The majority of CRO companies don't promise any guarantees on e-commerce gross margin improvement and simply charge a fixed monthly rate avoiding any uplift responsibility.
We estimate potential growth opportunities before we accept a new client in order to forecast a specific percentage of growth of gross margin that we can achieve by an agreed deadline.
As an example, it could be 9% total gross margin uplift in three months.
In case of not delivering by the deadline, which happens in 4-7% of instances, we do more experiments FREE of charge until we achieve the promised gross margin growth.
Sounds fair? This estimation of guaranteed uplift is based on our experience of optimization on million monthly users of our clients in e-commerce and understanding of gross margin benchmarks.
How do we optimize e-commerce gross margin?
Ask them about the experience with:
The majority of conversion rate optimization agencies assert to have CRO process experience and preach the same story of their capability in analytics and experimentation.
And the client should have at least enough hands-on experience to judge the level of this expertise on initial calls, which could be challenging.
What do you do if you can't do a competence interview on data tracking and experimentation? In this case you can look at their expertise in the same business model, as any e-commerce has similar problems and best practices.
Isn't it great when a conversion optimization firm has already carried out similar analytics on millions of users and obtained data on how to optimize gross margin? However, each business model has completely unique tech and analytics stacks that require distinct specialists, approaches and values.
And if you choose a contractor expecting a turnkey solution, you don t expect the agency to be winging it or find them hastily hiring freelancers to fill in skill shortages, right? Not least of all is industry expertise, which is mostly about knowing particular customer demands.
And that's the primary area of the research if the agency already demonstrates the e-commerce experience.
So it's clearly a killer competitive advantage if the agency has that, but it dramatically narrows the shortlist of agencies that have all three pillars (process, e-commerce, and industry experience).
However, if the conversion optimization firm has worked with 324 clients like we have, then they likely have success stories in the same market as yours.
And even if it's from a different business model it could be even more valuable as it can uncover new gross margin optimization tactics that your competitors may be not have yet.
What are the best techniques to improve metric?
After growing a number of e-commerce businesses, we understood that there is no вЂњone-size fits allвЂќ list of top-performing strategies to improve gross margin. The core value is in the combination of quantitative analytics and UX research that results in strong conclusions on the top-priority bottleneck. The most effective best practices for gross margin optimization are typically already utilized by competitors and no longer bring significant additional results. And the expertise of a conversion optimization agency is to be on the cutting edge of tactics, using experience from other markets that are not yet implemented by the competition.
What is the price of gross margin CRO services?
This depends on the volume of users per month, user flows and conversion rates to estimate the amount of a/b tests, the needed results and the difficulty of achieving that.
What happens if the forecasted gross margin improvement is not delivered?
We do more split-tests for free until we achieve the promised gross margin uplift. This obligation is included in the contract and we execute this promise anyway to further the reputation of one of the most trusted CRO agencies.
What are the steps to optimize E-commerce gross margin?
1. Data infrastructure audit 2. investigate the biggest gross margin bottleneck and get accurate and quantitative data on the reason behind it. 3. Prepare a new version of the UI and copy 4. Code an experiment and perform detailed quality assurance 5. Create a statistical analysis of the results!
How to track gross margin improvement?
We track optimization results based on A/B test results. If you haven't heard of A/B testing, it's dividing the traffic between two or more variants of the same funnel step to get a big enough sample size of the effect on the gross margin. We do a data tracking health check before starting with experimentation, to make sure the data is valid and approve ways to calculate the gross margin.
What is gross margin?
If it's your first project in e-commerce then the first step is to learn not only the most critical KPIs such as gross margin and their definitions, but also their interconnections, ways, processes, tactics, strategies to grow it and the basics of data engineering, so that you can estimate the results. book a call with one of our leading conversion optimization managers to get detailed answers to your specific questions.
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