things that are more brand-friendly through your email program that are not necessarily signed to get the sale.” -Kris