The majority of conversion rate optimization agencies don't give any guarantees on e-commerce GMV growth results and just bill a fixed monthly rate without any growth commitments.
We conduct preliminary quantitative analytics before we accept a new client so that we can forecast a specific percentage of growth of GMV that we guarantee by an agreed date.
For instance, it could be 11% total GMV uplift in 4 months.
In case of not delivering by the deadline, which happens in 4-7% of instances, we perform more A/B tests FREE of charge until we deliver the promised GMV growth.
Sounds fair? This forecast of guaranteed uplift is based on our experience of experimentation on million monthly users of our clients in e-commerce and understanding of GMV benchmarks.
How do we optimize e-commerce GMV?
Ask them about the experience with:
All CRO agencies assert to have conversion rate optimization process experience and propagate the same story of their skills in UX research and experimentation.
And the client should have at least enough experience to judge the depth of these skills at the interview stage, which could be challenging.
What do you do if you can't do a competence interview on analytics skills and statistics? The simple solution is to ask for their expertise in a similar business model, as any e-commerce has similar pain points and optimization methodologies.
Isn't it useful when your contractor has already conducted similar research on millions of users and obtained data on how to optimize GMV? However, each business model has completely unique technical and analytics stacks that require different teams, methodologies and values.
And if you choose an agency expecting a turnkey solution, you don t want the agency to be inexperienced or find them hastily hiring new team members to fill in gaps in their team, right? Not least of all is market experience, which is mostly about knowing particular user needs.
And that's the main focus of the research if the agency already demonstrates the e-commerce expertise.
So it's clearly a clear benefit if the agency has that, but it dramatically decreases the shortlist of agencies that have all three pillars (process, e-commerce, and industry expertise).
However, if the CRO agency has worked with 319 clients as we have, then they likely have experience in you.
And even if it's from a different business model it could be even more useful as it can bring fresh GMV growth hacks that your competitors may be not have yet.
What are the best techniques to improve metric?
With the experience of optimizing a number of e-commerce clients, we understood that there is no “one-size fits all” list of top-performing ways to improve GMV. The ”secret sauce” is in the depth of quantitative analytics and UX research that results in statistically valid conclusions on the top-priority bottleneck. The top performing best practices for GMV optimization are typically already used by your competition and already don't bring significant additional results. And the expertise of a conversion rate optimization firm is invent new strategies, using expertise from other industries that are not yet well-known by the competition.
What is the pricing of gmv conversion optimization services?
The price depends on the quantity of monthly users, user flows and number of conversions to estimate the number of a/b tests, the needed uplift and the difficulty of delivering that.
What happens if the forecasted gmv uplift is not delivered?
We do more split-tests free of charge until we deliver the promised gmv growth. This term is included in the contract and we execute this promise anyway to further the name of one of the most trusted conversion rate optimization agencies.
What is the process to optimize E-commerce gmv?
1. Data infrastructure health check 2. Detect the biggest GMV step in the funnel and get quantitative and accurate data on the reason behind it. 3. Prepare a new version of the UI and copy 4. Build an A/B test and conduct detailed quality assurance 5. Report the results!
How to measure gmv improvement?
We calculate optimization results based on experiment data sets. If you haven't heard of A/B testing, it's splitting the traffic between different versions of the same UX element to gain statistical significance of the effect on the GMV. We do a conversion tracking health check before starting with experimentation, to be confident that the data is valid and discuss the formula to calculate the GMV.
What is gmv?
If have just started a career in e-commerce then you should learn not only the main KPIs such as GMV and their definitions, but also their interconnectedness, ways, processes, tactics, strategies to increase it and the basics of data engineering, so that you're able to understand the conversion optimization process. book a strategy session with one of our best conversion optimization consultants to save a few years learning answers on these questions.
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