If you’re a B2C company, chances are you have an inbound marketing strategy. It’s 2016 after all, and the marketing game is all about three things:
- Attracting consumers to your website
- Engaging with them so they actively shop, and
- Converting shoppers into buyers (getting shoppers to click buy AND making sure the payment is processed successfully)
To come up with an ROI, inbound marketing spend is typically compared to the resulting sales dollars – how much sales made it through the funnel? But this is only part of the story. With the right data, you can expand the story to include the types of consumers you’re attracting to your website and what happens after they click buy. The former will help you optimize your inbound budget, and the latter will get you closer to a true ROI.
A lot goes into attracting consumers to your site and converting them to buyers: advertising, blogging, social media posts, newsletters, website and checkout page localization, payment optimization, and more. But have you looked into the quality of the shoppers your attracting? When they click “buy” how often is the transaction getting stopped by your fraud system? How often is it getting declined by a bank for fraud, insufficient funds or some other reason? And if the transaction is approved, how likely is it to be refunded or charged back?
What if you could profile your website visitors– the language they speak, the device they use, the country they’re from, and the products they buy – and optimize your inbound marketing to focus on converting the right shoppers to buyers? That would give you a roadmap for increased sales.
Cleanse Reporting, BlueSnap’s newest Payment Analytics offering, combines data from the Powered Buy Platform with Kount’s fraud engine to do just that. The reports analyze transaction attempts (every time a shopper clicks “buy”), and removes “bad transactions” (fraud declines, bank declines, refunds, and chargebacks) to provide a “Clean Rate” or percentage of transaction attempts that were completed successfully.
The result is that merchants have the data to cleanse wasted marketing spend and increase sales by:
- Monetizing nascent market segments through product and/or marketing enhancements.
Using the reports below, you might be surprised to learn that a disproportionate share of your U.S. customers are primarily Spanish-speaking. You can grow sales by increasing marketing and advertising to this segment, or by adding functionality that might appeal to this demographic.
- Optimizing inbound marketing by prioritizing the highest quality countries, channels, and customer segments.
Follow the data. Where are your transactions failing, being refunded, or charged back most often? It could be a particular country, channel (mobile or desktop), or customer segment. Consider redeploying marketing budgets to attract the highest quality shoppers. In the example below, only 22% of transactions from Mexico are clean compared to 77% overall, and 91% in Australia.
- Tracking progress against goals and benchmarks for mobile sales
The future of eCommerce is mobile. Nearly every eCommerce business has a mobile strategy in place, but they don’t always have the data to measure progress. Compare what you know about mobile adoption in each market to the percent of transactions you have coming from mobile to diagnose problems executing your mobile strategy. In the example below, we know mobile adoption is very high in the U.K., but has a relatively low contribution to the merchants overall mobile sales volume.
These are just three examples of how Cleanse Reporting can deliver insights to help merchants cleanse their sales funnel by eliminating fraud, chargebacks, and returns, and maximize sales. It’s difficult to predict where a merchant is having problems because every merchant’s experience is unique. In many cases your data might appear as expected, but when there are surprises they can produce significant returns.
If you need help learning how to better optimize your sales funnel with Cleanse Reporting, drop us a line today: