three proven ways to increase consumer confidence and drive revenue
TRANSCRIPT
Three Proven Ways toIncrease Customer Confidenceand Drive Revenue
Chris GuerraCMO, Blue Acorn
@ b l u e a c o r n@ c h r i s j g u e r r a
# c o n s u m e r c o n fi d e n c e
Introducing Blue Acorn
To deliver superior eCommerce results
through data-driven solutions
DESIGN
DEVELOPMENT
OPTIMIZATION
Revenue Per Visitor Variables
Urgency
Distraction
Clarity
Friction
Confidence
Today’s Topic
Confidence
68% of carts are abandoned before buyers
make a purchase
This value is an average calculated based on these 33 different studies containing statistics on e-commerce shopping cart abandonment.
– Baymard Institute
Do you have an abandoned cart
strategy?
Duh!
Do you have a consumer confidence
strategy?
<Insert Crickets Picture>
“In order to build confidence you must have
confidence”
Source: Chris Guerra
Jeff GrassFounder, Norton Shopping Guarantee
Chip Overstreet VP of Business Development, Affirm
Nadav Lobel Head
of Customer Success, Riskified
Revolutionary new service from Symantec, providing an all-in-one comprehensive trust & security
solution
Increase Consumer ConfidenceAlleviate anxiety around shopping online
Higher Conversion RatesConfident shoppers stop waiting and start buying
More Repeat BuyersCustomers return more often to sites using Norton Shopping Guarantee
Changing the Face of eCommerce
1. INFORMATION SECURITYWill my personal information (identity) be kept safe & secure?
2. MERCHANT RELIABILITYWill the product be authentic? Will it arrive on time? What about Customer Service?
3. PRICEAm I getting the best price? What happens if they lower the price?
“83% of online users worry about their identity being stolen from an online purchase” - VeriSign
“92% of shoppers have concerns when shopping on new and unknown websites“ – McAfee Security
“45% of shoppers view price as most important” – BizRate Research
3 Primary Shopper Anxieties
$10,000Identity Theft Protection
$1,000Purchase Guarantee
$100Lowest Price Guarantee
Blanket protection for 30 days as an added benefit for shopping
with you. The consumer is covered no matter how their
identity is compromised.
Guarantee acts as a second line of defense with
troubled customers, giving them a
secondary outlet to get a problem
resolved.
This same store low price guarantee tells the consumer, if you lower the price, we
refund the consumer the difference, up to $100 per purchase.
Information Security
Merchant Reliability
Best Price
ID
The Solution: Norton Shopping Guarantee
Case Study: Musicnotes, Inc.
Musicnotes.com is a site that has enabled 5 million musicians to search and download fully-licensed scores for songs they’d like to play. Musicnotes has had almost 30 million downloads in the past 15 years, making the site one of the Top 500 Retail Websites since 2006.Musicnotes.com achieves what many other online retailers yearn for: its prices are slightly higher than competitors, but the site delivers a better experience and is a leader in its category.
KEY CHALLENGES• Increase conversion rate
and buyer confidence • Reduce customer
chargebacks
RESULTS• 5% lift in converting shoppers into buyers• Projected $800,000 increase in annual revenue• 20-30% reduction in chargebacks• 100% payback within the first two days each
month • 5,000 customer thank-you notes and growing
: THE COMPANY
w
The First Steps To AConsumer Confidence
Strategy
Benchmark abandoned shopping cart rate
Define user personas
Persona: Brooke
Single MomReads Consumer ReportsNeeds New Snow Tires
Debating between brands
Persona: Scott College Professor
2 kids ; 6 grandchildrenShops online during office hours
Purchases jewelry for holiday gifts
Persona: Josh
Recent college graduate Identity theft victim
Likes to window shop Purchases technology gadgets
Usability Testing & Surveys
A/B test new solutions
68% of carts are abandoned before buyers
make a purchase
This value is an average calculated based on these 33 different studies containing statistics on e-commerce shopping cart abandonment.
– Baymard Institute
Three Proven Ways toIncrease Customer Confidenceand Drive Revenue
Questions?
Jeff GrassFounder, Norton Shopping [email protected]
Nadav LobelHead of Customer Success, [email protected]
Chris GuerraCMO, Blue [email protected]
Chip OverstreetVP of Business Development, [email protected]