The majority of conversion optimization agencies don't give any guarantees on marketplace GMV growth results and simply charge a fixed monthly rate avoiding any uplift obligations.
We conduct preliminary quantitative analytics before we accept a project in order to forecast a specific percentage of growth of GMV that we can achieve by an agreed deadline.
For instance, it could be 11% total GMV growth in 4 months.
In case of not delivering by the deadline, which happens in 4-7% of instances, we conduct more A/B tests FREE of charge until we provide the forecasted GMV growth.
Sounds fair? This estimation of guaranteed growth is based on our experience of optimization on 32 million monthly users of our clients in marketplace and understanding of GMV average conversion rates.
How do we optimize marketplace GMV?
Ask them about the experience with:
Most conversion optimization firms claim to have conversion optimization process experience and pitch the same story of their mastery in analytics and experiments.
And your in-house team should have at least enough hands-on experience to comprehend the level of this experience on initial calls, which could be challenging.
How do you choose if you can't do a competence assessment on data analytics and experimentation? The simple solution is to ask for their track record in a similar business model, as any marketplace has similar problems and optimization methodologies.
Isn't it useful when your contractor has already carried out the same analytics on millions of users and gained insights on how to improve GMV? On the other hand, each business model has completely unique technical and data tracking stacks that require different specialists, processes and mindsets.
And if you choose a contractor for their expertise, you don t expect the agency to be doing important things for the first time or find them hastily recruiting new team members to cover skill shortages, right? Last but not least is market experience, which is all about knowing unique customer requirements.
And that's the primary focus of the analytics if the agency already demonstrates the marketplace experience.
So it's definitely a clear differentiator if the agency has that, but it dramatically decreases the pool of contractors with all three pillars (process, marketplace, and industry expertise).
But if the agency has worked with 325 clients as we have, then they most likely have success stories in a similar industry to you.
And even if it's from a different business model it could be even more useful as it can uncover uncommon GMV growth hacks that your competitors may be not be aware of.
How to create an effective gmv optimization strategy?
With the experience of optimizing a number of marketplace customers, we understood that there is no “one-size fits all” list of top-performing ways to optimize GMV. The core value is in the depth of quantitative analytics and UX research that results in statistically valid data on the top-priority drop off. The most effective best practices for GMV optimization are typically already utilized by competitors and no longer result in desired results. And the role of a CRO company is invent new tactics, using processes from other markets that are not yet implemented by the competition.
What is the pricing of gmv conversion optimization services?
Pricing depends on the amount of of monthly traffic, user flows and number of conversions to calculate the number of experiments, the needed results and the difficulty of executing that.
What happens if the forecasted gmv growth is not achieved?
We do more split-tests free of charge until we achieve the promised gmv uplift. This obligation is in the contract and we execute this promise anyway maintain the reputation of one of the most respected conversion rate optimization agencies.
What is the process to optimize marketplace gmv?
1. Analytics setup audit 2. investigate the most problematic GMV leak and get quantitative and accurate data on the reason behind it. 3. Create an alternative interface and copywriting 4. Code an experiment and conduct detailed QA 5. Report the results!
How to measure gmv uplift?
We calculate growth based on experiment results. If you haven't heard of A/B testing, it's splitting the traffic between two or more variants of the same UX element to get a big enough sample size of the effect on the GMV. We do a conversion tracking audit before starting with A/B testing, to be confident that the data is not polluted and approve the methodology to calculate the GMV.
What is gmv?
If it's your first project in marketplace then the first step is to learn not only the main KPIs such as GMV and their definitions, but also their interrelatedness, ways, processes, tactics, strategies to increase it and the basics of data analytics, so that you're able to grasp the results. book a strategy session with one of our senior optimization managers to get detailed answers to your specific questions.
Very impressed by the speed and efficiency of the team’s work. All the proposed changes and updates are always backed by data, not by assumptions. Since we’ve started working together in August 2019, the UX of our website has vastly improved and our monthly revenue has increased by 200% (tripled).
The Conversion Rate Store team identified significant user friction in the ticket booking process on Flyuia.com and provided a UX solution that generated a 24% (!) ARPU uplift.
Conversion Rate Store increased my free trial to paid customers conversion rate by 86% (!!!). Very happy with the result of the CRO project and highly recommend working with them.
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Conversion Rate Store have been instrumental to our online growth, we have seen a 26% increase in visitor to lead conversions. Their pragmatic approach has completely removed the guesswork from conversion rates, and just delivered results. If you are looking to dramatically improve your conversions online, speak with Conversion Rate Store.
The Conversionrate.store completely turned around our website conversion delivering an 88% increase in the total number of conversions. Their work is logical and smart, both identifying and improving existing funnels and creating new funnels for conversions delivered by excellent UX/UI. We are incredibly happy with their work and highly recommend working with them.
Conversion Rate Store increased my free trial to paid customers conversion rate by 86% (!!!). Very happy with the result of the CRO project and highly recommend working with them.
Conversionrate.store boosted Prom.ua’s desktop revenue by 6%. The project was on performance-based basis and turned a positive ROI within a month.
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