New Automotive eCommerce Conversion Rate Optimization Case Study Released
Friday, July 17, 2020
Largest Ever Conducted in the Automotive Aftermarket
HUDSON, Ohio, July 9, 2020 /PRNewswire/ -- New Hedges & Company research identifies key areas impacting eCommerce conversion rates. The research data points to Site Speed, User Experience, Product Pricing, Market Segment and Email Marketing as keys to improving a site's conversion rate and online sales.
Hedges & Company, a digital marketing agency serving enthusiast markets including the automotive aftermarket, OEM parts and powersports industries, analyzed millions of online purchases from over a hundred parts and accessory websites in the US and Canada. The data covered transactions from 2017 through mid-2020 and includes retailer websites and manufacturer websites selling direct to consumer (DTC).
"This new Conversion Rate Optimization Case Study is useful for aftermarket businesses wanting to improve efficiency and grow revenue from their eCommerce websites," said Jon Hedges, Principal at Hedges & Company. "It shows which areas of a website to look to improve and how they will impact the conversion rate."
Site speed is by far is the most significant factor. How fast a website loads as reported in Google Analytics attributes to nearly 50% of an eCommerce site's conversion rate.
Using statistical analysis and predictive modeling, Hedges & Company found an average conversion rate of 0.5% for automotive websites that load in eight seconds. Websites that load in five seconds doubled that conversion rate to 1.0% and sites that load in three seconds have a 1.8% average conversion rate.
The company also looked at mobile conversion rates. The data showed site speed had a similar impact on conversion rate for customers shopping on their phone.
The results of the Conversion Rate Optimization Case Study are published here: https://hedgescompany.com/blog/2020/07/conversion-rate-optimization-case-study/
The data pointed to five main categories affecting a website's eCommerce conversion rate. The categories are:
-- Site speed: About 50% of a site's conversion rate is influenced by site
speed. It is how quickly shoppers can see and interact with site
content.
-- User experience and trust signals: This has a 5% to 15% effect on a
site's conversion rate. User experience includes the site's
functionality, such as navigation or site search. It looks at the
accuracy and completeness of product information. It includes trust
signals and whether the company publishes a street address, or badges
indicating secure and protected transactions. It can be the look and
feel of a website: does it look contemporary or outdated? These are the
factors that impact a user's experience and comfort level with a
website.
-- Product prices and shipping cost: This has a 5% to 15% effect on a
site's conversion rate. Pricing looks at overall competitiveness and how
it fits into the market. If a site carries popular brand name products
and at average or minimum advertised price (MAP) pricing, the impact is
neutral. If prices are higher, it can reduce the conversion rate.
-- Market segment: This factor affects 5% to 15% of a website's conversion
rate. This addresses the market you sell in and the competitive
landscape. If a business sells in a very competitive crowded market
segment or serves a market segment with fewer direct competitors, the
conversion rate will be impacted.
-- Email marketing: This factor affects up to 5% of a website's conversion
rate. This looks at whether a website had a well-managed email marketing
program. The data showed customers who visit a website after receiving
an email converted to buyers twice to ten times higher than the average
shopper. Well-managed email marketing increases user engagement and
conversion rate; however, if email marketing is overdone, it has minimal
impact on the conversion rate.
The company has already created a conversion rate optimization tool where you can score your own automotive website. It is free to use and available here: https://hedgescompany.com/blog/2019/10/conversion-rate-optimization-tools/
About Hedges & Company:
A full-service digital marketing agency serving the auto parts and accessories aftermarket, OEM parts, and powersports industries since 2004. Automotive digital marketing capabilities include automotive SEO and PPC, email marketing, automotive market research and mailing lists. Hedges & Company is the first Premier Google Partner agency and Microsoft Advertising agency fully-dedicated to the parts and accessories automotive aftermarket. Members of SEMA, Auto Care Association and CAN. For more information call (234) 380-1650.
MEDIA CONTACTS: Jon Hedges, Julie Hedges, 243233@email4pr.com, (234) 380-1650
SOURCE Hedges & Company
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